Consolidated Statements of Cash Flows (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Cash flows from operating activities:
Net (loss) income	$ 7,478,000	$ 6,485,000	$ (9,657,000)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	2,798,000	1,618,000	1,122,000
Equity in joint venture income	(12,507,000)	(10,548,000)	(8,019,000)
Gain from sale of real estate--related party	0	(723,000)	(946,000)
Change in assets and liabilities:
Accounts receivable	(973,000)	(1,039,000)	204,000
Accounts receivable—related parties	(8,945,000)	(2,784,000)	381,000
Income tax receivable	0	6,848,000	(4,480,000)
Operating distributions from joint ventures	3,567,000	5,931,000	514,000
Operating distributions from loan pool participation	2,395,000	266,000	0
Other assets	(3,849,000)	1,432,000	(2,893,000)
Accounts payable	207,000	644,000	501,000
Accrued expenses and other liabilities	12,093,000	93,000	410,000
Accrued salaries and benefits	3,857,000	6,320,000	1,626,000
Gain from sale of real estate	(355,000)	(1,223,000)	(16,520,000)
Gain on extinguishment of debt	0	(16,670,000)	0
Loss on extinguishment of debt	0	4,788,000	0
Remeasurement gain	(6,348,000)	(2,108,000)	0
Note receivable and accrued interest forgiven in Merger	0	0	4,281,000
Depreciation and amortization - continuing and discontinued operations	2,825,000	1,618,000	1,122,000
Provision for deferred income taxes	(4,672,000)	6,158,000	4,497,000
Amortization of deferred loan costs	812,000	262,000	917,000
Amortization of beneficial conversion of convertible subordinated debt	0	168,000	285,000
Amortization of discount and accretion of premium on issuance of the senior notes payable	41,000	0	0
Accretion of interest income on loan pool participations and notes receivable	(6,692,000)	(11,855,000)	0
Amortization of deferred compensation	0	0	1,543,000
Stock based compensation	5,055,000	8,094,000	2,314,000
2009 Equity Participation Plan replacement payment	0	0	(1,500,000)
Other than temporary impairment on available-for-sale security, net of tax	0	0	194,000
Net cash provided by (used in) operating activities	(6,011,000)	2,157,000	(25,226,000)
Cash flows from investing activities:
Additions to notes receivable	(6,145,000)	(25,636,000)	(500,000)
Settlements of notes receivable	3,625,000	8,438,000	302,000
Additions to notes receivable—related parties	(35,273,000)	(5,914,000)	(8,774,000)
Settlements of notes receivable—related parties	4,867,000	8,721,000	2,935,000
Additions to notes receivable from sale of real estate	0	0	(2,663,000)
Settlements of notes receivable from sale of real estate	0	0	1,858,000
Net proceeds from sale of real estate	0	3,639,000	58,027,000
Net proceeds from sale of real estate—related party	0	9,548,000	0
Net proceeds from sale of real estate	7,053,000	0	0
Purchases of and additions to real estate	(2,680,000)	(23,764,000)	(35,800,000)
Assets acquired in merger	0	0	89,181,000
Investment in marketable securities	(32,775,000)	0	0
Contributions to joint ventures	(105,386,000)	(83,891,000)	(37,933,000)
Distributions from loan pool participation	66,418,000	0	0
Distributions from joint ventures	32,713,000	10,177,000	2,374,000
Contributions to loan pool participations	(130,551,000)	(16,154,000)	0
Net cash (used in) provided by investing activities	(198,134,000)	(114,836,000)	69,007,000
Cash flow from financing activities:
Issuance of senior notes payable	249,344,000	0	0
Borrowings under notes payable	0	4,250,000	37,059,000
Repayment of notes payable	(24,783,000)	(5,600,000)	(32,114,000)
Borrowings under lines of credit	74,000,000	48,250,000	20,500,000
Repayment of lines of credit	(101,750,000)	(30,500,000)	(24,000,000)
Borrowings under mortgage loans payable	17,076,000	20,016,000	30,286,000
Repayment of mortgage loans payable	(37,577,000)	(24,735,000)	(35,866,000)
Repayment of convertible subordinated debt	0	(32,550,000)	0
Debt issue costs	(7,739,000)	(644,000)	(798,000)
Issuance of preferred stock	0	132,294,000	0
Issuance of common stock	123,100,000	0	59,000
Repurchase of common stock	(547,000)	(11,301,000)	(3,690,000)
Repurchase of warrants	(6,132,000)	(11,500,000)	0
Dividends paid	(11,698,000)	(4,533,000)	(3,235,000)
Contributions from noncontrolling interests	4,465,000	10,955,000	6,804,000
Distributions to noncontrolling interests	(5,142,000)	(3,242,000)	(10,712,000)
Net cash provided by (used in) financing activities	272,617,000	91,160,000	(15,707,000)
Effect of currency exchange rate changes on cash and cash equivalents	486,000	10,703,000	3,879,000
Net change in cash and cash equivalents	68,958,000	(10,816,000)	31,953,000
Cash and cash equivalents, beginning of period	46,968,000	57,784,000	25,831,000
Cash and cash equivalents, end of period	115,926,000	46,968,000	57,784,000
Supplemental disclosure of non-cash investing and financing activities:
Unrealized (loss) gain on securities, net of tax	(3,198,000)	6,000	194,000
Cash paid (received) during the year for:
Interest	(17,006,000)	(8,400,000)	(11,618,000)
Interest capitalized	2,716,000	790,000	0
Income taxes	30,000	25,000	(4,130,000)
Currency exchange loss	1,508,000	6,434,000	2,407,000
Office portfolio 200,000 square feet, located in Oakland, California [Member]
Change in assets and liabilities:
Accounts receivable	(44,000)
Prepaid expenses and other assets	(50,000)
Accounts payable	87,000
Accrued expenses and other liabilities	991,000
Cash flows from investing activities:
Purchases of and additions to real estate	(17,680,000)
Cash flow from financing activities:
Borrowings under mortgage loans payable	16,000,000
Consolidation of controlling interest in Fairways 340, LLC previously accounted for under the Equity Method [Member]
Change in assets and liabilities:
Accounts receivable		(171,000)
Other assets		(3,174,000)
Accrued expenses and other liabilities		323,000
Cash flows from investing activities:
Purchases of and additions to real estate		(28,464,000)
Cash flow from financing activities:
Borrowings under mortgage loans payable		32,670,000
Bay Fund Opportunity [Member]
Cash flows from operating activities:
Net (loss) income	(821,613)	(1,969,448)	(2,541,520)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	2,277,048	2,273,816	2,273,829
Change in assets and liabilities:
Real estate taxes and insurance reserves held in escrow	18,330	114,972	(124,681)
Accounts receivable	24,977	9,487	37,436
Prepaid expenses and other assets	(1,145)	13,177	27,577
Accounts payable & accrued expenses	(770,838)	(569,271)	(123,910)
Security deposits and other liabilities	(11,468)	3,264	30,154
Amortization of deferred loan costs	184,802	95,626	95,624
Prepaid rent	(1,945)	(7,179)	(48,675)
Net cash provided by (used in) operating activities	898,148	(35,556)	(374,166)
Cash flows from investing activities:
Purchases of and additions to real estate	(109,011)	(70,841)	0
Net cash (used in) provided by investing activities	(109,011)	(70,841)	0
Cash flow from financing activities:
Repayment of mortgage loans payable	(6,358,936)	0	0
Deferred financing fees	(327,831)	0	0
Changes in capital and financing escrow deposits	57,276	(6,930)	43,093
Contributions from members	6,500,000	197,027	0
Net cash provided by (used in) financing activities	(129,491)	190,097	43,093
Net change in cash and cash equivalents	659,646	83,700	(331,073)
Cash and cash equivalents, beginning of period	360,150	276,450	607,523
Cash and cash equivalents, end of period	1,019,796	360,150	276,450
Cash paid (received) during the year for:
Interest	2,601,842	2,919,414	2,981,773
KW Fund III [Member]
Cash flows from operating activities:
Net (loss) income	6,339,130	6,794,750	14,044,026
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Net realized gain on investments	0	0	(377,292)
Net change in unrealized appreciation on investments	(3,796,169)	(7,116,258)	(13,674,702)
Change in assets and liabilities:
Accrued interest payable	0	(2,449)	(9,773)
Accounts receivable	(17,471)	(22,072)	(4,937)
Interest receivable - related party	0	0	34,188
Purchases of investments	(24,313,709)	(18,446,395)	(6,475,174)
Purchases of investments - related party	0	(10,948,327)	(7,264,148)
Prepaid expenses and other assets	36,387	(316,941)	(36,795)
Accounts payable & accrued expenses	(182,207)	156,794	25,413
Security deposits and other liabilities	1,171,372	(1,171,372)	0
Acquisition fees - related party	(326,501)	(412,487)	(496,347)
Proceeds on sale of investments	0	0	3,608,100
Due to general partner	(457,757)	1,712,795	630,885
Due from limited partners	0	(246,665)	0
Net cash provided by (used in) operating activities	(21,546,925)	(30,018,627)	(9,996,556)
Cash flow from financing activities:
Repayment of notes payable	0	(8,000,000)	(3,000,000)
Proceeds from short-term advances	0	3,375,000	3,434,692
Repayment of short-term advances	0	0	(3,434,692)
Capital contributions	6,691,131	61,688,427	13,893,193
Contributions from members	6,691,131	65,063,427	13,893,193
Distributions to members	(8,667,601)	(4,043,818)	(391,408)
Net cash provided by (used in) financing activities	(1,976,470)	53,019,609	10,501,785
Net change in cash and cash equivalents	(23,523,395)	23,000,982	505,229
Cash and cash equivalents, beginning of period	23,611,792	610,810	105,581
Cash and cash equivalents, end of period	88,397	23,611,792	610,810
Cash paid (received) during the year for:
Interest	0	289,428	586,907
Conversion of short-term advances to partners' capital	0	3,375,000	0
KW WDC/Carlsbad [Member]
Cash flows from operating activities:
Net (loss) income	205,502		(4,010,008)
Cash flow from financing activities:
Contributions from members	212,500		156,308
Distributions to members	(2,222,027)		(428,533)
KW WDC/Carlsbad [Member] | Successor [Member]
Cash flows from operating activities:
Net (loss) income	205,502	(2,976,612)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Revaluation loss on change in ownership	0	8,386,821
Depreciation and amortization	2,606,297	4,485,763
Bad debt expense	(27,946)	6,235
Change in assets and liabilities:
Real estate taxes and insurance reserves held in escrow	(40,342)	159,803
Accounts receivable	(32,443)	(32,240)
Prepaid expenses and other assets	(80,462)	(6,889)
Accounts payable & accrued expenses	(187,777)	(79,649)
Accrued rent	(99,140)	(68,476)
Security deposits and other liabilities	(36,552)	(2,948)
Acquisition fees - related party	0	442,315
Gain on extinguishment of debt	0	(9,091,522)
Net cash provided by (used in) operating activities	2,335,083	774,051
Cash flows from investing activities:
Purchases of and additions to real estate	(2,470,403)	(1,034,004)
Deferred leasing costs	(16,391)	(183,378)
Capital expenditure reserves held in escrow	1,148,393	(229,641)
Net cash (used in) provided by investing activities	(1,338,401)	(1,447,023)
Cash flow from financing activities:
Repayment of mortgage loans payable	(13,093)	(13,624,212)
Deferred financing fees	(76,142)	(706,762)
Contributions from members	212,500	20,054,513
Distributions to members	(2,222,027)	(4,381,306)
Net cash provided by (used in) financing activities	(2,098,762)	1,342,233
Net change in cash and cash equivalents	(1,102,080)	669,261
Cash and cash equivalents, beginning of period	1,635,712	966,451
Cash and cash equivalents, end of period	533,632	1,635,712
Supplemental disclosure of non-cash investing and financing activities:
Accrued additions to real estate included in accounts payable and accrued expenses	9,150	65,780
Cash paid (received) during the year for:
Interest	3,693,665	4,420,620
KW WDC/Carlsbad [Member] | Predecessor [Member]
Cash flows from operating activities:
Net (loss) income			(4,010,008)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Revaluation loss on change in ownership			0
Depreciation and amortization			4,252,744
Bad debt expense			12,579
Change in assets and liabilities:
Real estate taxes and insurance reserves held in escrow			45,886
Accounts receivable			49,807
Prepaid expenses and other assets			(23,126)
Accounts payable & accrued expenses			134,547
Accrued rent			(26,865)
Security deposits and other liabilities			11,333
Acquisition fees - related party			0
Gain on extinguishment of debt			0
Net cash provided by (used in) operating activities			434,318
Cash flows from investing activities:
Purchases of and additions to real estate			(603,816)
Deferred leasing costs			(39,102)
Capital expenditure reserves held in escrow			141,306
Net cash (used in) provided by investing activities			(501,612)
Cash flow from financing activities:
Repayment of mortgage loans payable			(208,922)
Deferred financing fees			(15,000)
Contributions from members			156,308
Distributions to members			(428,533)
Net cash provided by (used in) financing activities			(496,147)
Net change in cash and cash equivalents			(563,441)
Cash and cash equivalents, beginning of period			1,529,892
Cash and cash equivalents, end of period			966,451
Supplemental disclosure of non-cash investing and financing activities:
Accrued additions to real estate included in accounts payable and accrued expenses			4,157
Cash paid (received) during the year for:
Interest			5,974,217
KW WDC/Carlsbad [Member] | KW WDC Portfolio [Member]
Cash flows from operating activities:
Net (loss) income	736,861		(3,302,321)
Cash flow from financing activities:
Contributions from members	0		156,308
Distributions to members	(2,134,527)		(304,033)
KW WDC/Carlsbad [Member] | KW WDC Portfolio [Member] | Successor [Member]
Cash flow from financing activities:
Cash and cash equivalents, end of period		1,631,150
KW WDC/Carlsbad [Member] | KW WDC Portfolio [Member] | Predecessor [Member]
Cash flow from financing activities:
Cash and cash equivalents, beginning of period		956,533
KW WDC/Carlsbad [Member] | One Carlsbad [Member]
Cash flows from operating activities:
Net (loss) income	(531,359)		(707,687)
Cash flow from financing activities:
Contributions from members	212,500		0
Distributions to members	(87,500)		(124,500)
KW WDC/Carlsbad [Member] | One Carlsbad [Member] | Successor [Member]
Cash flows from operating activities:
Net (loss) income		3,149,526
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Revaluation loss on change in ownership		0
Depreciation and amortization		712,344
Bad debt expense		0
Change in assets and liabilities:
Real estate taxes and insurance reserves held in escrow		(27,303)
Accounts receivable		(8,991)
Prepaid expenses and other assets		912
Accounts payable & accrued expenses		85,948
Accrued rent		(68,476)
Security deposits and other liabilities		(16,252)
Acquisition fees - related party		0
Gain on extinguishment of debt		(3,500,000)
Net cash provided by (used in) operating activities		327,708
Cash flows from investing activities:
Purchases of and additions to real estate		(171,000)
Deferred leasing costs		(183,378)
Capital expenditure reserves held in escrow		(2,559,952)
Net cash (used in) provided by investing activities		(2,914,330)
Cash flow from financing activities:
Repayment of mortgage loans payable		(1,167,734)
Deferred financing fees		(151,000)
Contributions from members		3,900,000
Distributions to members		0
Net cash provided by (used in) financing activities		2,581,266
Net change in cash and cash equivalents		(5,356)
Cash and cash equivalents, beginning of period		9,918
Cash and cash equivalents, end of period		4,562
KWF Venture VI [Member]
Cash flows from operating activities:
Net (loss) income	511,098
Change in assets and liabilities:
Accrued interest payable	376,093
Reserves	(98,229)
Accounts payable	1,086
Net cash provided by (used in) operating activities	790,048
Cash flows from investing activities:
Distributions from loan pool participation	93,397,533
Contributions to loan pool participations	(438,228,698)
Net cash (used in) provided by investing activities	(344,831,165)
Cash flow from financing activities:
Borrowings under notes payable	316,139,788
Repayment of notes payable	(90,483,538)
Contributions from members	167,826,804
Distributions to members	(45,427,384)
Net cash provided by (used in) financing activities	348,055,670
Effect of currency exchange rate changes on cash and cash equivalents	(3,671,015)
Net change in cash and cash equivalents	343,538
Cash and cash equivalents, end of period	343,538
Cash paid (received) during the year for:
Interest	2,771,835
Currency exchange loss	(3,671,015)
KW Residential [Member]
Cash flows from operating activities:
Net (loss) income	(1,014,393)	(4,486,226)	16,860,015
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	11,604,181	11,115,370	12,020,989
Losses on transfer to rental properties from held for sale	0	0	3,009,702
Change in assets and liabilities:
Accounts receivable	50,071	336,953	(106,930)
Accounts payable & accrued expenses	(1,911,378)	(1,079,238)	1,557,978
Other assets	2,530,795	(1,531,508)	3,376,906
Other liabilities	697,279	47,820	(2,149,564)
Gain on extinguishment of debt	0	0	(28,319,523)
Amortization of deferred loan costs	3,803,447	4,308,948	5,131,237
Net cash provided by (used in) operating activities	15,760,002	8,712,119	11,380,810
Cash flows from investing activities:
Collateral payments for derivative instruments	(9,150,000)	(1,149,788)	0
Purchases of and additions to real estate	(380,443)	(423,673)	(133,118)
Net cash (used in) provided by investing activities	(9,530,443)	(1,573,461)	(133,118)
Cash flow from financing activities:
Borrowings under mortgage loans payable	329,972,445	0	75,810,977
Repayment of mortgage loans payable	(341,046,576)	(9,506,436)	(136,868,701)
Deferred financing fees	(5,038,041)	(178,419)	(1,570,986)
Contributions from members	34,200,000	0	55,583,979
Distributions to members	(23,600,839)	(8,614,978)	0
Net cash provided by (used in) financing activities	(5,513,011)	(18,299,833)	(7,044,731)
Effect of currency exchange rate changes on cash and cash equivalents	654,234	1,886,758	(236,551)
Net change in cash and cash equivalents	1,370,782	(9,274,417)	3,966,410
Cash and cash equivalents, beginning of period	5,216,811	14,491,228	10,524,818
Cash and cash equivalents, end of period	6,587,593	5,216,811	14,491,228
Cash paid (received) during the year for:
Interest	8,505,481	8,021,813	9,535,128
Income taxes	566,640	93,721	486,713
Currency exchange loss	14,784,853	35,077,607	(4,488,486)
Supplemental disclosure of non-cash transfers of real estate from held for sale to rental property	0	0	25,156,431
BASGF [Member]
Cash flows from operating activities:
Net (loss) income	(3,803,028)	(1,231,746)	471,815
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Realized loss on disposition of investment in unconsolidated real estate entity	2,359,686	0	0
Equity in joint venture income	604,819	404,058	(1,230,049)
Change in assets and liabilities:
Prepaid expenses and other assets	(157,871)	3,167	(8,273)
Accrued expenses and other liabilities	(1,043,930)	657,267	309,654
Net cash provided by (used in) operating activities	(2,040,324)	(167,254)	(456,853)
Cash flows from investing activities:
Additions to notes receivable—related parties	(1,209,428)
Contributions to joint ventures	(2,783,867)	(780,524)	0
Distributions from joint ventures	7,000,000	0	0
Net cash (used in) provided by investing activities	3,006,705	(780,524)	0
Cash flow from financing activities:
Borrowings under notes payable	0	947,678	0
Repayment of notes payable	(947,678)	0	0
Contributions from members	0	0	344,475
Net cash provided by (used in) financing activities	(947,678)	947,678	344,475
Net change in cash and cash equivalents	18,703	(100)	(112,378)
Cash and cash equivalents, beginning of period	100	200	112,578
Cash and cash equivalents, end of period	18,803	100	200
KW America and Santee Village [Member]
Cash flows from operating activities:
Net (loss) income	(1,627,441)	(21,877,694)	(5,013,944)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Revaluation loss on change in ownership	0	17,499,321
Depreciation and amortization	2,948,110	3,983,070
Equity in joint venture income	(977,198)	217,423
Bad debt expense	(10,578)	3,571
Change in assets and liabilities:
Real estate taxes and insurance reserves held in escrow	278,880	(1,432,266)
Accounts receivable	26,900	(21,162)
Prepaid expenses and other assets	118,544	(171,169)
Accounts payable & accrued expenses	30	15,933
Deferred revenue	0	(115,990)
Security deposits and other liabilities	127,981	64,399
Depreciation	2,948,111	3,774,149
Net cash provided by (used in) operating activities	895,807	(2,047,056)
Cash flows from investing activities:
Purchases of and additions to real estate	(495,210)	(869,188)
Contributions to joint ventures	0	(2,523,172)
Distributions from joint ventures	1,826,999	0
Capital expenditure reserves held in escrow	10,865	2,485,541
Net cash (used in) provided by investing activities	1,342,654	(906,819)
Cash flow from financing activities:
Contributions from members	0	2,835,944	1,722,991
Distributions to members	(2,101,101)	(1,130,000)	0
Net cash provided by (used in) financing activities	(2,101,101)	1,705,944
Net change in cash and cash equivalents	137,360	(1,247,931)
Cash and cash equivalents, beginning of period	386,837	1,634,768
Cash and cash equivalents, end of period	524,197	386,837	1,634,768
Supplemental disclosure of non-cash investing and financing activities:
Accrued additions to real estate included in accounts payable and accrued expenses	19,561	48,794
Cash paid (received) during the year for:
Interest	7,689,518	7,689,518
KW America and Santee Village [Member] | Santee Village [Member]
Cash flows from operating activities:
Net (loss) income	977,198	(217,423)	0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Revaluation loss on change in ownership		0
Depreciation and amortization		0
Equity in joint venture income		217,423
Bad debt expense		0
Change in assets and liabilities:
Real estate taxes and insurance reserves held in escrow		0
Accounts receivable		0
Prepaid expenses and other assets		0
Accounts payable & accrued expenses		0
Deferred revenue		0
Security deposits and other liabilities		0
Depreciation		0
Net cash provided by (used in) operating activities		0
Cash flows from investing activities:
Purchases of and additions to real estate		0
Contributions to joint ventures		(2,523,172)
Distributions from joint ventures		0
Capital expenditure reserves held in escrow		0
Net cash (used in) provided by investing activities		(2,523,172)
Cash flow from financing activities:
Contributions from members	0	2,523,172	0
Distributions to members	(1,826,999)	0	0
Net cash provided by (used in) financing activities		2,523,172
Net change in cash and cash equivalents		0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period		0	0
Supplemental disclosure of non-cash investing and financing activities:
Accrued additions to real estate included in accounts payable and accrued expenses		0
Cash paid (received) during the year for:
Interest		0
KW America and Santee Village [Member] | KW America [Member]
Cash flows from operating activities:
Net (loss) income	(2,604,639)		(5,013,944)
Cash flow from financing activities:
Contributions from members	0		1,722,991
Distributions to members	(274,102)		0
KW America and Santee Village [Member] | KW America [Member] | Successor [Member]
Cash flow from financing activities:
Cash and cash equivalents, end of period		386,837
KW America and Santee Village [Member] | KW America [Member] | Predecessor [Member]
Cash flows from operating activities:
Net (loss) income			(5,013,944)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Revaluation loss on change in ownership			0
Depreciation and amortization			4,961,580
Equity in joint venture income			0
Bad debt expense			177,989
Change in assets and liabilities:
Real estate taxes and insurance reserves held in escrow			0
Accounts receivable			1,677
Prepaid expenses and other assets			53,850
Accounts payable & accrued expenses			(1,054,763)
Deferred revenue			115,990
Security deposits and other liabilities			29,135
Depreciation			4,961,580
Net cash provided by (used in) operating activities			(906,475)
Cash flows from investing activities:
Purchases of and additions to real estate			(1,537,829)
Contributions to joint ventures			0
Distributions from joint ventures			0
Capital expenditure reserves held in escrow			450,884
Net cash (used in) provided by investing activities			(1,086,945)
Cash flow from financing activities:
Contributions from members			1,722,991
Distributions to members			0
Net cash provided by (used in) financing activities			1,722,991
Net change in cash and cash equivalents			(270,429)
Cash and cash equivalents, beginning of period		1,634,768	1,905,197
Cash and cash equivalents, end of period			1,634,768
Supplemental disclosure of non-cash investing and financing activities:
Accrued additions to real estate included in accounts payable and accrued expenses			0
Cash paid (received) during the year for:
Interest			7,689,519
SJ Real Estate [Member]
Cash flows from operating activities:
Net (loss) income	6,810,368	(1,104,897)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Gain on foreclosure	(15,385,558)	0
Bad debt expense	500	0
Change in assets and liabilities:
Accounts receivable	(8,254)	0
Prepaid expenses and other assets	(174,595)	0
Accounts payable & accrued expenses	(509,267)	893,960
Security deposits and other liabilities	593,268	0
Depreciation	1,999,540	0
Amortization of deferred loan costs	597,960	99,650
Net cash provided by (used in) operating activities	(6,076,038)	(111,287)
Cash flows from investing activities:
Additions to notes receivable	0	(90,893,185)
Purchases of and additions to real estate	(5,761,446)	0
Capital expenditure reserves held in escrow	(261,188)	(856,858)
Net cash (used in) provided by investing activities	(6,022,634)	(91,750,043)
Cash flow from financing activities:
Borrowings under mortgage loans payable	0	67,000,000
Deferred financing fees	0	(1,195,804)
Contributions from members	9,485,000	29,000,000
Net cash provided by (used in) financing activities	9,485,000	94,804,196
Net change in cash and cash equivalents	(2,613,672)	2,942,866
Cash and cash equivalents, beginning of period	2,942,866	0
Cash and cash equivalents, end of period	329,194	2,942,866
Cash paid (received) during the year for:
Interest	5,391,174	435,500
During the year ended December 31, 2011, a note receivable of $90,893,185 was exchanged for real estate with a fair value of $108,712,000	$ 5,391,174	$ 435,500