Following is a summary of the notes and accrued interest receivable due from mezzanine loan investments as of March 31, 2021 and December 31, 2020 (amounts in thousands):

As of March 31, 2021, the Company’s provision for credit losses on its mezzanine loan investments was $0.6 million on a carrying amount of $170.3 million of these investments. Changes in provision for credit losses of the Company’s mezzanine loan investments at March 31, 2021 and December 31, 2020 are summarized in the table below (amounts in thousands):

Following is a summary of the interest income from mezzanine loan and ground lease investments for the three months ended March 31, 2021 and 2020 (amounts in thousands):

The occupancy percentages of the Company's mezzanine loan investment properties at March 31, 2021 and December 31, 2020 are as follows:


	March 31,		December 31,
Property	2021		2020
Avondale Hills	⁽¹⁾		⁽²⁾
Domain at The One Forty	95.7	%	92.6	%
Motif	77.9	%	62.1	%
Reunion Apartments	⁽¹⁾		⁽²⁾
The Hartley at Blue Hill	⁽¹⁾		⁽²⁾
Vickers Historic Roswell	100.0	%	96.2	%

(1)	The development had not commenced lease-up as of March 31, 2021.

(2)	The development had not commenced lease-up as of December 31, 2020.

Motif Financing

On January 27, 2021, the Motif property owner entered into a $88.8 million bridge loan (the “Motif Bridge Loan”) secured by the Motif property and used the proceeds in part to pay off the outstanding balance, in full, of the Motif Construction Loan. The Motif Bridge Loan matures on August 1, 2023, contains a six-month extension option, subject to certain conditions, and bears interest at a floating basis of LIBOR + 3.70%, subject to a minimum interest rate of 3.85%, with interest-only payments through the term of the loan. The Motif Bridge Loan may be prepaid, subject to an exit fee, without prepayment penalties beginning (i) August 1, 2021 if prepayment is being made in connection with the lender providing a permanent mortgage loan, or (ii) February 1, 2022 otherwise.

On March 29, 2021, the Company entered into an amended and restated mezzanine loan agreement (the “Motif Mezz Loan”) with BR Flagler JV Member, LLC (“Motif JV Member”) to increase its loan commitment to $88.6 million, of which $76.7 million has been funded as of March 31, 2021. As part of the agreement, the Company agreed to reduce, after December 31, 2021, the Motif Mezz Loan’s current fixed rate of 12.9% per annum as follows: 9.0% per annum for the calendar year 2022 and 6.0% per annum for the calendar year 2023 and thereafter. In conjunction with entering the amended and restated Motif Mezz Loan, the Company entered into an amended operating agreement for Motif JV Member with Bluerock Special Opportunity + Income Fund II, LLC (“Fund II”) and Bluerock Special Opportunity + Income Fund III, LLC (“Fund III”). In consideration for the Company reducing the Motif Mezz Loan interest rate, Fund II and Fund III agreed to (a) admit BRG Flagler Village Profit Share, LLC (the “Motif PS”), a wholly-owned subsidiary of the Company, as an additional member of Motif JV Member, (b) grant Motif PS a 50% participation in any profits achieved in a sale after repayment of the Motif Mezz Loan and the Company, Fund II and Fund III each receive full return of their respective capital contributions, and (c) grant the Company a right to compel Motif JV Member to refinance and/or sell the Motif property beginning January 1, 2023. The Motif Mezz Loan matures on March 29, 2026 and can be prepaid without penalty.