Preferred Equity Investment

12 Months Ended

Dec. 31, 2013

Investments, All Other Investments [Abstract]

Preferred Equity Investments

Preferred Equity Investment

As of December 31, 2013, the Company held a preferred equity investment in an institutional quality office building located at 123 William Street in the Financial District of Downtown Manhattan. As of December 31, 2013, the preferred equity investment has a carrying amount of $30.0 million, a five-year term maturing in October 2018, a 0.75% origination fee, a 6.0% current pay rate, and a 2.0% accrual rate (the accrual rate will increase to 2.25% after year two, 2.75% after year three, and 3.25% after year four). The Company's preferred equity investment includes potential additional capital contributions not to exceed a total preferred equity investment of $40.0 million. The Company did not hold any preferred equity investments at December 31, 2012.