Real Estate-Related Notes Receivables (Tables)

6 Months Ended

Jun. 30, 2015

Receivables [Abstract]

Schedule of Real Estate-Related Notes Receivables

Real estate-related notes receivables consisted of the following as of June 30, 2015 and December 31, 2014 (amounts in thousands):

				Outstanding Balance as of
Real Estate-Related Notes Receivables	Interest Rate		Maturity Date	June 30, 2015		December 31, 2014
Medistar Loan	8.0	%	(1)	$	9,500	$	9,500
MM Peachtree Holdings (2)	12.0	%	12/31/2021	514		514
Landmark Loan (3)	9.0	%	12/17/2015	—		13,521
				$	10,014	$	23,535

(1) The Medistar Loan, previously known as the Walnut Hill Bridge Loan, matures upon the earlier to occur of: (i) the sale or refinancing of the property under construction for which proceeds from the loan were used and (ii) October 30, 2015. If interest payments are not received prior to October 30, 2015, an additional amount of interest in the amount of $498,000 will be due and payable, calculated based on 8.0% of the outstanding principal amount of the loan from April 1, 2015 through July 31, 2015 and 10.0% thereafter. On July 1, 2015, the borrower paid off the outstanding balance of the Medistar Loan. See Note 17—“Subsequent Events” for additional information.

(2) Unconsolidated Variable Interest Entity, or VIE. The maximum exposure to loss related to the Company’s variable interest in the unconsolidated VIE is limited to the outstanding balance of the real estate-related note receivables. The Company may be subject to additional losses to the extent of any receivables relating to future funding.

(3) On January 15, 2015, in connection with the acquisition of the Landmark Hospital of Savannah, located in Savannah, Georgia, the Company applied the outstanding balance to reduce the cash paid at acquisition.