Investment in Unconsolidated Ventures

9 Months Ended

Sep. 30, 2019

Equity Method Investments and Joint Ventures [Abstract]

The Company has interests in unconsolidated joint ventures that own multi-family properties. The table below provides information regarding these joint ventures at September 30, 2019 (dollars in thousands):


Location	Number of Units	Carrying Value of Investment		Mortgage Balance		Percent Ownership
Columbia, SC	374	$	4,385	$	39,658	32	%
Columbia, SC (a)	339	7,532		41,104		46	%
Forney, TX (b)	313	6,047		25,350		50	%
Other investments	N/A	56		N/A		N/A
	1,026	$	18,020	$	106,112

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(a) Property is currently in lease-up. Construction financing for this project of up to $42,019 has been secured. Such financing bears interest at 4.95% and matures in June 2020.

(b) This interest is held through a tenancy-in-common.

The net loss from these ventures was $259,000 and $174,000 for the three months ended September 30, 2019 and 2018, respectively, and $643,000 and $364,000 for the nine months ended September 30, 2019 and 2018, respectively.