Subsequent Events

6 Months Ended

Jun. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On July 16, 2020, we entered into a $25.0 million unsecured revolving line of credit with WPC at an interest rate equal to the LIBOR plus 1.05%. The line of credit has a scheduled maturity date of January 16, 2021. As of the date of this Report, we have not drawn on the line of credit (Note 3).

On July 28, 2020, we were notified that the borrower on our note receivable has defaulted on the mortgage loan senior to our mezzanine tranche. We are currently evaluating our rights and options in connection with the senior loan default (Note 5).

On July 31, 2020. we obtained a construction loan of $24.6 million (based on the exchange rate of the euro at June 30, 2020) for a student housing development project located in Seville, Spain. The loan bears a variable interest rate equal to the Euro Interbank Offered Rate plus 3.5% and is scheduled to mature in November 2023.

On August 4, 2020, in relation to the ongoing litigation with the joint venture partner on our previously owned Ghana investment, the arbitrator issued a final decision and awarded the joint venture partner $2.6 million in damages. Since this is a recognized subsequent event, we have recorded an additional noncontrolling interest payable amount of $1.4 million during the three months ended June 30, 2020, bringing the total noncontrolling interest payable to $2.6 million as of June 30, 2020.

On August 4, 2020, the 77,504 square foot student housing project located in Barcelona, Spain was substantially completed and is subject to a net lease agreement.