Notes Receivable (Tables)

12 Months Ended

Dec. 31, 2018

Receivables [Abstract]

Summary of Mezzanine Loans

The Company had the following loans receivable outstanding as of December 31, 2018 and December 31, 2017 ($ in thousands):

	Outstanding loan amount					Maximum loan commitment		Interest rate		Interest compounding
Development Project	December 31, 2018			December 31, 2017
1405 Point	$	30,238		$	22,444	$	31,032	8.0	%	Monthly
The Residences at Annapolis Junction	36,361			43,021		48,105		10.0	%	Monthly
North Decatur Square	18,521			11,790		29,673		15.0	%	Annually
Delray Plaza	7,032			5,379		15,000		15.0	%	Annually
Nexton Square	14,855			—		21,000		15.0	%	Monthly
Interlock Commercial	18,269			—		95,000		15.0	%	None
Solis Apartments at Interlock	13,821			—		41,100		13.0	%	Annually
Total mezzanine	139,097			82,634		$	280,910
Other notes receivable	1,275			424
Notes receivable guarantee premium	2,800			—
Notes receivable discount, net (a)	(4,489		)	—
Total notes receivable	$	138,683		$	83,058

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(a) Represents the remaining unamortized portion of the $5.0 million option purchase fee for The Residences at Annapolis Junction paid by the borrower in November 2018.

Summary of Interest Income

The Company recognized interest income for the years ended December 31, 2018, 2017, and 2016 as follows (in thousands):

	Years Ended December 31,
Development Project	2018			2017		2016
1405 Point	$	2,080		$	1,741	$	1,204
The Residences at Annapolis Junction	4,939		(a)	4,132		2,018
North Decatur Square	2,212			1,035		—
Delray Plaza	928			163		—
Nexton Square	235			—		—
Interlock Commercial	202			—		—
Solis Apartments at Interlock	55			—		—
Total mezzanine	10,651			7,071		3,222
Other interest income	78			6		6
Total interest income	$	10,729		$	7,077	$	3,228

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(a) Includes amortization of the $5.0 million option purchase fee paid by the borrower in November 2018.