Notes Receivable (Tables)

3 Months Ended

Mar. 31, 2019

Receivables [Abstract]

Summary of Mezzanine Loans

The Company had the following notes receivable outstanding as of March 31, 2019 and December 31, 2018 ($ in thousands):

	Outstanding loan amount						Maximum loan commitment		Interest rate		Interest compounding
Development Project	March 31, 2019			December 31, 2018
1405 Point	$	30,939		$	30,238		$	31,032	8.0	%	Monthly
The Residences at Annapolis Junction	36,667			36,361			48,105		10.0	%	Monthly
North Decatur Square	19,159			18,521			29,673		15.0	%	Annually
Delray Plaza	10,417			7,032			15,000		15.0	%	Annually
Nexton Square	13,644			14,855			17,000		15.0	%	Monthly
Interlock Commercial	23,790			18,269			95,000		15.0	%	None
Solis Apartments at Interlock	15,624			13,821			41,100		13.0	%	Annually
Total mezzanine	150,240			139,097			$	276,910
Other notes receivable	1,294			1,275
Notes receivable guarantee premium	4,009			2,800
Notes receivable discount, net (a)	(3,371		)	(4,489		)
Total notes receivable	$	152,172		$	138,683

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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 three months ended March 31, 2019 and 2018 as follows (in thousands):

	Three Months Ended March 31,
Development Project	2019		2018
1405 Point	$	610	$	453
The Residences at Annapolis Junction	2,024		1,084		(a)
North Decatur Square	638		461
Delray Plaza	310		223
Nexton Square	510		—
Interlock Commercial	743		—
Solis Apartments at Interlock	463		—
Total mezzanine	5,298		2,221
Other interest income	21		11
Total interest income	$	5,319	$	2,232

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