Notes Receivable (Tables)

6 Months Ended

Jun. 30, 2019

Receivables [Abstract]

Summary of Mezzanine Loans

The Company had the following notes receivable outstanding as of June 30, 2019 and December 31, 2018 ($ in thousands):

	Outstanding loan amount						Maximum loan commitment		Interest rate		Interest compounding
Development Project	June 30, 2019			December 31, 2018
1405 Point	$	—		$	30,238		$	31,032	8.0	%	Monthly
The Residences at Annapolis Junction	37,602			36,361			48,105		10.0	%	Monthly
North Decatur Square (a)	19,852			18,521			29,673		15.0	%	Annually
Delray Plaza	12,098			7,032			15,000		15.0	%	Annually
Nexton Square	14,168			14,855			17,000		15.0	%	Monthly
Interlock Commercial	38,062			18,269			95,000		15.0	%	None
Solis Apartments at Interlock	17,226			13,821			41,100		13.0	%	Annually
Total mezzanine	139,008			139,097			$	276,910
Other notes receivable	1,314			1,275
Notes receivable guarantee premium	6,554			2,800
Notes receivable discount, net (b)	(2,133		)	(4,489		)
Total notes receivable	$	144,743		$	138,683

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(a) This loan was paid in full on July 22, 2019.

(b) Represents the remaining unamortized portion of the $5.0 million loan modification 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 and six months ended June 30, 2019 and 2018 as follows (in thousands):

	Three Months Ended June 30,					Six Months Ended June 30,
Development Project	2019			2018		2019			2018
1405 Point	$	173		$	483	$	783		$	936
The Residences at Annapolis Junction	2,173		(a)	1,124		4,196		(a)	2,209
North Decatur Square	693			531		1,331			992
Delray Plaza	414			225		724			448
Nexton Square	524			—		1,033			—
Interlock Commercial	1,086			—		1,830			—
Solis Apartments at Interlock	508			—		972			—
Total mezzanine	5,571			2,363		10,869			4,585
Other interest income	22			12		43			22
Total interest income	$	5,593		$	2,375	$	10,912		$	4,607

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