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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Details)
1 Months Ended 3 Months Ended 9 Months Ended
Apr. 30, 2012
Sep. 30, 2015
USD ($)
loan
Joint_Venture
Sep. 30, 2014
USD ($)
loan
Sep. 30, 2015
USD ($)
loan
Joint_Venture
Sep. 30, 2014
USD ($)
loan
Aug. 07, 2015
USD ($)
Dec. 31, 2014
USD ($)
Mar. 22, 2013
Apr. 15, 2011
Schedule of Equity Method Investments [Line Items]                  
Investments in unconsolidated joint ventures   $ 33,793,000   $ 33,793,000     $ 6,041,000    
Number of unconsolidated joint ventures | Joint_Venture   1   1          
Management fee   $ 3,483,000 $ 2,715,000 $ 10,857,000 $ 7,216,000        
Expenses from investment   (4,626,000) (3,727,000) (11,987,000) (12,571,000)        
Interest costs capitalized       (128,000) 0        
LCRIP I                  
Schedule of Equity Method Investments [Line Items]                  
Investments in unconsolidated joint ventures   49,000   49,000     3,898,000    
Minimum average net equity partnership investment as a basis for management fee reduction       100,000,000          
Management fee   $ 0 $ 83,873 $ 77,447 $ 312,417        
Number of loans sold to a related party | loan   0 0 0 0        
Gain on sale of loans deferred (as a percent)       10.00%          
Maximum additional distribution percentage if return thresholds are met       25.00%          
LCRIP I | LP Units                  
Schedule of Equity Method Investments [Line Items]                  
Ownership interest (as a percent)   10.00%   10.00%         10.00%
Percentage of costs related to assets the Company is obligated to provide   10.00%   10.00%          
Grace Lake JV, LLC                  
Schedule of Equity Method Investments [Line Items]                  
Investments in unconsolidated joint ventures   $ 2,753,000   $ 2,753,000     2,143,000    
Percentage of investment of operating partner       75.00%          
Percentage of equity kicker received with right to convert upon capital event 25.00%                
Preferred return used to determine distribution of excess cash flow (as a percent)       8.25%          
Percentage of distribution of all excess cash flows and all disposition proceeds upon any sale entitled after consideration of preferred return and return of equity remaining in the property to operating partner       25.00%          
Grace Lake JV, LLC | LP Units                  
Schedule of Equity Method Investments [Line Items]                  
Ownership interest (as a percent)   25.00%   25.00%       25.00%  
Grace Lake JV, LLC | Limited liability company                  
Schedule of Equity Method Investments [Line Items]                  
Ownership interest (as a percent)   25.00%   25.00%          
24 Second Avenue                  
Schedule of Equity Method Investments [Line Items]                  
Investments in unconsolidated joint ventures   $ 30,991,000   $ 30,991,000     $ 0    
Ownership interest (as a percent)   73.80%   73.80%          
Amount contributed           $ 31,100,000      
Expenses from investment   $ (200,000)   $ (200,000)          
Interest costs capitalized   $ 100,000   $ 100,000          
Operating Partner | 24 Second Avenue                  
Schedule of Equity Method Investments [Line Items]                  
Ownership interest (as a percent)           26.20%