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Investment in Real Estate-Related Loan (Tables)
 6 Months Ended
Jun. 30, 2020
Investment in Real Estate-Related Loan [Abstract]  
Investment In Real Estate Loans [Table Text Block]
The following table details the Company’s floating-rate CMBS as of June 30, 2020:
 
Investment
 
Collateral
 
Interest
Rate
(1)
 
Maturity
Date
 
 
Payment
Terms
 
Face

Amount
 
 
Cost
 
 
Unrealized
Gain / (Loss)
(2)
 
 
Carrying
Amount
 
BX 2020 BXLP G
 
International Markets Center and AmericasMart Atlanta
 
L+2.50%
 
 
12/15/36
 
 
Principal due at maturity
 
$
10,827,000
 
 
$
10,827,000
 
 
$
(487,215
) 
 
$
10,339,785
 
CGDB 2019 MOB F
 
Medical Office Mortgage Loans
 
L+2.55%
 
 
11/15/36
 
 
Principal due at maturity
 
 
4,000,000
 
 
 
4,005,000
 
 
 
(264,600
) 
 
 
3,740,400
 
BXMT 2020 FL 2
 
International Markets Center and AmericasMart Atlanta
 
L+1.95%
 
 
2/16/37
 
 
Principal due at maturity
 
 
4,000,000
 
 
 
4,000,000
 
 
 
(359,168
) 
 
 
3,640,832
 
BX 2019 IMC G
 
International Markets Center and AmericasMart Atlanta
 
L+3.60%
 
 
4/15/34
 
 
Principal due at maturity
 
 
3,700,000
 
 
 
2,493,923
 
 
 
493,841
 
 
 
2,987,764
 
BHMS 2018 ATLS D
 
Atlantis Paradise Island Resort
 
L+2.25%
 
 
7/15/35
 
 
Principal due at maturity
 
 
1,998,000
 
 
 
1,399,098
 
 
 
347,526
 
 
 
1,746,624
 
BHMS 2018 ATLS E
 
Atlantis Paradise Island Resort
 
L+3.00%
 
 
7/15/35
 
 
Principal due at maturity
 
 
1,550,000
 
 
 
999,750
 
 
 
314,259
 
 
 
1,314,009
 
BX 2020 VIVA D
 
MGM Grand and Mandalay Bay Resort and Casino Las Vegas
 
3.67%
 
 
3/9/44
 
 
Principal due at maturity
 
 
4,680,982
 
 
 
3,901,172
 
 
 
288,602
 
 
 
4,189,774
 
BX 2020 VIVA E
 
MGM Grand and Mandalay Bay Resort and Casino Las Vegas
 
3.67%
 
 
3/9/44
 
 
Principal due at maturity
 
 
2,319,018
 
 
 
1,787,375
 
 
 
187,990
 
 
 
1,975,365
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
$
33,075,000
 
 
$
29,413,318
 
 
$
521,235
 
 
$
29,934,553
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
The term “L” refers to the
one-month
US dollar-denominated London Interbank Offer Rate (“LIBOR”). As of June 30, 2020 and December 31, 2019,
one-month
LIBOR was equal to 0.16% and 1.76%, respectively.
(2)
Unrealized gain/loss on floating rate debt security investments are determined using price quotations provided by independent third party valuation firms.
The following table details the Company’s real estate-related loan investments as of June 30, 2020 and December 31, 2019:
 
 
 
 
 
 
 
 
 
 
 
 
 
As of June 30, 2020
 
Investment
 
Collateral
 
Interest
Rate
(1)
 
Maturity Date
 
Payment
Terms
(2)
 
Prior Liens
 
Face Amount
 
 
Unamortized
Discount
 
 
Carrying
Amount
 
Atlantis Mezzanine Loan
 
Atlantis Paradise Island Resort
 
L+6.67%
 
July 202
1
 
Principal due at maturity
 
$1.525 billion
(3)
 
$
25,000,000
 
 
$
(15,474
) 
 
$
24,984,526
 
IMC/AMC Bond Investment
 
International Markets Center
AmericasMart Atlanta
 
L+6.15%
 
December 2023
 
Principal due at maturity
 
$1.643 billion
(4)
 
 
25,000,000
 
 
 
(292,094
) 
 
 
24,707,906
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
50,000,000
 
 
$
(307,568
) 
 
$
49,692,432
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2019
 
Investment
 
Collateral
 
Interest
Rate
(1)
 
Maturity Date
 
Payment
Terms
(2)
 
Prior Liens
 
Face Amount
 
 
Unamortized
Discount
 
 
Carrying
Amount
 
Atlantis Mezzanine Loan
 
Atlantis Paradise Island Resort
 
L+6.67%
 
July 202
1
 
Principal due at maturity
 
$1.525 billion
(3)
 
$
25,000,000
 
 
$
(367,510
) 
 
$
24,632,490
 
IMC/AMC Bond Investment
 
International Markets Center
AmericasMart Atlanta
 
L+6.15%
 
December 2023
 
Principal due at maturity
 
$1.643 billion
(4)
 
 
25,000,000
 
 
 
(334,691
) 
 
 
24,665,309
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
50,000,000
 
 
$
(702,201
) 
 
$
49,297,799
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
The term “L” refers to the
one-month
US dollar-denominated LIBOR. As of June 30, 2020 and December 31, 2019,
one-month
LIBOR was equal to 0.16% and 1.76%, respectively.
(2)
Neither investment is subject to delinquent principal or interest as of June 30, 2020 or December 31, 2019.
(3)
The Atlantis Mezzanine Loan is subordinate to a first mortgage loan of $1.20 billion and a $325 million senior mezzanine loan.
(4)
The IMC / AMC Bond Investment is subordinate to a $1.15 billion first mortgage on properties owned by IMC and a $493 million first mortgage on properties owned by AMC.