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Subsequent Events
6 Months Ended
Jun. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Bank Credit Facility and Master Repurchase Facilities
Subsequent to June 30, 2020, the Company fully repaid all $195.0 million of its outstanding borrowings under its Bank Credit Facility.
Investment Sales
Subsequent to June 30, 2020, the Company sold one loan in its Core Portfolio for total gross proceeds of $105.2 million. The Company received $47.9 million in net proceeds. Prior to the sale, the Company recorded $38.0 million of provision for loan losses during the second quarter of 2020.
Additionally, the Company sold two real estate properties in its Legacy, Non-Strategic Portfolio for total gross proceeds of $5.0 million. The Company received $4.6 million of net proceeds and will recognize a gain of approximately $0.2 million.
In July 2020, the Company completed a discounted payoff on the Northeast Office Portfolio totaling $80.7 million. The Company recorded $20.9 million of provision for loan losses during the six months ended June 30, 2020.
Loan Originations
Subsequent to June 30, 2020, the Company accepted the discounted payoff of its Midwest Hospitality loan in the amount of $24.5 million. In connection with the discounted payoff, the Company originated a bridge loan to a new borrower totaling $19.5 million which is secured by Midwest Hospitality. The loan bears interest at 3.0% plus LIBOR.