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Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2011
Mortgage Loans on Real Estate [Abstract]  
Summary of mortgage loans on real estate Mortgage Loans on Real Estate

Schedule IV — Mortgage Loans on Real Estate

December 31, 2011

(Dollars amounts in thousands)

 

                                             

Description

  

Interest Rate

  

Final
Maturity
Date

  

Periodic
Payment
Terms

   Prior
Liens (1)		     Face Amount  of
Mortgages		     Carrying Amount of
Mortgages (2)		     Principal
Amount of
Loans
subject to
delinquent
principal
or  interest		  

SENIOR LOANS

                                            

Retail

                                            

Borrower A

   5.73%   Sep-17   Interest only thru 08/30/2012, Interest and principal effective 09/01/2012     —       33,000       27,630       —  

MEZZANINE LOANS

                                            

Multi-family

                                            

Borrower B

   LIBOR+6.0%, Floor 11%   Feb-17   Interest monthly, principal at maturity     26,000       5,868       5,868       —  

Retail

                                            

Borrower C

   11.00%   Jun-13   Interest monthly, principal at maturity     51,750       12,800       10,000       —  

Borrower D

   10.00%   Oct-17   Interest monthly, principal at maturity     139,805       31,700       31,700       —  

Mixed Use

                                            

Borrower E

   LIBOR+10.0%, Floor 14%   on demand (loan in default)   Interest monthly, principal at maturity     —       12,500       9,343       9,343  

Borrower F

   LIBOR+8.0%, Floor 12%   on demand (loan in default)   Interest monthly, principal at maturity     9,343       10,806       —       10,806  
               

 

 

    

 

 

    

 

 

    

 

 

  
                $ 226,898     $ 106,674     $ 84,541     $ 20,149  

INVESTMENTS IN AND ADVANCES TO JOINT VENTURES

                                            

Borrower G

   LIBOR+7.0%, Floor 12%   on demand (loan in default)   Interest monthly, principal at maturity     —       66,846       —       66,846  
               

 

 

    

 

 

    

 

 

    

 

 

  
                $ 226,898     $ 173,520     $ 84,541     $ 86,995  
               

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) The first mortgage loans on these properties are not held by the Company. Accordingly, the amounts of the prior liens at December 31, 2011 are estimated.

 

(2) Carrying amount includes all applicable accrued interest and accretion of discount to date.

 

 

                         
    Year Ended
December 31,
2011		     Year Ended
December 31,
2010		     Year Ended
December 31,
2009		  

Balance at beginning of period

   $ 103,705     $ 58,719     $ 115,419  

Additions during period:

                        

New mortgage loans

     10,000       60,618       6,197  

Interest

     811       3,106       9,355  

Accretion of discount

     780       250       —  

Deductions during period:

                        

Provision for loan loss reserve

     (5,000 )      —       (72,252 ) 

Collections of principal

     (25,755 )      —       —  

Foreclosures

     —       (18,988 )      —  
   

 

 

    

 

 

    

 

 

  

Balance at close of period

   $ 84,541     $ 103,705     $ 58,719