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Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2012
Mortgage Loans on Real Estate

Schedule IV—Mortgage Loans on Real Estate

December 31, 2012

(Dollar 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 and principal   $ —      $ 33,000      $ 28,509      $ —   

MEZZANINE LOANS

              

Multi-family

              

Borrower B

   LIBOR+6.0%, Floor 11%   Feb-17   Interest monthly, principal at maturity     26,000        5,868        5,923        —   

Retail

              

Borrower C

   11.00%   Jun-13   Interest monthly, principal at maturity     51,750        12,800        11,342        —   

Borrower D

   10.00%   Nov-22   Interest monthly, principal at maturity     59,000        9,000        9,078        —   

Mixed Use

              

Borrower E

   LIBOR+10.0%, Floor 14%   on demand (loan in default)   Interest monthly, principal at maturity     2,500        11,490        5,526        9,343   

Borrower F

   LIBOR+8.0%, Floor 12%   on demand (loan in default)   Interest monthly, principal at maturity     13,990        10,806        —        10,806   
       

 

 

    

 

 

    

 

 

    

 

 

  
          153,240        82,964        60,378        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   

Borrower H

   10.00%   Oct-17   Interest monthly, principal at maturity     137,869        31,700        31,973        —   

Borrower I

   10.00%   Jun-19   Interest quarterly (partial payment), principal and unpaid interest at maturity     952,145        150,756        154,556        —   
       

 

 

    

 

 

    

 

 

    

 

 

  
        $ 1,243,254      $ 332,266      $ 246,907      $ 86,995   
       

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) The first mortgage loans on some properties are not held by the Company. Accordingly, the amounts of the prior liens for those properties at December 31, 2012 are estimated.

 

(2) Carrying amount includes all applicable accrued interest and accretion of discount to date, net of amounts reserved for impairment.

 

     Year Ended
December 31,
2012		     Year Ended
December 31,
2011		     Year Ended
December 31,
2010		  

Balance at beginning of period

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

Additions during period:

       

New mortgage loans

      160,995        10,000        60,618   

Interest

      4,949        811        3,106   

Accretion of discount

      826        780        250   

Deductions during period:

       

Provision for loan loss reserve

      (4,300 )      (5,000 )      —   

Collections of principal

      (104 )      (25,755 )      —   

Foreclosures

      —        —        (18,988 ) 
  

 

 

    

 

 

    

 

 

  

Balance at close of period

    $ 246,907      $ 84,541      $ 103,705