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NOTES RECEIVABLE (Tables)
 9 Months Ended
Sep. 30, 2013
Mortgage Loans on Real Estate [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable
As of September 30, 2013, the Company’s notes receivable, net, aggregated $95.4 million, and were collateralized either by the underlying properties or the borrowers' ownership interests in the entities that own the properties and/or by the borrowers' personal guarantee subject, as applicable, to senior liens, as follows:
(dollars in thousands)
 
 
 
 
Note description
Effective interest rate (1)
First Priority liens
Net Carrying Amounts of Notes Receivable as of September 30, 2013
 
Net Carrying Amounts of Notes Receivable as of December 31, 2012
Maturity date
Extension Options
First Mortgage Loan
12.0%
$
—

$
12,204

 
$
12,333

12/1/2013
—

First Mortgage Loan
6.0%
—

—

 
10,250

12/31/2013
—

First Mortgage Loan
8.0%
—

8,000

 
8,000

12/31/2013
—

Mezzanine Loan 2
10.0%
89,566

9,089

 
9,089

12/31/2013
—

First Mortgage Loan
11.0%
—

25,000

 
25,000

1/1/2014
1 x 6 months

Zero Coupon Loan 3
24.0%
166,200

4,314

 
3,961

1/3/2016
—

Mezzanine Loan
15.0%
—

30,879

 
30,879

11/9/2020
—

Mezzanine Loan 4
15.0%
16,668

3,834

 
3,834

Upon Capital Event
—

First Mortgage Loan
5.3%
—

—

 
18,500

Demand
—

Construction Loan
20.5%
—

—

 
5,400

12/31/2012
—

Individually less than 3% 5
11.6% to 17.5%
37,623

2,032

 
2,032

12/31/13 to Capital Event
—

Total
 
 
$
95,352

 
$
129,278

 



Notes:

(1) The effective interest rate includes origination and exit fees.
(2) Comprised of three cross-collateralized loans from one borrower, which are non-performing
(3) The principal balance for this accrual only loan is increased by the interest accrued
(4) Non-performing loan
(5) Consists of three loans two of which are non-performing, with an aggregate face value of $5.7 million, of which $3.9 million has been reserved
Allowance for Notes Receivable
(dollars in thousands)
Allowance for Notes Receivable
Balance at December 31, 2012
$
3,681

Additional reserves
238

Recoveries
—

Charge-offs and reclassifications
—

Balance at September 30, 2013
$
3,919