SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2014

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

During April 2014, Fund III completed the disposition of its Sheepshead Bay property located in Brooklyn, New York, for a sales price of $20.2 million.

During April 2014, Fund IV completed the acquisition of eight additional properties in its Broughton Street Portfolio for an aggregate purchase price of $13.8 million.

During April 2014, the Company completed the acquisition of the retail condominium units in 152-154 Spring Street, located in Manhattan, New York, for a purchase price of $38.0 million. In consideration for this investment, the Company canceled $38.0 million of a $42.0 million note receivable from the sellers. Simultaneously with this transaction, the Company sold a 10% interest in this investment for $3.8 million.

During April 2014, the Company issued a $13.0 million note receivable collateralized by a property. This loan has an effective interest rate of 12.7% and matures October 3, 2015.

During April 2014, the Company received the full payment on two outstanding non-performing notes receivable as well as all accrued interest. The $10.3 million payment consisted of $6.8 million in principal and $3.5 million in accrued interest. The notes had an aggregate carrying value at March 31, 2014 of $4.8 million.