1. | We note that your response to prior comment 1 includes discussion of the purchase option window. Please tell us: |
• | whether the beginning of the purchase option window causes you to reconsider your VIE analysis including your conclusion that you are not the primary beneficiary. |
• | the duration of time between the date that the funds are disbursed on the loans and the beginning of the purchase option window. |
• | the duration of time between the date that the property is completed and the beginning of the purchase option window. |
• | the duration of time between property stabilization and the beginning of the purchase option window. |
2. | Additionally, we note in your response to prior comment 1 that you purchased a property for $9 million more than the purchase option price. Please provide to us additional details regarding this acquisition including the reason that the purchase price was higher than the option price. |
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