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Investment in Unconsolidated Joint Ventures
 6 Months Ended
Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
The following information summarizes financial data and principal activities of the Company's unconsolidated joint ventures. The information included in the following table entitled summary of financial position is as of June 30, 2021 and December 31, 2020 (in thousands). The information included in the summary of operations table is for the six months ended June 30, 2021 and 2020 (in thousands):
 Total AssetsTotal DebtTotal Equity (Deficit)Company’s Investment
SUMMARY OF FINANCIAL POSITION:20212020202120202021202020212020
DC Charlotte Plaza LLLP$170,290 $173,704 $— $— $90,666 $90,648 $47,000 $47,941 
Austin 300 Colorado Project, LP168,168 165,586 91,716 86,848 68,825 68,567 39,121 38,488 
AMCO 120 WT Holdings, LLC84,876 85,449 — — 84,233 84,311 15,712 15,735 
HICO Victory Center LP16,120 16,544 — — 15,895 15,709 10,681 10,595 
Carolina Square Holdings LP118,521 118,616 133,774 77,034 (28,799)21,888 (15,487)(1)12,430 
Crawford Long - CPI, LLC 26,672 29,641 65,422 66,423 (40,225)(38,253)(19,316)(1)(18,289)(1)
Other270 1,313 — — 267 1,316 204 292 
$584,917 $590,853 $290,912 $230,305 $190,862 $244,186 $77,915 $107,192 
 Total RevenuesNet Income (Loss)Company's Share of Income (Loss)
SUMMARY OF OPERATIONS:202120202021202020212020
DC Charlotte Plaza LLLP$10,218 $10,429 $3,679 $3,681 $1,712 $1,661 
Crawford Long - CPI, LLC 6,369 6,453 2,028 1,787 935 852 
Carolina Square Holdings LP8,789 7,209 1,518 1,228 704 569 
Charlotte Gateway Village, LLC 378 6,684 373 3,400 186 1,699 
Austin 300 Colorado Project, LP3,350 195 258 95 109 48 
HICO Victory Center LP164 197 164 197 84 98 
AMCO 120 WT Holdings, LLC4,140 584 (116)(1,310)(29)(272)
Other— 244 (6)198 (3)485 
$33,408 $31,995 $7,898 $9,276 $3,698 $5,140 
(1) Negative bases are included in deferred income on the consolidated balance sheets.
In June 2021, the Company's partner at DC Charlotte Plaza, LLLP ("DCCP") exercised their option to purchase the Company's 50% interest in DCCP at a value determined by appraisal and subject to a capitalization rate range of 6.5% to 8.0% per the joint venture agreement. The sale is expected to close at the end of the third quarter of 2021.
In March 2021, Carolina Square Holdings LP ("Carolina Square"), a 50% owned joint venture with NR 123 Franklin LLC ("Northwood Ravin"), issued a non-recourse mortgage note with a principal balance of $135.7 million. Proceeds from the issuance of this mortgage note were used to repay in full its $77.5 million construction loan that was set to mature May 1, 2021 and to make a pro-rata distribution of $26.0 million to each partner. The mortgage loan bears interest at the London Interbank Offering Rate ("LIBOR") plus 1.80% and matures on March 18, 2026.
In March 2020, the Company sold its 50% owned joint venture interest in Charlotte Gateway Village, LLC ("Gateway"), which owned a 1.1 million square foot office building in Charlotte, to its partner for a gross sales price of $52.2 million. The sale was triggered by the exercise of the partner's purchase option and the proceeds from this sale represent a 17% internal rate of return for the Company on its invested capital, as stipulated in the partnership agreement. The Company recognized a gain of $44.7 million on the sale of its interest in Gateway, net of $188,000 of estimated state income tax.
In February 2020, the Company sold its remaining interest in the Wildwood Associates joint venture, which owned a 6.3 acre parcel of land in Atlanta, to its venture partner for a gross sales price of $900,000. The Company recognized a gain of $1.3 million on the sale of its interest in Wildwood Associates, which included elimination of the remaining negative basis in the joint venture of $520,000.
Subsequent to quarter end, on July 28, 2021, Neuhoff Holdings LLC ("Neuhoff"), a 50-50 joint venture, was formed for the purpose of developing a mixed-use property in Nashville. The Company made an initial contribution of $35.1 million for its interest in the land and development costs incurred to date. In addition to the existing assets of the joint venture, Neuhoff also has rights to adjacent parcels for future development.
Subsequent to quarter end, on July 28, 2021, 715 Ponce Holdings LLC, a 50-50 joint venture, was formed for the purpose of developing a property in Midtown Atlanta. The Company made an initial contribution of $4.0 million for its interest in the land held by the joint venture.