XML 48 R37.htm IDEA: XBRL DOCUMENT v3.23.1
Loans Payable and Secured Line of Credit - Additional Information (Details)
1 Months Ended 3 Months Ended
Jan. 15, 2020
USD ($)
Feb. 28, 2023
USD ($)
Jan. 31, 2023
USD ($)
Oct. 31, 2021
USD ($)
Jun. 30, 2021
USD ($)
Dec. 31, 2020
USD ($)
item
$ / shares
Dec. 31, 2019
USD ($)
Mar. 31, 2023
USD ($)
item
$ / shares
Apr. 30, 2023
Apr. 27, 2023
Apr. 21, 2023
USD ($)
item
Dec. 31, 2022
USD ($)
Nov. 30, 2022
USD ($)
Mar. 31, 2022
Dec. 22, 2020
$ / shares
Nov. 30, 2020
$ / shares
Oct. 31, 2017
USD ($)
Loans Payable and Secured Line of Credit                                  
Long-term debt, gross               $ 247,725,000                  
Deferred finance fees               2,405,000                  
Loans payable, net               $ 198,894,000       $ 208,762,000          
Warrants, exercise price (in dollars per share) | $ / shares               $ 4.31             $ 4.50    
Repayment of notes payable               $ 5,863,000                  
Proceeds from secured line of credit               $ 2,000,000                  
Principal amount $ 5,900,000                                
Temporary certificate of occupancy, percentage               100.00%                  
250 North 10th JV                                  
Loans Payable and Secured Line of Credit                                  
Equity method investment, ownership percentage   10.00%           10.00%           10.00%      
Mezzanine Loan                                  
Loans Payable and Secured Line of Credit                                  
Accrued interest               $ 7,000,000.0                  
Term of the debt           3 years                      
Loans payable, net               $ 30,300,000                  
Debt instrument blended effective interest rate               10.30%                  
Collateral for loan, equity interests in subsidiaries (as a percent)           100.00%                      
Number of extensions | item           2                      
Debt instrument extension term           1 year                      
Increase in loans including accrued interest       $ 22,770,000                          
Previously accrued interest       $ 770,000                          
Principal amount           $ 7,500,000                      
Partner Loan                                  
Loans Payable and Secured Line of Credit                                  
Term of the debt 4 years                                
Repayment of notes payable   $ 5,900,000                              
Interest rate (as a percent) 7.00%                                
Principal amount $ 5,900,000                                
250 North 10th Loan                                  
Loans Payable and Secured Line of Credit                                  
Term of the debt 15 years                                
Interest rate (as a percent) 3.39%                                
Principal amount $ 82,750,000                                
237 11th Loans                                  
Loans Payable and Secured Line of Credit                                  
Term of the debt         2 years                        
Debt instrument blended effective interest rate               5.35%                  
Number of extensions | item               3                  
Debt instrument extension term         1 year                        
Proceeds from debt reserved to cover debt service         $ 1,500,000                        
Interest rate (as a percent)         3.05%                        
Debt modification, gain (loss)               $ 0                  
237 11th Senior Loan                                  
Loans Payable and Secured Line of Credit                                  
Loans payable, net               50,000,000.0       50,000,000.0          
Principal amount         $ 50,000,000.0                        
237 11th Mezz Loan                                  
Loans Payable and Secured Line of Credit                                  
Loans payable, net               10,000,000.0       10,000,000.0          
Principal amount         10,000,000                        
Interest Rate Cap Agreement New 237 11 Loan                                  
Loans Payable and Secured Line of Credit                                  
Debt instrument, unamortized premium         32,500                        
Derivative, notional amount         $ 60,000,000.0                        
Interest rate (as a percent)         2.50%                        
77 Mortgage Loan                                  
Loans Payable and Secured Line of Credit                                  
Term of the debt       2 years                          
Loans payable, net               110,000,000.0                  
Repayment of loans and secured line of credit               $ 58,200,000                  
All-in interest rate percentage               11.50%                  
Maximum borrowing capacity                                 $ 166,700,000
Proceeds from debt issuance used to fund construction and carry costs while condo units are being sold       $ 33,600,000                          
Threshold amount of accrued and unpaid PIK interest and additional unused fee       91,000,000.0                          
Threshold amount for accrual of interests and additional unused fee       $ 4,500,000                          
Percentage of additional unused fee       1.00%                          
Additional unused amount       $ 3,000,000.0                          
Minimum total return for mortgage lender       $ 15,260,000                          
Percentage of additional amounts advanced       10.00%                          
Principal amount       $ 133,100,000                          
Amount drawn under letter of credit to fund an interest reserve                         $ 3,000,000.0        
Amount drawn under letter of credit to pay down the PIK balance                         $ 1,000,000.0        
Accrued PIK interest               $ 4,500,000                  
Debt modification, gain (loss)               0                  
Debt, maximum loan balance, option to extend               70,000,000.0                  
77 Mortgage Loan | Principal balance below $91.0 Million                                  
Loans Payable and Secured Line of Credit                                  
Interest rate basis (as a percent)       7.25%                          
77 Mortgage Loan | Principal balance equal or greater than $91.0 Million                                  
Loans Payable and Secured Line of Credit                                  
Interest rate basis (as a percent)       9.25%                          
77 Mortgage Loan | LIBOR | Principal balance below $91.0 Million                                  
Loans Payable and Secured Line of Credit                                  
Interest rate basis (as a percent)       7.00%                          
77 Mortgage Loan | LIBOR | Principal balance equal or greater than $91.0 Million                                  
Loans Payable and Secured Line of Credit                                  
Interest rate basis (as a percent)       9.00%                          
Corporate Credit Facility                                  
Loans Payable and Secured Line of Credit                                  
Increase in maximum borrowing capacity             $ 25,000,000.0                    
Long-term debt, gross               35,750,000       35,750,000          
Deferred finance fees               1,100,000       1,300,000          
Accrued interest               $ 6,700,000       $ 6,100,000          
Interest paid     $ 419,000                            
Term of the debt             32 months                    
Debt instrument interest rate terms               a rate per annum equal to the sum of (i) 5.25% and (ii) a scheduled interest rate of 4% (the “Cash Pay Interest Rate”) which increases by 0.125% every six-month period from the Closing Date, subject to increase during the extension periods                  
Debt instrument interest rate               0.125%                  
Debt Instrument interest rate effective percentage               10.00%       10.00%          
Commitment fee             $ 2,450,000 $ 1,850,000                  
Commitment fee, payable on the initial draw (as a percent)               50.00%                  
Commitment fee, payable on subsequent draws (as a percent)               50.00%                  
Exit fee (as a percent)               1.00%                  
Multiple On Invested Capital (as a percent)               30.00%                  
Collateral for loan, equity interests in subsidiaries (as a percent)               100.00%                  
Threshold minimum loan outstanding (as a percent)               50.00%                  
Number of board members who can be appointed by the lender | item               1                  
Maximum number of committees of the board, that the Designee can sit | item               3                  
Reduction in commitments under CCF           $ 7,500,000                      
Warrants, exercise price (in dollars per share) | $ / shares           $ 4.31                   $ 6.50  
Debt amount used to calculate the MOIC               $ 35,750,000                  
Maximum borrowing capacity             $ 70,000,000.0                    
Debt modification, gain (loss)               0                  
Prepayment amount due on or prior to May 1, 2023               $ 7,000,000.0                  
Corporate Credit Facility | Greenwich NY 77                                  
Loans Payable and Secured Line of Credit                                  
Net cash proceeds of residential condominium sales (as a percent)               70.00%                  
Corporate Credit Facility | Minimum                                  
Loans Payable and Secured Line of Credit                                  
Net cash proceeds of residential condominium sales (as a percent)               90.00%                  
Corporate Credit Facility | Maximum                                  
Loans Payable and Secured Line of Credit                                  
Net cash proceeds of residential condominium sales (as a percent)               100.00%                  
Corporate Credit Facility | PIK Interest Rate                                  
Loans Payable and Secured Line of Credit                                  
Interest rate basis (as a percent)               5.25%                  
Corporate Credit Facility | Cash Pay Interest Rate                                  
Loans Payable and Secured Line of Credit                                  
Interest rate basis (as a percent)               4.00%                  
Corporate Credit Facility | Subsequent Event                                  
Loans Payable and Secured Line of Credit                                  
Maximum number of committees of the board, that the Designee can sit | item                     3            
Debt amendment, minimum percentage held by lender of the sum of the aggregate principal amount of advances outstanding and aggregate unused commitments to determine if lender is granted the right to appoint an independent director to the Company's Board of Directors                     50.00%            
Principal amount of debt deferred                     $ 7,000,000.0            
Amount of the debt to be prepaid by a specified date if no strategic transaction is entered into                     $ 5,000,000.0            
Interest rate (as a percent)                   2.50%              
Secured Line of Credit                                  
Loans Payable and Secured Line of Credit                                  
Loans payable, net               $ 11,750,000       $ 9,750,000          
Debt Instrument interest rate effective percentage               7.75%       7.50%          
Maximum borrowing capacity               $ 11,750,000                  
Debt modification, gain (loss)               $ 0                  
Secured Line of Credit | Subsequent Event                                  
Loans Payable and Secured Line of Credit                                  
Interest rate (as a percent)                 2.50% 2.50%