DEBT (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Schedule of debt

Information on our debt is as follows:

	December 31,
	2016			2015
	(in thousands)
Mortgage loans with a fixed interest rate of 4.14% per annum, with monthly payments of interest only, and balances totaling $392,000,000 due on July 1, 2026. The loans are nonrecourse.	$	392,000		$	—
Mortgage loan with a fixed interest rate of 4.50% per annum, with monthly payments of interest only for 10 years, and payments of interest and principal starting in February 2022. The loan has a $42,008,000 balance due on January 5, 2027. The loan is nonrecourse.	46,000			46,000
Mortgage loans with a fixed interest rate of 5.39% per annum, with monthly payments of principal and interest, and balances totaling $35,695,000 due on March 1, 2021. The loans are nonrecourse.	39,134			39,846
Mortgage loan with a fixed interest rate of 5.18% per annum, with monthly payments of principal and interest, and a balance of $26,232,000 due on June 5, 2021. The loan is nonrecourse.	29,167			29,744
Mortgage loan with a fixed interest rate of 6.65% per annum, with monthly payments of principal and interest. The loan has a 25-year amortization schedule with a $21,136,000 balance due on July 15, 2018. The loan is nonrecourse.	26,136			29,201
	532,437			144,791
Deferred loan costs related to mortgage loans	(2,366		)	(897		)
Premiums and discounts on assumed mortgages, net	722			1,178
Total Mortgages Payable	530,793			145,072
Secured borrowing principal on SBA 7(a) loans sold for a premium and excess spread—variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 4.13% and 3.90% at December 31, 2016 and 2015, respectively.	23,122			29,481
Secured borrowing principal on SBA 7(a) loans sold for excess spread—variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 1.83% and 1.58% at December 31, 2016 and 2015, respectively.	4,777			4,947
	27,899			34,428
Unamortized premiums	2,077			2,693
Total Secured Borrowings—Government Guaranteed Loans	29,976			37,121
Unsecured term loan facility	385,000			385,000
Junior subordinated notes with a variable interest rate which resets quarterly based on the 90-day LIBOR plus 3.25%, with quarterly interest only payments. Balance due at maturity on March 30, 2035.	27,070			27,070
Unsecured credit facility	—			107,000
	412,070			519,070
Deferred loan costs related to unsecured term loan and credit facilities	(2,938		)	(5,216		)
Discount on junior subordinated notes	(2,015		)	(2,091		)
Total Other	407,117			511,763
Total Debt	$	967,886		$	693,956

Schedule of principal payments on, and estimated amortization of debt (face value)

Future principal payments on our debt (face value) at December 31, 2016 are as follows:

Years Ending	Secured Borrowings		Mortgages
December 31,	Principal (1)		Payable		Other (2)		Total
	(in thousands)
2017	$	996	$	4,642	$	—	$	5,638
2018	1,032		24,300		—		25,332
2019	1,067		1,519		—		2,586
2020	1,107		1,596		—		2,703
2021	1,148		62,380		—		63,528
Thereafter	22,549		438,000		412,070		872,619
	$	27,899	$	532,437	$	412,070	$	972,406

(1) Principal payments are generally dependent upon cash flows received from the underlying loans. Our estimate of their repayment is based on scheduled principal payments on the underlying loans. Our estimate will differ from actual amounts to the extent we experience prepayments and/or loan liquidations or charge-offs. No payment is due unless payments are received from the borrowers on the underlying loans.

(2) Represents the junior subordinated notes and unsecured term loan facility.