Notes and Other Receivables

3 Months Ended

Mar. 31, 2013

Notes and Other Receivables [Abstract]

Notes and Other Receivables

(4) Notes and Other Receivables

Notes receivable secured by real estate, and other receivables consist of the following as of March 31, 2013 and December 31, 2012 (dollars in thousands):

	March 31,		December 31,
	2013		2012
Note receivable, secured, bearing interest at 8.0%, due November 2013	$	971	$	971
Note receivable, secured, bearing interest at 4.0%, due December 2014 (1)		3,212		3,212
Notes and other receivables from affiliates		4,085		28,896
Other receivables		3,091		3,785
Note receivable, secured, bearing interest at 8.8%, paid in full March 2013		-		10,800
Note receivable, secured, effective interest at 9.6%, paid in full March 2013		-		18,499
	$	11,359	$	66,163

(1) The borrower funds an impound account for capital replacement.

During the quarter, the Company received the repayment of two notes receivables totaling $29.5 million.  One of the notes was repaid early, and as such the Company recorded $0.8 million of income related a change in estimate on the discount to the note receivable.

In March 2013, Wesco III repaid the Company for a $26.0 million short-term bridge loan at LIBOR + 2.5% to assist with the purchase of Haver Hill.  Wesco III used the proceeds from a $27.3 million loan secured by Haver Hill at 3.1% for a term of seven years to repay the bridge loan.