Notes and Other Receivables

12 Months Ended

Dec. 31, 2013

Notes and Other Receivables [Abstract]

Notes and Other Receivables

(4) Notes and Other Receivables

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

	2013		2012
Note receivable, secured, bearing interest at 4.0%, due December 2014 (1)	$	3,212	$	3,212
Notes and other receivables from affiliates (2)		60,968		28,896
Other receivables		4,075		3,785
Note receivable, secured, bearing interest at 8.0%, paid in full May 2013		-		971
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
	$	68,255	$	66,163

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

(2) During the second quarter of 2013, the Company provided a short-term bridge loans to Fund II $42.4 million at a rate of LIBOR + 1.75%.  In July 2013, Fund II repaid the Company for $42.4 million in short term loans. The Company has provided two bridge loans totaling $56.8 million to Wesco III at a rate of LIBOR + 2.50%, permanent financing is expected to be placed on the Gas Company Lofts and Regency at Mt. View by the end of Q1 2014. In January 2014, WESCO III repaid the loan on Gas Company Lofts.

During the twelve months ended December 31, 2013, the Company received the repayment of three notes receivables totaling $30.5 million. One of the notes was repaid early, and as such the Company recorded $0.8 million of income related to a change in estimate on the discount to the note receivable.

During the first quarter of 2013, Wesco III repaid the Company for a $26.0 million short-term bridge loan to assist with the purchase of Haver Hill.