Franklin BSP Realty Trust (FBRT) 10-Q 14 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Oct. 31, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'ARC Realty Finance Trust, Inc.	'
Entity Central Index Key	'0001562528	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Amendment Flag	'false	'
Entity Common Stock, Shares Outstanding	'	13,225,951

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
ASSETS	'	'
Cash	$148	$178
Loans receivable, net	313,230	30,832
Real estate securities, at fair value	38,571	5,005
Accrued interest receivable	1,865	126
Prepaid expenses and other assets	4,628	229
Total assets	358,442	36,370
LIABILITIES AND STOCKHOLDERS' EQUITY	'	'
Revolving line of credit with affiliate	0	7,305
Repurchase agreements - loans receivable	87,292	0
Repurchase agreements - real estate securities	23,562	0
Accounts payable and accrued expenses	2,620	1,738
Distributions payable	1,078	216
Interest payable	110	15
Due to affiliate	0	1,078
Total liabilities	114,662	10,352
Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding at September 30, 2014 and December 31, 2013	0	0
Common stock, $0.01 par value, 300,000,000 shares authorized, 11,334,796 and 1,330,669 shares issued and outstanding as of September 30, 2014 and December 31, 2013, respectively	113	13
Additional paid-in capital	249,686	26,620
Accumulated other comprehensive loss	-14	-10
Accumulated deficit	-6,005	-605
Total stockholders' equity	243,780	26,018
Total liabilities and stockholders' equity	$358,442	$36,370

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]	'	'
Preferred stock, par value per share	$0.01	$0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value per share	$0.01	$0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	11,334,796	1,330,669
Common stock, shares outstanding	11,334,796	1,330,669

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Interest Income:	'	'	'	'
Interest income	$4,558	$175	$7,514	$242
Less: Interest expense	711	8	803	17
Net interest income	3,847	167	6,711	225
Expenses:	'	'	'	'
Acquisition fees	1,772	0	2,894	0
Asset management fee	414	0	414	0
Other expenses	18	3	360	51
Professional fees	371	28	562	46
Board expenses	59	54	179	136
Insurance expense	55	55	165	110
Loan loss provision	174	0	302	0
Total expenses	2,863	140	4,876	343
Income (loss) before income taxes	984	27	1,835	-118
Income tax provision	33	0	74	0
Net income (loss)	$951	$27	$1,761	($118)
Basic net income (loss) per share (in dollars per share)	$0.11	$0.09	$0.35	($0.50)
Diluted net income (loss) per share (in dollars per share)	$0.11	$0.09	$0.35	($0.50)
Basic weighted average shares outstanding (in shares)	8,791,796	308,116	5,047,827	237,444
Diluted weighted average shares outstanding (in shares)	8,799,886	312,115	5,053,763	237,444

CONSOLIDATED_STATEMENT_OF_CHAN

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (USD $)	Total	Common Stock	Additional Paid-Capital	Additional Other Comprehensive Income (Loss)	Accumulated Deficit
In Thousands, except Share data, unless otherwise specified
Balance at Dec. 31, 2013	$26,018	$13	$26,620	($10)	($605)
Balance (in shares) at Dec. 31, 2013	'	1,330,669	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'
Issuance of common stock (in share)	'	9,899,668	'	'	'
Issuance of common stock	246,261	99	246,162	'	'
Net income (loss)	1,761	'	'	'	1,761
Distributions declared	-7,161	'	'	'	-7,161
Common stock issued through distribution reinvestment plan (in shares)	108,377	100,421	'	'	'
Common stock issued through distribution reinvestment plan	2,385	1	2,384	'	'
Share-based compensation (in shares)	'	4,038	'	'	'
Share-based compensation	20	'	20	'	'
Common stock offering costs, commissions and dealer manager fees	-25,500	'	-25,500	'	'
Other comprehensive loss	-4	'	'	-4	'
Balance at Sep. 30, 2014	$243,780	$113	$249,686	($14)	($6,005)
Balance (in shares) at Sep. 30, 2014	'	11,334,796	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:	'	'
Net income (loss)	$1,761	($118)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:	'	'
Discount accretion and premium amortization, net	-229	-58
Accretion on loan fees	-53	0
Amortization of deferred financing	170	0
Share-based compensation	20	11
Loan loss provision	302	0
Changes in assets and liabilities:	'	'
Accrued interest receivable	-1,686	-62
Prepaid expenses and other assets	-97	-287
Accounts payable and accrued expenses	877	726
Interest payable	95	7
Net cash provided by operating activities:	1,160	219
Cash flows from investing activities:	'	'
Loan investments	-282,563	-18,107
Real estate securities investments	-33,581	0
Principal repayments received on loan investments	103	26
Net cash used in investing activities	-316,041	-18,081
Cash flows from financing activities:	'	'
Proceeds from issuances of common stock	246,261	14,017
Payments of offering costs and fees related to common stock issuances	-25,500	-2,725
Proceeds receivable from share sales	-2,283	0
Borrowings on revolving line of credit with affiliate	5,550	9,190
Repayments of revolving line of credit with affiliate	-12,855	-3,350
Borrowings on repurchase agreements - loans receivable	87,292	0
Borrowings on repurchase agreements - real estate securities	23,572	0
Repayments of repurchase agreements - real estate securities	-10	0
Advances from (repayments to) affiliate	-1,078	947
Payments of deferred financing costs	-2,189	0
Distributions paid	-3,909	-57
Net cash provided by financing activities:	314,851	18,022
Net change in cash	-30	160
Cash, beginning of period	178	1
Cash, end of period	148	161
Cash Flow, Noncash Investing and Financing Activities Disclosure	'	'
Escrow deposits payable related to loan investments	220	50
Interest paid	537	0
Distributions payable	1,078	83
Common stock issued through distribution reinvestment plan	2,385	44
Reclassification of deferred offering costs to additional paid-in capital	$0	$941

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Statement of Comprehensive Income [Abstract]	'	'	'	'
Net income (loss)	$951	$27	$1,761	($118)
Other comprehensive income (net change by component):	'	'	'	'
Unrealized loss on available-for-sale securities	-24	0	-4	0
Comprehensive income (loss) attributable to ARC Realty Finance Trust, Inc.	$927	$27	$1,757	($118)

Organization_and_Business_Oper

Organization and Business Operations	9 Months Ended
	Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization and Business Operations	'
	Organization and Business Operations
	ARC Realty Finance Trust, Inc. (the "Company") was incorporated in Maryland on November 15, 2012 and conducts its operations to qualify as a real estate investment trust ("REIT") for U.S. federal income tax purposes beginning with the filing of its tax return for the taxable year ended December 31, 2013. The Company is offering for sale a maximum of $2.0 billion of common stock, $0.01 par value per share, on a "reasonable best efforts" basis, pursuant to a registration statement on Form S-11 (the "Offering") filed with the U.S. Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended (the "Securities Act"). The Offering also covers the offer and sale of up to approximately $400.0 million in shares of common stock pursuant to a distribution reinvestment plan (the "DRIP") under which common stockholders may elect to have their distributions reinvested in additional shares of the Company’s common stock. On May 14, 2013, the Company commenced business operations after raising in excess of $2.0 million of equity, the amount required for the Company to release equity proceeds from escrow.
	For at least until February 12, 2015, which is two years from the effective date of the Offering, the per share purchase price in the Offering will be up to $25.00 per share (including the maximum allowed to be charged for commissions and fees) and the per share purchase price for shares issued under the DRIP will be $23.75 per share, which is 95% of the purchase price per share in the Offering. As of September 30, 2014, the aggregate value of all the common stock outstanding was $283.2 million based on a per share value of $25.00 (or $23.75 for shares issued under DRIP). Beginning with the filing of the Company's second Quarterly Report on Form 10-Q following February 12, 2015 ("NAV Pricing Date"), the Company will begin offering shares in the Offering and the DRIP at a per share purchase price that will vary quarterly and will be equal to the net asset value ("NAV") divided by the number of shares outstanding as of the end of the business day immediately preceding the day on which the Company makes its quarterly periodic filing ("per share NAV"). Applicable selling commissions and dealer manager fees will be added to the per share price for shares in the Company’s primary offering but not for the DRIP.
	The Company has sold 8,888 shares of the Company's common stock to ARC Realty Finance Special Limited Partnership, LLC (the "Special Limited Partner"), an entity controlled by American Realty Capital VIII, LLC (the "Sponsor") for $22.50 per share or a total of $0.2 million. Substantially all of the Company's business is conducted through ARC Realty Finance Operating Partnership, L.P. (the "OP"), a Delaware limited partnership. ARC Realty Finance Advisors, LLC (the "Advisor"), a Delaware limited liability company, is the Company’s advisor. The Company is the sole general partner and holds substantially all of the units of limited partner interests in the OP ("OP units"). Additionally, the Special Limited Partner contributed $2,020 to the OP in exchange for 90 units of limited partner interests in the aggregate OP ownership, which represents a nominal percentage of the aggregate OP ownership. The limited partner interests have the right to convert OP units for the cash value of a corresponding number of shares of the Company's common stock or, at the option of the OP, a corresponding number of shares of the Company's common stock, as allowed by the limited partnership agreement of the OP. The remaining rights of the limited partner interests do not include the ability to replace the general partner or to approve the sale, purchase or refinancing of the OP’s assets.
	The Company was formed to acquire, originate and manage a diversified portfolio of commercial real estate debt investments secured by properties located both within and outside of the United States. The Company may also invest in commercial real estate securities and commercial real estate properties. Commercial real estate debt investments may include first mortgage loans, subordinated mortgage loans, mezzanine loans and participations in such loans. Commercial real estate securities may include commercial mortgage-backed securities ("CMBS"), senior unsecured debt of publicly traded REITs, debt or equity securities of other publicly traded real estate companies and collateralized debt obligations ("CDOs").
	The Company has no direct employees. The Company has retained the Advisor to manage the Company's affairs on a day-to-day basis. Realty Capital Securities, LLC (the "Dealer Manager") serves as the dealer manager of the Offering. The Advisor and Dealer Manager are under common control with the parent of the Sponsor, as a result of which they are related parties and each of them have or will receive compensation and fees for services related to the Offering and the investment and management of the Company's assets. The Advisor and Dealer Manager have or will also receive fees during the Offering, acquisition, operational and liquidation stages of the Company.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
	Summary of Significant Accounting Policies
	Basis of Accounting
	The accompanying consolidated financial statements and related footnotes are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial statements. The consolidated financial statements of the Company are prepared on an accrual basis of accounting. In the opinion of management, the interim data includes all adjustments, of a normal and recurring nature, necessary for a fair statement of the results for the periods presented. Interim period results may not be indicative of full year or future results. The unaudited consolidated financial statements do not include all information and notes required in annual audited financial statements in conformity with GAAP.
	Principles of Consolidation and Basis of Presentation
	The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary.
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding classification of investments, fair value measurements, credit losses and impairments of investments, and derivative financial instruments and hedging activities, as applicable.
	Acquisition Fees and Acquisition Expenses
	The Company incurs acquisition fees and acquisition expenses payable to the Advisor. The Company pays the Advisor an acquisition fee based on the principal amount funded by the Company to acquire or originate commercial real estate loan investments or on the anticipated net equity funded by the Company to acquire real estate securities. Acquisition fees paid to our Advisor and acquisition expenses reimbursed to our Advisor in connection with the origination and acquisition of loan investments and acquisition of real estate securities are evaluated in accordance with GAAP to determine if they should be expensed in the period incurred or capitalized and amortized over the life of the investment.
	Loans Receivable
	Commercial real estate loans are intended to be held until maturity and, accordingly, are carried at cost, net of unamortized acquisition expenses, discounts or premiums and unfunded commitments. Real estate debt investments that are deemed to be impaired will be carried at amortized cost less a specific allowance for loan losses. Interest income is recorded on the accrual basis and related discounts, premiums, and acquisition expenses on investments are amortized over the life of the investment using the effective interest method. Amortization is reflected as an adjustment to interest income in the Company’s consolidated statements of operations. Guaranteed loan exit fees are receivable upon maturity of the associated loan and are as such accreted over the life of the investment using the effective interest method. The accretion of guaranteed loan exit fees is recognized in interest income in the Company's consolidated statements of operations and the associated receivable is included in the consolidated balance sheet.
	Allowance for Loan Losses
	The allowance for loan losses reflects management's estimate of loan losses inherent in the loan portfolio as of the balance sheet date. The reserve is increased through the "Loan loss provision" on the Company's consolidated statement of operations and is decreased by charge-offs when losses are confirmed through the receipt of assets such as cash in a pre-foreclosure sale or via ownership control of the underlying collateral in full satisfaction of the loan upon foreclosure or when significant collection efforts have ceased. The Company uses a uniform process for determining its allowance for loan losses. The allowance for loan losses includes a general, formula-based component and an asset-specific component.
	General reserves are recorded when (i) available information as of each balance sheet date indicates that it is probable a loss has occurred in the portfolio and (ii) the amount of the loss can be reasonably estimated. The Company currently estimates loss rates based on historical realized losses experienced in the industry and takes into account current collateral and economic conditions affecting the probability or severity of losses when establishing the allowance for loan losses. The Company performs a comprehensive analysis of its loan portfolio and assigns risk ratings to loans that incorporate management's current judgments about their credit quality based on all known and relevant internal and external factors that may affect collectability. The Company considers, among other things, payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. This methodology results in loans being segmented by risk classification into risk rating categories that are associated with estimated probabilities of default and principal loss. Ratings range from "1" to "5" with "1" representing the lowest risk of loss and "5" representing the highest risk of loss.
	As of September 30, 2014, the Company had 28 loan investments, all of which were performing as of September 30, 2014. The Company has established a $0.3 million allowance for loan losses as of September 30, 2014. There are no specifically reserved loans in the portfolio as of September 30, 2014.
	The asset-specific reserve component relates to reserves for losses on individual impaired loans. The Advisor considers a loan to be impaired when, based upon current information and events, it believes that it is probable that the Company will be unable to collect all amounts due under the contractual terms of the loan agreement. This assessment is made on a loan-by-loan basis each quarter based on such factors as payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. A reserve is established for an impaired loan when the present value of payments expected to be received, observable market prices or the estimated fair value of the collateral (for loans that are dependent on the collateral for repayment) is lower than the carrying value of that loan.
	For collateral dependent impaired loans, impairment is measured using the estimated fair value of collateral less the estimated cost to sell. The Advisor generally will use the income approach through internally developed valuation models to estimate the fair value of the collateral for such loans. In more limited cases, the Advisor will obtain external "as is" appraisals for loan collateral, generally when third party participations exist. Valuations will be performed or obtained at the time a loan is determined to be impaired and designated non-performing, and they will be updated if circumstances indicate that a significant change in value has occurred.
	A loan is also considered impaired if its terms are modified in a troubled debt restructuring ("TDR"). A TDR occurs when a concession is granted and the debtor is experiencing financial difficulties. Impairments on TDR loans are generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loan.
	Income recognition will be suspended for loans at the earlier of the date at which payments become 90-days past due or when, in the opinion of the Advisor, a full recovery of income and principal becomes doubtful. Income recognition will be resumed when the suspended loan becomes contractually current and performance is demonstrated to have resumed. A loan will be written off when it is no longer realizable and legally discharged.
	Real Estate Securities
	On the acquisition date, all of the Company’s commercial real estate securities will be classified as available for sale, and will be carried at fair value, with any unrealized gains or losses reported as a component of accumulated other comprehensive income or loss. However, the Company may elect the fair value option for certain of its available for sale real estate securities, and as a result, any unrealized gains or losses on such real estate securities will be recorded as unrealized gains or losses on investments in the Company’s consolidated statement of operations, no such election has been made to date. Related discounts, premiums, and acquisition expenses on investments are amortized over the life of the investment using the effective interest method. Amortization is reflected as an adjustment to interest income in the Company’s consolidated statements of operations.
	Impairment Analysis of Real Estate Securities
	Commercial real estate securities for which the fair value option has not been elected will be periodically evaluated for other-than-temporary impairment. If the fair value of a security is less than its amortized cost, the security will be considered impaired. Impairment of a security will be considered to be other-than-temporary when (i) the Advisor has the intent to sell the impaired security; (ii) it is more likely than not the Company will be required to sell the security; or (iii) the Advisor does not expect to recover the entire amortized cost of the security. If the Advisor determines that an other-than-temporary impairment exists and a sale is likely to occur, the impairment charge will be recognized as an "Impairment of assets" on the Company's consolidated statement of operations and comprehensive income or loss. If a sale is not expected to occur, the portion of the impairment charge related to credit factors will be recorded as an "Impairment of assets" on the Company's consolidated statement of operations and comprehensive income or loss with the remainder recorded as an unrealized gain or loss on investments reported as a component of accumulated other comprehensive income or loss.
	Commercial real estate securities for which the fair value option has been elected will not be evaluated for other-than-temporary impairment as changes in fair value are recorded in the Company’s consolidated statement of operations and comprehensive income or loss, no such election has been made to date.
	Fair Value of Financial Instruments
	The Company is required to disclose the fair value of financial instruments for which it is practicable to estimate that value. The fair value of short-term financial instruments such as cash, accrued interest receivable, and accounts payable and accrued expenses approximate their carrying value on the accompanying consolidated balance sheets due to the monthly terms.
	As of September 30, 2014, the Company had seven CMBS investments. These investments are available for sale real estate securities which are recorded at fair value as of September 30, 2014.
	On May 15, 2013, the Company entered into a credit agreement for an unsecured $5.0 million revolving line of credit with AR Capital, LLC, the parent of the Sponsor (the "Revolver"). As of September 30, 2014, the Company had no outstanding principal balance under the Revolver, which bore interest at a fixed rate of 3.25% (See Note 5 - Debt). The Company did not exercise the extension option provided under the terms of the Revolver and allowed it to mature on May 15, 2014. The Company did not have an outstanding balance on the date of maturity.
	As of September 30, 2014, the Company had $53.7 million outstanding under the Uncommitted Master Repurchase Agreement (the "JPM Repo Facility") with JPMorgan Chase Bank, National Association ("JPM"). Advances under the JPM Repo Facility accrue interest at per annum rates equal to the sum of (i) the applicable LIBOR index rate plus (ii) a margin of between 2.25% to 4.50%, depending on the attributes of the purchased assets. As of September 30, 2014, the weighted average interest rate on advances was 3.801%. As of September 30, 2014, the Company believes the carrying value of the JPM Repo Facility approximates fair value due to the JPM Repo Facility being finalized relatively close to September 30, 2014.
	As of September 30, 2014, the Company also had $33.6 million outstanding under the Master Repurchase Agreement (the "Barclays Repo Facility") with Barclays Bank, PLC. Advances under the Barclays Repo Facility accrue interest at per annum rates equal to the sum of (i) the applicable LIBOR index rate plus (ii) a margin of between 2.00% to 2.50%, depending on the attributes of the purchased assets. As of September 30, 2014, the weighted average interest rate on advances was 2.152%. As of September 30, 2014, the Company believes the carrying value of the Barclays Repo Facility approximates fair value due to the Barclays Repo Facility being finalized relatively close to September 30, 2014.
	As of September 30, 2014, the Company had $23.6 million outstanding under certain Master Repurchase Agreements (the "Securities MRAs"). As of September 30, 2014, the weighted average interest rate for the Company's Securities MRAs was 1.470%, including LIBOR. (See Note 5 - Debt). As of September 30, 2014, the Company believes the carrying value of its Securities MRAs approximates fair value due to the month-to-month term of the repurchase agreements.
	Cash and Cash Equivalents
	Cash includes cash in bank accounts. The Company deposits cash with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company up to an insurance limit. Cash equivalents include short-term, liquid investments in a money market fund.
	Restricted Cash
	Restricted cash may primarily consist of escrow deposits for future debt service payments, taxes, insurance, property maintenance or other amounts collected with mortgage loan originations.
	Share Repurchase Program
	The Company has a Share Repurchase Program (the "SRP") that enables stockholders to sell their shares to the Company. Under the SRP, stockholders may request that the Company redeem all or any portion of their holdings, subject to certain conditions described below, if such repurchase does not impair the Company's capital or operations.
	Prior to the time that the Company’s shares are listed on a national securities exchange and until the NAV Pricing Date, the repurchase price per share will depend on the length of time stockholders have held such shares as follows: after one year from the purchase date — the lower of $23.13 and 92.5% of the amount they actually paid for each share; after two years from the purchase date — the lower of $23.75 and 95.0% of the amount they actually paid for each share; after three years from the purchase date — the lower of $24.38 and 97.5% of the amount they actually paid for each share; and after four years from the purchase date — the lower of $25.00 and 100% of the amount they actually paid for each share (in each case, as adjusted for any stock distributions, combinations, splits and recapitalizations).
	Upon reaching the NAV Pricing Date, the price per share that the Company will pay to repurchase shares of the Company’s common stock on any business day will be the Company's per share NAV for the quarter, calculated after the close of business on the first business day of each quarter. Subject to limited exceptions, stockholders who redeem their shares of the Company's common stock within the first four months from the date of purchase will be subject to a short-term trading fee of 2% of the aggregate per share NAV of the shares of common stock received. Because the Company's per share NAV will be calculated quarterly, the redemption price may fluctuate between the redemption request day and the date on which the Company pays redemption proceeds.
	Prior to reaching the NAV Pricing Date, the Company is only authorized to repurchase shares pursuant to the SRP using the proceeds received from the DRIP and other operating funds, if any, which may be reserved for this purpose at the board of directors' discretion. In addition, the board of directors may reject a request for redemption, at any time. Purchases under the SRP by the Company will be limited in any calendar year to 5% of the weighted average number of shares outstanding during the prior year. Due to these limitations, the Company cannot guarantee that it will be able to accommodate all repurchase requests.
	As of September 30, 2014, no shares of common stock had been repurchased or requested to be repurchased under the SRP. The Company funds repurchases from proceeds from the sale of common stock.
	Distribution Reinvestment Plan
	Pursuant to the DRIP, stockholders may elect to reinvest distributions by purchasing shares of common stock in lieu of receiving cash. No dealer manager fees or selling commissions are paid with respect to shares purchased pursuant to the DRIP. Participants purchasing shares pursuant to the DRIP have the same rights and are treated in the same manner as if such shares were issued pursuant to the Offering. The board of directors may designate that certain cash or other distributions be excluded from the DRIP. The Company has the right to amend any aspect of the DRIP or terminate the DRIP with ten days’ notice to participants. Shares issued under the DRIP are recorded to equity in the balance sheet in the period distributions are declared. There have been 108,377 shares issued under the DRIP as of September 30, 2014.
	Derivative Instruments
	The Company may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with its borrowings. Certain of the techniques used to hedge exposure to interest rate fluctuations may also be used to protect against declines in the market value of assets that result from general trends in debt markets. The principal objective of such agreements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions.
	The Company will record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.
	The accounting for subsequent changes in the fair value of these derivatives depends on whether each has been designated and qualifies for hedge accounting treatment. If the Company elects not to apply hedge accounting treatment, any changes in the fair value of these derivative instruments will be recognized immediately in gains or losses on derivative instruments in the Company's consolidated statement of operations and comprehensive income or loss. If the derivative is designated and qualifies for hedge accounting treatment, the change in the estimated fair value of the derivative is recorded in other comprehensive income or loss to the extent that it is effective. Any ineffective portion of a derivative's change in fair value will be immediately recognized in earnings.
	Offering and Related Costs
	Offering and related costs include all expenses incurred in connection with the Offering. Offering costs (other than selling commissions and the dealer manager fee) of the Company may be paid by the Advisor, the Dealer Manager or their affiliates on behalf of the Company. Offering costs were reclassified from deferred costs to stockholders' equity on the day the Company commenced its operations. Offering costs include all expenses incurred by the Company in connection with its Offering as of the balance sheet date presented. These costs include but are not limited to (i) legal, accounting, printing, mailing and filing fees; (ii) escrow service related fees; (iii) reimbursement of the Dealer Manager for amounts it may pay to reimburse the bona fide diligence expenses of broker-dealers; and (iv) reimbursement to the Advisor for a portion of the costs of its employees and other costs in connection with preparing supplemental sales materials and related offering activities. The Company is obligated to reimburse the Advisor or its affiliates, as applicable, for organizational and offering costs paid by them on behalf of the Company, notwithstanding that the Advisor is obligated to reimburse the Company to the extent organizational and offering costs (excluding selling commissions and the dealer manager fee) incurred by the Company in the Offering exceed 2% of gross offering proceeds. As a result, these costs are only a liability of the Company to the extent aggregate selling commissions, the dealer manager fees and other offering costs do not exceed 12% of the gross Offering proceeds determined at the end of the Offering (See Note 9 - Related Party Transactions and Arrangements).
	Share-Based Compensation
	The Company has a share-based incentive award plan which is accounted for under the guidance for share-based payments. The expense for such awards will be included in board expenses and will be recognized over the vesting period or when the requirements for exercise of the award have been met (See Note 11 - Share-Based Compensation).
	Income Taxes
	The Company conducts its operations to qualify as a REIT for U.S. federal income tax purposes beginning with its tax return for the taxable year ended December 31, 2013. If the Company qualifies for taxation as a REIT, it generally will not be subject to federal corporate income tax as long as it distributes at least 90% of its REIT taxable income to its stockholders. REITs are subject to a number of other organizational and operational requirements. However, even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property and federal income and excise taxes on its undistributed income.
	Per Share Data
	The Company calculates basic earnings per share by dividing net income attributable to the Company for the period by the weighted-average number of shares of common stock outstanding for that period. Diluted earnings per share reflects the potential dilution that that could occur from shares issuable in connection with the restricted stock plan and OP units, except when doing so would be anti-dilutive.
	Reportable Segments
	The Company conducts its business through the following segments:
	•	The real estate debt business which is focused on originating, acquiring and asset managing commercial real estate debt investments, including first mortgage loans, subordinate mortgages, mezzanine loans and participations in such loans.
	•	The real estate securities business which is focused on investing in and asset managing commercial real estate securities primarily consisting of CMBS and may include unsecured REIT debt, CDO notes and other securities.
	See Note 14 - Segment Reporting for further information regarding the Company's segments.
	New Accounting Pronouncements
	In June 2014, the FASB issued Accounting Standards Update ("ASU") No. 2014-11 "Repurchase-to-Maturity Transactions, Repurchase Financings and Disclosures." ASU No. 2014-11 makes limited changes to the accounting for repurchase agreements, clarifies when repurchase agreements and securities lending transactions should be accounted for as secured borrowings and requires additional disclosures regarding these types of transactions. The guidance is effective for fiscal years beginning on or after December 15, 2014 and for interim periods within those fiscal years. Management is currently evaluating the impact these changes will have on the Company's financial statement disclosures.

Loans_Receivable

Loans Receivable	9 Months Ended
	Sep. 30, 2014
Receivables [Abstract]	'
Loans Receivable	'
	Loans Receivable
	The following table is a summary of the Company's loans receivable by class (in thousands):
		30-Sep-14				31-Dec-13
	Mezzanine loans	$	171,904			$	30,832
	Subordinated loans	15,429				—
	Senior loans	126,199				—
	Total gross carrying value of loans	313,532				30,832
	Less: Provision for loan losses	302				—
	Total loans receivable, net	$	313,230			$	30,832
	As of September 30, 2014, the Company has originated or acquired loans with a face value at acquisition of $317.4 million for an initial investment amount of approximately $313.4 million in 28 loan investments. For the nine months ended September 30, 2014 the Company received scheduled principal repayments of $0.1 million on the loans.
	The Company currently estimates loss rates based on historical realized losses experienced in the industry and takes into account current collateral and economic conditions affecting the probability or severity of losses when establishing the allowance for loan losses. The Company recorded a general allowance for loan losses as of September 30, 2014 in the amount of $0.3 million. There are no impaired or specifically reserved loans in the portfolio as of September 30, 2014.
	The following table presents the activity in the Company's provision for loan losses (in thousands):
	Provision for loan losses as of January 1, 2014	$	—
	Provision for loan losses	302
	Charge-offs	—
	Recoveries	—
	Provision for loan losses as of September 30, 2014	$	302
	The Company's loans receivable portfolio was comprised of the following as of September 30, 2014 (in thousands):
	Description		Location		Date of Investment		Initial Maturity Date	Coupon	Original Face Amount		Current Face Amount		Premium (Discount)(1)			Carrying Value
	W Hotel		MN		May-13		May-23	Fixed	$	6,500	$	6,389	$	(2,309	)	$	4,080
	Regency Park Apartments		TX		Sep-13		Sep-18	Fixed	5,000		5,000		45			5,045
	121 West Trade Office		NC		Sep-13		Sep-16	Floating	9,000		9,000		60			9,060
	545 Madison Avenue		NY		Dec-13		Jan-24	Fixed	5,000		5,000		72			5,072
	Hampton Inn LaGuardia		NY		Dec-13		Aug-23	Fixed	4,981		4,941		(1,360		)	3,581
	Southern US Student Housing		Various		Dec-13		Jan-24	Fixed	4,000		4,000		58			4,058
	Burger King Portfolio		Various		Mar-14		Mar-24	Fixed	10,000		10,000		(5		)	9,995
	Four Seasons Las Colinas		TX		Mar-14		Mar-16	Floating	11,000		11,000		36			11,036
	Element Hotel		TX		Mar-14		Aug-18	Fixed	3,000		3,000		21			3,021
	Green Hills Corporate Center		PA		Apr-14		May-19	Fixed	7,000		7,000		33			7,033
	Cardinal Portfolio		Various		May-14		Nov-16	Floating	5,410		5,410		23			5,433
	4550 Van Nuys Boulevard		CA		May-14		Jun-17	Floating	11,450		11,450		(69		)	11,381
	Pinnacle at Encino Commons		TX		Jun-14		Jun-24	Fixed	1,963		1,963		10			1,973
	Riverwalk II		IL		Jun-14		May-16	Floating	10,000		10,000		25			10,025
	Remington Apartments		TX		Jun-14		Jul-24	Fixed	3,480		3,480		17			3,497
	KinderCare Portfolio		Various		Jun-14		Jul-16	Floating	12,300		12,300		(55		)	12,245
	Fairmont Hotel		CA		Jun-14		Jun-16	Floating	35,000		35,000		149			35,149
	208 North LaSalle 1st		IL		Jul-14		Jul-15	Floating	14,000		14,000		(268		)	13,732
	208 North LaSalle Mezz		IL		Jul-14		Jul-17	Floating	7,000		7,000		(33		)	6,967
	1154 Sonora Court		CA		Jul-14		Jul-17	Floating	5,350		5,350		(6		)	5,344
	Thornton Buildings		CA		Aug-14		Aug-17	Floating	31,050		31,050		(170		)	30,880
	Hotel Madeline		CO		Aug-14		Aug-19	Floating	29,000		29,000		(139		)	28,861
	Lincoln Park West		IL		Sep-14		Sep-17	Floating	9,450		9,450		(47		)	9,403
	Hampton Inn JFK		NY		Sep-14		Sep-16	Floating	12,000		12,000		59			12,059
	The Landing		NC		Sep-14		Sep-16	Floating	5,000		5,000		25			5,025
	1301 W. Madison		IL		Sep-14		Sep-17	Floating	7,460		7,460		(43		)	7,417
	Holiday Inn Express New Orleans		LA		Sep-14		Oct-17	Floating	6,990		6,990		(55		)	6,935
	Glenborough Portfolio		Various		Sep-14		Aug-16	Floating	45,000		45,000		225			45,225
	Total								$	317,384	$	317,233	$	(3,701	)	$	313,532
	__________________________________________________________
	(1) Includes acquisition fees and acquisition expenses where applicable.
	Credit Characteristics
	As part of the Company's process for monitoring the credit quality of its loans, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its performing loans. The loans are scored on a scale of 1 to 5 as follows:
	Investment Rating	Summary Description
	1	Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable.
	2	Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable.
	3	Performing investments requiring closer monitoring. Trends and risk factors show some deterioration.
	4	Underperforming investment with some loss of interest or dividend expected, but still expecting a positive return on investment. Trends and risk factors are negative.
	5	Underperforming investment with expected loss of interest and some principal.
	All investments are assigned an initial risk rating of 2. As of September 30, 2014, the weighted average risk rating of loans was 2.0. As of September 30, 2014, the Company had no non-performing, non-accrual or impaired loans.
	For the nine months ended September 30, 2014, the activity in the Company's loan portfolio was as follows (in thousands):
	Balance at December 31, 2013	$	30,832
	Acquisitions and originations	282,563
	Principal repayments	(103		)
Discount accretion and premium amortization	240
Provision for loan losses	(302		)
Balance at September 30, 2014	$	313,230
During the nine months ended September 30, 2014, the Company invested approximately $282.6 million in 22 loans including $1.4 million of capitalized acquisition expenses.

Real_Estate_Securities

Real Estate Securities	9 Months Ended
	Sep. 30, 2014
Investments, Debt and Equity Securities [Abstract]	'
Real Estate Securities	'
	Real Estate Securities
	The following is a summary of the Company's real estate securities by class (in thousands):
		30-Sep-14		31-Dec-13
	CMBS	$	38,571	$	5,005
	Total fair value of real estate securities	$	38,571	$	5,005
	As of September 30, 2014, the Company had seven CMBS investments with a face value of approximately $38.5 million.
	The Company classified its CMBS investments as available-for-sale as of September 30, 2014. These investments are reported at fair value in the balance sheet with changes in fair value recorded in accumulated other comprehensive income or loss. The table below represents the fair value adjustment as described above (in thousands):
		As of September 30, 2014
		Amortized Cost		Unrealized Gains		Unrealized Losses			Net Fair Value Adjustment			Fair Value
	CMBS	$	38,585	$	37	$	(51	)	$	(14	)	$	38,571
	Total	$	38,585	$	37	$	(51	)	$	(14	)	$	38,571

Debt

Debt	9 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Debt	'
	Debt
	Revolving Line of Credit with Affiliate
	On May 15, 2013, the Company entered into the Revolver which provides an unsecured $5.0 million line of credit. The Revolver bears interest at a per annum fixed rate of 3.25% and provides for quarterly interest payments. The Revolver matures in one year, subject to two successive extension terms by the Company of one year each. Principal may be drawn or repaid from time-to-time, in whole or in part, without premium or penalty and there are no unused facility fees. On July 17, 2013, the Company entered into an amendment to its Revolver. The amendment increased the aggregate financing available under the Revolver from $5.0 million to $10.0 million. The amendment did not change any of the other terms of the Revolver.
	The Company did not exercise the extension options provided under the terms of the Revolver and allowed it to mature on May 15, 2014. The Company did not have an outstanding balance on the date of maturity. The Company incurred $0 and $16,881 in interest expense on the Revolver for the three and nine months ended September 30, 2014, respectively. The Company incurred $7,388 and $15,375 of interest expense on the Revolver for the three and nine months ended September 30, 2013, respectively.
	Repurchase Agreements - Loans Receivable
	On June 18, 2014, the Company entered into the JPM Repo Facility. The JPM Repo Facility provides up to $150.0 million in advances, subject to adjustment, which the Company expects to use to finance the acquisition or origination of eligible loans, including first mortgage loans, junior mortgage loans, mezzanine loans and participation interests therein. The initial maturity date of the JPM Repo Facility is June 18, 2016, with a one-year extension at the Company’s option, which may be exercised upon the satisfaction of certain conditions.
	As of September 30, 2014, the Company had $53.7 million outstanding under the JPM Repo Facility. Advances under the JPM Repo Facility accrue interest at per annum rates equal to the sum of (i) the applicable LIBOR index rate plus (ii) a margin of between 2.25% to 4.50%, depending on the attributes of the purchased assets. As of September 30, 2014, the weighted average interest rate on advances was 3.801%. The Company incurred $0.5 million in interest expense on the JPM Repo Facility for the three and nine months ended September 30, 2014, respectively.
	On September 5, 2014, the Company entered into the Barclays Repo Facility. The Barclays Repo Facility provides up to $150.0 million in advances, subject to adjustment, which the Company expects to use to finance the acquisition or origination of eligible loans, including first mortgage loans, junior mortgage loans, mezzanine loans and participation interests therein. The initial maturity date of the Barclays Repo Facility is September 3, 2015, with four six-month extensions at the Company’s option, which may be exercised upon the satisfaction of certain conditions.
	As of September 30, 2014, the Company had $33.6 million outstanding under the Barclays Repo Facility. Advances under the Barclays Repo Facility accrue interest at per annum rates equal to the sum of (i) the applicable LIBOR index rate plus (ii) a margin of between 2.00% to 2.50%, depending on the attributes of the purchased assets. As of September 30, 2014, the weighted average interest rate on advances was 2.152%. The Company incurred $1,299 in interest expense on the Barclays Repo Facility for the three and nine months ended September 30, 2014, respectively.
	Repurchase Agreements - Real Estate Securities
	On January 2, 2014, the Company entered into a Master Repurchase Agreement ("MRA") with JPM (the "JPM MRA"). The JPM MRA provides the Company with the ability to sell real estate securities to JPM for liquidity while providing a fixed repurchase price for the same real estate securities in the future. As of September 30, 2014, the Company had $15.8 million outstanding under the JPM MRA. The repurchase contracts on each security under the JPM MRA mature monthly and terms are adjusted for current market rates as necessary. As of September 30, 2014, the weighted average interest rate on repurchase agreements in place under the JPM MRA was 1.446%. The Company incurred $0.1 million in interest expense on the JPM MRA for the three and nine months ended September 30, 2014, respectively.
	On February 7, 2014, the Company entered into an MRA with Citigroup Global Markets Inc. ("Citi") (the "Citi MRA"). The Citi MRA provides the Company with the ability to sell real estate securities to Citi for liquidity while providing a fixed repurchase price for the same real estate securities in the future. As of September 30, 2014, the Company had $4.0 million outstanding under the Citi MRA. The repurchase contracts on each security under the Citi MRA mature monthly and terms are adjusted for current market rates as necessary. As of September 30, 2014, the interest rate on the repurchase agreement in place under the Citi MRA was 1.533%. The Company incurred $0.01 million in interest expense on the Citi MRA for the three and nine months ended September 30, 2014, respectively.
	On July 23, 2014, the Company entered into an MRA with Wells Fargo Securities, LLC ("Wells") (the "Wells MRA"). The Wells MRA provides the Company with the ability to sell real estate securities to Wells for liquidity while providing a fixed repurchase price for the same real estate securities in the future. As of September 30, 2014, the Company had $3.8 million outstanding under the Wells MRA. The repurchase contracts on each security under the Wells MRA mature monthly and terms are adjusted for current market rates as necessary. As of September 30, 2014, the interest rate on the repurchase agreement in place under the Wells MRA was 1.504%. The Company incurred $0.01 million in interest expense on the Wells MRA for the three and nine months ended September 30, 2014, respectively.

Net_Income_or_Loss_Per_Share

Net Income or Loss Per Share	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Net Income or Loss Per Share	'
	Net Income or Loss Per Share
	The following table is a summary of the basic and diluted net income or loss per share computation for the three and nine months ended September 30, 2014 and September 30, 2013, respectively:
		Three Months Ended September 30,				Nine Months Ended September 30,
		2014		2013		2014		2013
	Basic and diluted net income (loss) (in thousands)	$	951	$	27	$	1,761	$	(118	)
	Basic weighted average shares outstanding	8,791,796		308,116		5,047,827		237,444
	Diluted weighted average shares outstanding	8,799,886		312,115		5,053,763		237,444
	Basic net income (loss) per share	$	0.11	$	0.09	$	0.35	$	(0.50	)
	Diluted net income (loss) per share	$	0.11	$	0.09	$	0.35	$	(0.50	)
	The Company had 8,088 common share equivalents as of September 30, 2014, which was comprised of 7,198 unvested restricted shares, 800 vested restricted shares and 90 OP units. Diluted net income per share assumes the conversion of all common share equivalents into an equivalent number of common shares, unless the effect is antidilutive. The common share equivalents were dilutive by $0.000410 per share for the nine months ended September 30, 2014. The common share equivalents were antidilutive for the nine months ended September 30, 2013.

Common_Stock

Common Stock	9 Months Ended
	Sep. 30, 2014
Equity [Abstract]	'
Common Stock	'
	Common Stock
	As of September 30, 2014, the Company had approximately 11.3 million shares of common stock outstanding, including shares issued pursuant to the DRIP and unvested restricted shares, and had received total proceeds of approximately $278.6 million excluding shares issued pursuant to the DRIP and share-based compensation.
	Distributions
	In order to maintain its election to qualify as a REIT, the Company must currently distribute, at a minimum, an amount equal to 90% of its taxable income, without regard to the deduction for distributions paid and excluding net capital gains. The Company must distribute 100% of its taxable income (including net capital gains) to avoid paying corporate federal income taxes.
	On May 13, 2013, the Company's board of directors authorized, and the Company declared a distribution, which is calculated based on stockholders of record each day during the applicable period at a rate of $0.00565068493 per day, based on a price of $25.00 per share of common stock. The Company's distributions are payable by the fifth day following each month end to stockholders of record at the close of business each day during the prior month. The first distribution payment was made on June 3, 2013, relating to the period from May 30, 2013 (15 days after the date of the first asset acquisition) through May 31, 2013. Distributions payments are dependent on the availability of funds. The board of directors may reduce the amount of distributions paid or suspend distribution payments at any time and therefore distributions payments are not assured.
	The below table shows the distributions paid during the nine months ended September 30, 2014 (in thousands, except for shares).
	Payment Date	Weighted Average Shares Outstanding (1)	Amount Paid in Cash		Amount Issued under DRIP
	2-Jan-14	1,458,470	$	140	$	74
	3-Feb-14	1,973,014	171		85
	3-Mar-14	2,693,391	212		106
	1-Apr-14	3,273,194	304		163
	1-May-14	4,121,621	353		206
	2-Jun-14	5,363,713	451		282
	2-Jul-14	6,948,298	570		356
	2-Aug-14	8,917,018	758		485
	2-Sep-14	10,567,346	950		628
	Total		$	3,909	$	2,385
	__________________________________________________________________________
	(1) This represents the weighted average shares outstanding for the period related to the respective payment date.
	For the nine months ended September 30, 2014, the Company paid cash distributions of $3.9 million and had net income of $1.8 million. As of September 30, 2014, the Company had a distribution payable of $1.1 million for distributions accrued in the month of September 2014 and an additional distribution payable of $6,892 accrued for the nine months ended September 30, 2014 on all unvested restricted shares.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Commitments and Contingencies
	Litigation
	In the ordinary course of business, the Company may become subject to litigation or claims. There are no material legal proceedings pending or known to be contemplated against the Company.

Related_Party_Transactions_and

Related Party Transactions and Arrangements	9 Months Ended
	Sep. 30, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions and Arrangements	'
	Related Party Transactions and Arrangements
	As of September 30, 2014, an entity wholly owned by the Sponsor owned 8,888 shares of the Company’s outstanding common stock.
	The Company entered into the Revolver with an affiliate on May 15, 2013 (See Note 5 - Debt). The Company did not exercise the extension option provided under the terms of the Revolver and allowed it to mature on May 15, 2014. The Company did not have an outstanding balance on the date of maturity.
	Fees Paid in Connection with the Offering
	The Dealer Manager receives fees and compensation in connection with the sale of the Company’s common stock in the Offering. The Dealer Manager receives a selling commission of up to 7.0% of the per share purchase price of the Company's offering proceeds before reallowance of commissions earned by participating broker-dealers. In addition, the Dealer Manager receives up to 3.0% of the gross proceeds from the sale of shares, before reallowance to participating broker-dealers, as a dealer manager fee. The Dealer Manager may reallow its dealer manager fee to such participating broker-dealers. A participating broker-dealer may elect to receive a fee equal to 7.5% of the gross proceeds from the sale of shares (not including selling commissions and dealer manager fees) by such participating broker-dealer, with 2.5% thereof paid at the time of such sale and 1.0% thereof paid on each anniversary of the closing of such sale up to and including the fifth anniversary of the closing of such sale. If this option is elected, the dealer manager fee will be reduced to 2.5% of gross proceeds (not including selling commissions and dealer manager fees).
	The table below shows the fees incurred from the Dealer Manager associated with the Offering during the three and nine months ended September 30, 2014 and 2013, respectively, and the associated payable as of September 30, 2014 and December 31, 2013 (in thousands):
		Three Months Ended September 30,				Nine Months Ended September 30,				Payable as of
		2014		2013		2014		2013		30-Sep-14		31-Dec-13
	Total commissions and fees incurred from the Dealer Manager	$	12,568	$	940	$	23,395	$	960	$	231	$	12
	The Advisor, its affiliates, entities under common control with the Advisor and the Dealer Manager receive compensation and reimbursement for services relating to the Offering, including transfer agency services provided by an affiliate of the Dealer Manager. The table below shows the compensation and reimbursement to the Advisor, its affiliates, entities under common control with the Advisor and the Dealer Manager incurred for services relating to the Offering during the three and nine months ended September 30, 2014 and 2013, respectively, and the associated payable as of September 30, 2014 and December 31, 2013 (in thousands):
		Three Months Ended September 30,				Nine Months Ended September 30,				Payable as of
		2014		2013		2014		2013		30-Sep-14		31-Dec-13
	Total compensation and reimbursement for services provided by the Advisor, its affiliates, entities under common control with the Advisor and the Dealer Manager	$	466	$	227	$	1,277	$	862	$	1,383	$	1,047
	The payables as of September 30, 2014 and December 31, 2013 in the table above are included in accounts payable and accrued expenses on the Company's consolidated balance sheets.
	The Company is responsible for organizational and offering costs from the ongoing Offering, excluding commissions and dealer manager fees, up to a maximum of 2.0% of gross proceeds received from its ongoing Offering of common stock, measured at the end of the Offering. Organizational and offering costs in excess of the 2.0% cap as of the end of the Offering are the Advisor's responsibility. As of September 30, 2014, organizational and offering costs did not exceed 2.0% of gross proceeds received from the Offering.
	Fees Paid in Connection with the Operations of the Company
	The Advisor receives an acquisition fee of 1.0% of the principal amount funded by the Company to acquire or originate commercial real estate loan investments and 1.0% of the anticipated net equity funded by the Company to acquire real estate securities. The Company reimburses the Advisor for expenses incurred by the Advisor on behalf of the Company related to selecting, evaluating, originating and acquiring investments in an amount up to 0.5% of the principal amount funded by the Company to acquire or originate commercial real estate loan investments and up to 0.5% of the anticipated net equity funded by the Company to acquire real estate securities investments. In no event will the total of all acquisition fees and acquisition expenses exceed 4.5% of the principal amount funded with respect to the Company's total portfolio including subsequent fundings to investments in the Company's portfolio. During the three and nine months ended September 30, 2014, acquisition fees of $1.8 million and $2.9 million, respectively, have been recognized in the consolidated statement of operations. In addition, over the same periods, the Company capitalized $0.9 million and $1.5 million of acquisition expenses, which will be amortized over the life of each investment using the effective interest method. During the three and nine months ended September 30, 2013, acquisition fees and acquisition expenses of $0.2 million and $0.3 million, respectively, were capitalized and are being amortized over the life of each investment using the effective interest method.
	The Company will pay the Advisor, or its affiliates, a monthly asset management fee equal to one-twelfth of 0.75% of the cost of the Company's assets. Commencing on the NAV Pricing Date, the asset management fee will be based on the lower of the cost of the Company's assets and the fair value of the Company's assets (fair value will consist of the market value of each portfolio investment as determined in accordance with the Company's valuation guidelines). The amount of the asset management fee will be reduced to the extent that the amount of distributions declared during the six month period ending on the last day of the calendar quarter immediately preceding the date such asset management fee is payable, exceeds the funds from operations ("FFO"), as adjusted, for the same period. For purposes of this determination, FFO, as adjusted, is FFO adjusted to (i) include acquisition fees and acquisition expenses; (ii) include non-cash restricted stock grant amortization, if any; and (iii) impairments of of investments, if any (including loans receivable and other debt investments). FFO, as adjusted, is not the same as FFO. During the three and nine months ended September 30, 2014, $0.4 million in asset management fees were incurred. During the three and nine months ended September 30, 2013 no asset management fees were incurred or waived.
	Effective June 1, 2013, the Company entered into an agreement with the Dealer Manager to provide strategic advisory services and investment banking services required in the ordinary course of the Company's business, such as performing financial analysis, evaluating publicly traded comparable companies and assisting in developing a portfolio composition strategy, a capitalization structure to optimize future liquidity options and structuring operations. The Company prepaid the cost of $0.9 million associated with this agreement and amortizes the cost over the estimated life of the Offering into "Other expense" on the Company's consolidated statements of operations. The unamortized cost associated with this agreement is included in "Prepaid expenses and other assets" on the Company's consolidated balance sheet.
	The table below depicts related party fees and reimbursements in connection with the operations of the Company for the three and nine months ended September 30, 2014 and 2013, respectively, and the associated payable as of September 30, 2014 and December 31, 2013 (in thousands):
		Three Months Ended September 30,				Nine Months Ended September 30,				Payable as of
		2014		2013		2014		2013		30-Sep-14		31-Dec-13
	Acquisition fees and acquisition expenses	$	2,657	$	209	$	4,349	$	268	$	—	$	202
	Advisory and investment banking fee	135		152		405		181		—		316
	Asset management fee	414		—		414		—		414		—
	Total related party fees and reimbursements	$	3,206	$	361	$	5,168	$	449	$	414	$	518
	The payables as of September 30, 2014 and December 31, 2013 in the table above are included in accounts payable and accrued expenses on the Company's consolidated balance sheets.
	In order to improve operating cash flows and the ability to pay distributions from operating cash flows, the Advisor may elect to waive certain fees. Because the Advisor may waive certain fees, cash flows from operations that would have been paid to the Advisor may be available to pay distributions to stockholders. The fees that may be forgiven are not deferrals and accordingly, will not be paid to the Advisor in cash. The Advisor did not waive any fees during the three and nine months ended September 30, 2014 or 2013. In certain instances, to improve the Company’s working capital, the Advisor may elect to absorb a portion of the Company’s costs. The Advisor did not absorb any expenses during the three and nine months ended September 30, 2014 or 2013.
	The Company will reimburse the Advisor’s costs of providing administrative services, subject to the limitation that the Company will not reimburse the Advisor for any amount by which the Company's operating expenses (including the asset management fee) at the end of the four preceding fiscal quarters exceeds the greater of (i) 2.0% of average invested assets or (ii) 25.0% of net income other than any additions to reserves for depreciation, bad debt or other similar non-cash reserves and excluding any gain from the sale of assets for that period. Additionally, the Company will reimburse the Advisor for personnel costs in connection with other services during the operational stage, in addition to paying an asset management fee; however, the Company will not reimburse the Advisor for personnel costs in connection with services for which the Advisor receives acquisition fees or disposition fees. For the three and nine months ended September 30, 2014 and 2013, no administrative costs of the Advisor were reimbursed for any period in connection with the operations of the Company.
	The Advisor at its election may also contribute capital to enhance the Company’s cash position for working capital and distribution purposes. Any contributed capital amounts are not reimbursable to the Advisor. Further, any capital contributions are made without any corresponding issuance of common or preferred shares. The Advisor did not contribute capital to enhance the Company's cash position for working capital or distribution purposes during the nine months ended September 30, 2014 and 2013.
	Fees Paid in Connection with the Liquidation of Assets or Listing of the Company's Common Stock or Termination of the Advisory Agreement
	The Company will pay a disposition fee of 1.0% of the contract sales price of each commercial real estate loan or other investment sold, including real estate securities or CDOs issued by a subsidiary of the Company as part of a securitization transaction. The Company will not be obligated to pay a disposition fee upon the maturity, prepayment, workout, modification or extension of commercial real estate debt unless there is a corresponding fee paid by the borrower, in which case the disposition fee will be the lesser of (i) 1.0% of the principal amount of the debt prior to such transaction; or (ii) the amount of the fee paid by the borrower in connection with such transaction. If the Company takes ownership of a property as a result of a workout or foreclosure of a loan, it will pay a disposition fee upon the sale of such property.
	The Company may pay the Advisor an annual subordinated performance fee of 15.0% of the excess of the Company's total return to stockholders in any year, which such total return exceeds 6.0% per annum, provided that in no event will the annual subordinated performance fee exceed 10.0% of the aggregate total return for such year. This fee will be payable only upon the sale of assets, distributions or other event which results in the return on stockholders’ capital exceeding 6.0% per annum.
	If the Company is not listed on an exchange, the Company will pay a subordinated participation in the net sale proceeds of the sale of real estate assets of 15.0% of remaining net sale proceeds after return of capital contributions to investors plus payment to investors of a 6.0% cumulative, pre-tax non-compounded return on the capital contributed by investors.
	If the Company is listed on an exchange, the Company will pay a subordinated incentive listing distribution of 15.0% of the amount by which the adjusted market value of real estate assets plus distributions exceeding the aggregate capital contributed by investors plus an amount equal to a 6.0% cumulative, pre-tax, non-compounded annual return to investors. Neither the Advisor nor any of its affiliates can earn both the subordinated participation in the net sale proceeds and the subordinated listing distribution.
	Upon termination or non-renewal of the advisory agreement, the Advisor shall be entitled to receive distributions from the OP, pursuant to a special limited partnership interest, equal to 15.0% of the amount by which the sum of the Company's adjusted market value plus distributions exceeds the sum of the aggregate capital contributed by investors plus an amount equal to an annual 6.0% cumulative, pre-tax non-compounded return to investors. In addition, the Advisor may elect to defer its right to receive a subordinated distribution upon termination until either a listing on a national securities exchange or other liquidity event occurs.
	During the three and nine months ended September 30, 2014 and 2013, no fees were paid for any period in connection with the liquidation of assets, listing of the Company's common stock or termination of the advisory agreement.
	The Company cannot assure that it will provide the 6.0% return specified above, but the Advisor will not be entitled to the subordinated performance fee, subordinated participation in net sale proceeds, subordinated incentive listing distribution or subordinated distribution upon termination of the advisory agreement unless investors have received a 6.0% cumulative, pre-tax non-compounded return on their capital contributions.
	The Company has also established a restricted share plan for the benefit of employees (if the Company ever has employees), directors, employees of the Advisor and its affiliates (See Note 11 - Share-Based Compensation).

Economic_Dependency

Economic Dependency	9 Months Ended
	Sep. 30, 2014
Risks and Uncertainties [Abstract]	'
Economic Dependency	'
	Economic Dependency
	Under various agreements, the Company has engaged the Advisor, its affiliates and entities under common control with the Advisor to provide certain services that are essential to the Company, including asset management services, asset acquisition and disposition decisions, transfer agency services, the sale of shares of the Company’s common stock available for issue, as well as other administrative responsibilities for the Company including accounting services, transaction management and investor relations.
	As a result of these relationships, the Company is dependent upon the Advisor and its affiliates. In the event that these entities are unable to provide the Company with the respective services, the Company will be required to find alternative providers of these services.

ShareBased_Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Share-Based Compensation	'
	Share-Based Compensation
	Restricted Share Plan
	The Company has an employee and director incentive restricted share plan (the "RSP"), which provides the Company with the ability to grant awards of restricted shares to the Company’s directors, officers and employees (if the Company ever has employees), employees of the Advisor and its affiliates, employees of entities that provide services to the Company, directors of the Advisor or of entities that provide services to the Company or certain consultants to the Company, the Advisor and its affiliates. The total number of common shares granted under the RSP shall not exceed 5.0% of the Company’s authorized common shares pursuant to the Offering and in any event will not exceed 4.0 million shares (as such number may be adjusted for stock splits, stock distributions, combinations and similar events).
	Restricted share awards entitle the recipient to receive common shares from the Company under terms that provide for vesting over a specified period of time or upon attainment of pre-established performance objectives. Such awards would typically be forfeited with respect to the unvested shares upon the termination of the recipient’s employment or other relationship with the Company. Restricted shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Holders of restricted shares may receive cash distributions prior to the time that the restrictions on the restricted shares have lapsed. Any distributions payable in common shares shall be subject to the same restrictions as the underlying restricted shares. The fair value of the restricted shares will be expensed over the vesting period of five years.
	The RSP also provides for the automatic grant of 1,333 restricted shares of common stock to each of the independent directors, without any further action by the Company’s board of directors or the stockholders, on the date of initial election to the board of directors and on the date of each annual stockholder’s meeting. Restricted stock issued to independent directors will vest over a five-year period with 20.0% of the granted shares vesting upon each of the first, second, third, fourth and fifth anniversaries of the applicable grant date.
	As of September 30, 2014, the Company had granted 7,998 restricted shares to its independent directors, which were comprised of 7,198 unvested restricted shares and 800 vested restricted shares as of September 30, 2014. Based on a share price of $22.50, the compensation expense associated with the restricted share grants was $9,072 and $19,622, for the three and nine months ended September 30, 2014, respectively. For the three and nine months ended September 30, 2013, the compensation expense associated with the restricted share grants was $4,536 and $11,340, respectively.
	Other Share-Based Compensation
	The Company may issue common stock in lieu of cash to pay fees earned by the Company's directors at each director's election. There are no restrictions on the shares issued since these payments in lieu of cash relate to fees earned for services performed. During the three and nine months ended September 30, 2014, 0 and 39 shares were issued to one of the Company's independent directors for services performed and compensation expense of $0 and $876 was incurred, respectively.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

'

Fair Value of Financial Instruments

'

Fair Value of Financial Instruments

GAAP establishes a hierarchy of valuation techniques based on the observability of inputs utilized in measuring financial instruments at fair values. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below:

•

Level I - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

•

Level II - Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.

•

Level III - Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

The determination of where an asset or liability falls in the above hierarchy requires significant judgment and factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter.

The Company has implemented valuation control processes to validate the fair value of the Company's financial instruments measured at fair value including those derived from pricing models. These control processes are designed to assure that the values used for financial reporting are based on observable inputs wherever possible. In the event that observable inputs are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and the assumptions are reasonable. Refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2013 for further discussion of the Company's valuation control process.

CMBS

CMBS investments are valued utilizing both observable and unobservable market inputs. These factors include projected future cash flows, ratings, subordination levels, vintage, remaining lives, credit issues, recent trades of similar real estate securities and the spreads used in the prior valuation. The Company obtains current market spread information where available and uses this information in evaluating and validating the market price of all CMBS. Depending upon the significance of the fair value inputs used in determining these fair values, these real estate securities are classified in either Level II or Level III of the fair value hierarchy. As of September 30, 2014, the Company received broker quotes on each CMBS investment used in determining the fair value. As of September 30, 2014, the Company's CMBS investments have been classified as Level II due to the observable nature of many of the market inputs.

The following table presents the Company's financial instrument carried at fair value in the consolidated balance sheet by its level in the fair value hierarchy as of September 30, 2014 (in thousands):

Total

Level I

Level II

Level III

CMBS

$

38,571

$

—

$

38,571

$

—

Total

$

38,571

$

—

$

38,571

$

—

A review of the fair value hierarchy classification is conducted on a quarterly basis. Changes in the type of inputs may result in a reclassification for certain assets. There were no transfers between levels within fair value hierarchy during the nine months ended September 30, 2014.

The Company is required to disclose the fair value of financial instruments for which it is practicable to estimate the value. The fair value of short-term financial instruments such as cash and cash equivalents, due from affiliates, accounts payable and distributions payable are approximated by their carrying value on the consolidated balance sheets due to their short-term nature.

As of September 30, 2014, the Company had $15.8 million outstanding under the JPM MRA, which bears interest at LIBOR plus a spread. As of September 30, 2014, the weighted average interest rate was 1.446%, including LIBOR. (See Note 5 - Debt). As of September 30, 2014, the Company believes the carrying value of the JPM MRA approximates fair value due to the month-to-month term of the repurchase agreements.

As of September 30, 2014, the Company had $4.0 million outstanding under the Citi MRA, which bears interest at LIBOR plus a spread. As of September 30, 2014, the interest rate was 1.533%, including LIBOR. (See Note 5 - Debt). As of September 30, 2014, the Company believes the carrying value of the Citi MRA approximates fair value due to the month-to-month term of the repurchase agreement.

As of September 30, 2014, the Company had $3.8 million outstanding under the Wells MRA, which bears interest at LIBOR plus a spread. As of September 30, 2014, the interest rate was 1.504%, including LIBOR. (See Note 5 - Debt). As of September 30, 2014, the Company believes the carrying value of the Wells MRA approximates fair value due to the month-to-month term of the repurchase agreement.

As of September 30, 2014, the Company had $53.7 million outstanding under the JPM Repo Facility. As of September 30, 2014, the weighted average interest rate on advances was 3.801%, including LIBOR. As of September 30, 2014, the Company believes the carrying value of the JPM Repo Facility approximates fair value due to the JPM Repo Facility being finalized in close proximity to the balance sheet date.

As of September 30, 2014, the Company had $33.6 million outstanding under the Barclays Repo Facility. As of September 30, 2014, the weighted average interest rate on advances was 2.152%, including LIBOR. As of September 30, 2014, the Company believes the carrying value of the Barclays Repo Facility approximates fair value due to the Barclays Repo Facility being finalized in close proximity to the balance sheet date.

The fair values of the Company's remaining financial instruments that are not reported at fair value on the consolidated balance sheets are reported below (in thousands):

Level

Carrying Amount September 30, 2014

Fair Value September 30, 2014

Loans receivable, net

III

$

313,532

$

314,728

Total

$

313,532

$

314,728

___________________________________________________________________

* Prior to June 30, 2014, the Company determined cost estimated fair value due the instruments proximity to the date of origination.

The fair value of the loans receivable is estimated using a discounted cash flow analysis, based on the Advisor's experience with similar types of investments.

Offsetting_Assets_and_Liabilit

Offsetting Assets and Liabilities	9 Months Ended
	Sep. 30, 2014
Offsetting [Abstract]	'
Offsetting Assets and Liabilities	'
	Offsetting Assets and Liabilities
	The Company's consolidated balance sheets utilize a gross presentation of repurchase agreements. The table below provides a gross presentation, the effects of offsetting and a net presentation of the Company's repurchase agreements within the scope of ASC 210-20, Balance Sheet—Offsetting, as of September 30, 2014 (in thousands):
											Gross Amounts Not Offset on the Balance Sheet
	Repurchase Agreements	Gross Amounts of Recognized Assets		Gross Amounts of Recognized (Liabilities)			Gross Amounts Offset on the Balance Sheet		Net Amount of Gross Assets (Liabilities) Recognized		Financial Instruments		Cash Collateral Received (Posted)		Net Amount
	30-Sep-14	$	175,294	$	(110,854	)	$	—	$	64,440	$	—	$	—	$	64,440

Segment_Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2014
Segment Reporting [Abstract]	'
Segment Reporting	'
	Segment Reporting
	The Company conducts its business through the following segments:
	•	The real estate debt business focuses on originating, acquiring and asset managing commercial real estate debt investments, including first mortgage loans, subordinate mortgages, mezzanine loans and participations in such loans.
	•	The real estate securities business focuses on investing in and asset managing commercial real estate securities primarily consisting of CMBS and may include unsecured REIT debt, CDO notes and other securities.
	The following table represents the Company's operations by segment for the nine months ended September 30, 2014 (in thousands):
			Total		Real Estate Debt		Real Estate Securities
	Interest income		$	7,285	$	6,922	$	363
	Discount accretion and (premium) amortization		229		240		(11		)
	Interest expense		803		696		107
	Net income		1,761		2,041		(280		)
	Total assets		358,442		319,871		38,571
	For the purposes of the table above, total expenses have been allocated to the business segments using a percentage derived by using total assets of each business segment as the numerator and total assets of the Company as the denominator.

Subsequent_Events

Subsequent Events	9 Months Ended
	Sep. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	Subsequent Events
	The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined that there have not been any events that have occurred that would require adjustments to disclosures in the consolidated financial statements except for the following transactions:
	Sales of Common Stock
	As of October 31, 2014, the Company had 13,225,951 shares of common stock outstanding, including shares issued under the DRIP and unvested restricted shares, and has raised total proceeds from the Offering of $328.5 million. As of October 31, 2014, the aggregate value of all share issuances in the Offering was $330.5 million based on a per share value of $25.00 (or $23.75 per share for shares issued under the DRIP).
	Total capital raised to date, including shares issued under the DRIP and unvested restricted shares, is as follows (in thousands):
	Source of Capital	Inception to September 30, 2014		October 1 to October 31, 2014		Total
	Common stock	$	281,278	$	47,209	$	328,487
	Distributions Paid
	On October 2, 2014, the Company paid a distribution of $1.8 million to stockholders of record during the month of September 2014. Approximately $1.1 million of the distribution was paid in cash, while $0.7 million was used to purchase 30,977 shares for those stockholders that chose to reinvest distributions through the DRIP.
	Loans Receivable
	Through the filing of this Quarterly Report on Form 10-Q the Company has originated and acquired loans with a total face value of $71.4 million. The loans consist of $57.3 million of first mortgage loans and $14.1 million of mezzanine loans.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Basis of Accounting	'
	Basis of Accounting
	The accompanying consolidated financial statements and related footnotes are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial statements. The consolidated financial statements of the Company are prepared on an accrual basis of accounting. In the opinion of management, the interim data includes all adjustments, of a normal and recurring nature, necessary for a fair statement of the results for the periods presented. Interim period results may not be indicative of full year or future results. The unaudited consolidated financial statements do not include all information and notes required in annual audited financial statements in conformity with GAAP.
Principles of Consolidation and Basis of Presentation	'
	Principles of Consolidation and Basis of Presentation
	The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary.
Acquisition Fees and Acquisition Expenses	'
	Acquisition Fees and Acquisition Expenses
	The Company incurs acquisition fees and acquisition expenses payable to the Advisor. The Company pays the Advisor an acquisition fee based on the principal amount funded by the Company to acquire or originate commercial real estate loan investments or on the anticipated net equity funded by the Company to acquire real estate securities. Acquisition fees paid to our Advisor and acquisition expenses reimbursed to our Advisor in connection with the origination and acquisition of loan investments and acquisition of real estate securities are evaluated in accordance with GAAP to determine if they should be expensed in the period incurred or capitalized and amortized over the life of the investment.
Use of Estimates	'
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding classification of investments, fair value measurements, credit losses and impairments of investments, and derivative financial instruments and hedging activities, as applicable.
Loans Receivable	'
	Loans Receivable
	Commercial real estate loans are intended to be held until maturity and, accordingly, are carried at cost, net of unamortized acquisition expenses, discounts or premiums and unfunded commitments. Real estate debt investments that are deemed to be impaired will be carried at amortized cost less a specific allowance for loan losses. Interest income is recorded on the accrual basis and related discounts, premiums, and acquisition expenses on investments are amortized over the life of the investment using the effective interest method. Amortization is reflected as an adjustment to interest income in the Company’s consolidated statements of operations. Guaranteed loan exit fees are receivable upon maturity of the associated loan and are as such accreted over the life of the investment using the effective interest method. The accretion of guaranteed loan exit fees is recognized in interest income in the Company's consolidated statements of operations and the associated receivable is included in the consolidated balance sheet.
	Allowance for Loan Losses
	The allowance for loan losses reflects management's estimate of loan losses inherent in the loan portfolio as of the balance sheet date. The reserve is increased through the "Loan loss provision" on the Company's consolidated statement of operations and is decreased by charge-offs when losses are confirmed through the receipt of assets such as cash in a pre-foreclosure sale or via ownership control of the underlying collateral in full satisfaction of the loan upon foreclosure or when significant collection efforts have ceased. The Company uses a uniform process for determining its allowance for loan losses. The allowance for loan losses includes a general, formula-based component and an asset-specific component.
	General reserves are recorded when (i) available information as of each balance sheet date indicates that it is probable a loss has occurred in the portfolio and (ii) the amount of the loss can be reasonably estimated. The Company currently estimates loss rates based on historical realized losses experienced in the industry and takes into account current collateral and economic conditions affecting the probability or severity of losses when establishing the allowance for loan losses. The Company performs a comprehensive analysis of its loan portfolio and assigns risk ratings to loans that incorporate management's current judgments about their credit quality based on all known and relevant internal and external factors that may affect collectability. The Company considers, among other things, payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. This methodology results in loans being segmented by risk classification into risk rating categories that are associated with estimated probabilities of default and principal loss. Ratings range from "1" to "5" with "1" representing the lowest risk of loss and "5" representing the highest risk of loss.
	As of September 30, 2014, the Company had 28 loan investments, all of which were performing as of September 30, 2014. The Company has established a $0.3 million allowance for loan losses as of September 30, 2014. There are no specifically reserved loans in the portfolio as of September 30, 2014.
	The asset-specific reserve component relates to reserves for losses on individual impaired loans. The Advisor considers a loan to be impaired when, based upon current information and events, it believes that it is probable that the Company will be unable to collect all amounts due under the contractual terms of the loan agreement. This assessment is made on a loan-by-loan basis each quarter based on such factors as payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. A reserve is established for an impaired loan when the present value of payments expected to be received, observable market prices or the estimated fair value of the collateral (for loans that are dependent on the collateral for repayment) is lower than the carrying value of that loan.
	For collateral dependent impaired loans, impairment is measured using the estimated fair value of collateral less the estimated cost to sell. The Advisor generally will use the income approach through internally developed valuation models to estimate the fair value of the collateral for such loans. In more limited cases, the Advisor will obtain external "as is" appraisals for loan collateral, generally when third party participations exist. Valuations will be performed or obtained at the time a loan is determined to be impaired and designated non-performing, and they will be updated if circumstances indicate that a significant change in value has occurred.
	A loan is also considered impaired if its terms are modified in a troubled debt restructuring ("TDR"). A TDR occurs when a concession is granted and the debtor is experiencing financial difficulties. Impairments on TDR loans are generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loan.
	Income recognition will be suspended for loans at the earlier of the date at which payments become 90-days past due or when, in the opinion of the Advisor, a full recovery of income and principal becomes doubtful. Income recognition will be resumed when the suspended loan becomes contractually current and performance is demonstrated to have resumed. A loan will be written off when it is no longer realizable and legally discharged.
Real Estate Securities	'
	Real Estate Securities
	On the acquisition date, all of the Company’s commercial real estate securities will be classified as available for sale, and will be carried at fair value, with any unrealized gains or losses reported as a component of accumulated other comprehensive income or loss. However, the Company may elect the fair value option for certain of its available for sale real estate securities, and as a result, any unrealized gains or losses on such real estate securities will be recorded as unrealized gains or losses on investments in the Company’s consolidated statement of operations, no such election has been made to date. Related discounts, premiums, and acquisition expenses on investments are amortized over the life of the investment using the effective interest method. Amortization is reflected as an adjustment to interest income in the Company’s consolidated statements of operations.
	Impairment Analysis of Real Estate Securities
	Commercial real estate securities for which the fair value option has not been elected will be periodically evaluated for other-than-temporary impairment. If the fair value of a security is less than its amortized cost, the security will be considered impaired. Impairment of a security will be considered to be other-than-temporary when (i) the Advisor has the intent to sell the impaired security; (ii) it is more likely than not the Company will be required to sell the security; or (iii) the Advisor does not expect to recover the entire amortized cost of the security. If the Advisor determines that an other-than-temporary impairment exists and a sale is likely to occur, the impairment charge will be recognized as an "Impairment of assets" on the Company's consolidated statement of operations and comprehensive income or loss. If a sale is not expected to occur, the portion of the impairment charge related to credit factors will be recorded as an "Impairment of assets" on the Company's consolidated statement of operations and comprehensive income or loss with the remainder recorded as an unrealized gain or loss on investments reported as a component of accumulated other comprehensive income or loss.
	Commercial real estate securities for which the fair value option has been elected will not be evaluated for other-than-temporary impairment as changes in fair value are recorded in the Company’s consolidated statement of operations and comprehensive income or loss, no such election has been made to date.
Fair Value of Financial Instruments	'
	Fair Value of Financial Instruments
	The Company is required to disclose the fair value of financial instruments for which it is practicable to estimate that value. The fair value of short-term financial instruments such as cash, accrued interest receivable, and accounts payable and accrued expenses approximate their carrying value on the accompanying consolidated balance sheets due to the monthly terms.
Cash and Cash Equivalents	'
	Cash and Cash Equivalents
	Cash includes cash in bank accounts. The Company deposits cash with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company up to an insurance limit. Cash equivalents include short-term, liquid investments in a money market fund.
Restricted Cash	'
	Restricted Cash
	Restricted cash may primarily consist of escrow deposits for future debt service payments, taxes, insurance, property maintenance or other amounts collected with mortgage loan originations.
Share Repurchase Program	'
	Share Repurchase Program
	The Company has a Share Repurchase Program (the "SRP") that enables stockholders to sell their shares to the Company. Under the SRP, stockholders may request that the Company redeem all or any portion of their holdings, subject to certain conditions described below, if such repurchase does not impair the Company's capital or operations.
	Prior to the time that the Company’s shares are listed on a national securities exchange and until the NAV Pricing Date, the repurchase price per share will depend on the length of time stockholders have held such shares as follows: after one year from the purchase date — the lower of $23.13 and 92.5% of the amount they actually paid for each share; after two years from the purchase date — the lower of $23.75 and 95.0% of the amount they actually paid for each share; after three years from the purchase date — the lower of $24.38 and 97.5% of the amount they actually paid for each share; and after four years from the purchase date — the lower of $25.00 and 100% of the amount they actually paid for each share (in each case, as adjusted for any stock distributions, combinations, splits and recapitalizations).
	Upon reaching the NAV Pricing Date, the price per share that the Company will pay to repurchase shares of the Company’s common stock on any business day will be the Company's per share NAV for the quarter, calculated after the close of business on the first business day of each quarter. Subject to limited exceptions, stockholders who redeem their shares of the Company's common stock within the first four months from the date of purchase will be subject to a short-term trading fee of 2% of the aggregate per share NAV of the shares of common stock received. Because the Company's per share NAV will be calculated quarterly, the redemption price may fluctuate between the redemption request day and the date on which the Company pays redemption proceeds.
	Prior to reaching the NAV Pricing Date, the Company is only authorized to repurchase shares pursuant to the SRP using the proceeds received from the DRIP and other operating funds, if any, which may be reserved for this purpose at the board of directors' discretion. In addition, the board of directors may reject a request for redemption, at any time. Purchases under the SRP by the Company will be limited in any calendar year to 5% of the weighted average number of shares outstanding during the prior year. Due to these limitations, the Company cannot guarantee that it will be able to accommodate all repurchase requests.
	As of September 30, 2014, no shares of common stock had been repurchased or requested to be repurchased under the SRP. The Company funds repurchases from proceeds from the sale of common stock.
Distribution Reinvestment Plan	'
	Distribution Reinvestment Plan
	Pursuant to the DRIP, stockholders may elect to reinvest distributions by purchasing shares of common stock in lieu of receiving cash. No dealer manager fees or selling commissions are paid with respect to shares purchased pursuant to the DRIP. Participants purchasing shares pursuant to the DRIP have the same rights and are treated in the same manner as if such shares were issued pursuant to the Offering. The board of directors may designate that certain cash or other distributions be excluded from the DRIP. The Company has the right to amend any aspect of the DRIP or terminate the DRIP with ten days’ notice to participants. Shares issued under the DRIP are recorded to equity in the balance sheet in the period distributions are declared. There have been 108,377 shares issued under the DRIP as of September 30, 2014.
Derivatives Instruments	'
	Derivative Instruments
	The Company may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with its borrowings. Certain of the techniques used to hedge exposure to interest rate fluctuations may also be used to protect against declines in the market value of assets that result from general trends in debt markets. The principal objective of such agreements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions.
	The Company will record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.
	The accounting for subsequent changes in the fair value of these derivatives depends on whether each has been designated and qualifies for hedge accounting treatment. If the Company elects not to apply hedge accounting treatment, any changes in the fair value of these derivative instruments will be recognized immediately in gains or losses on derivative instruments in the Company's consolidated statement of operations and comprehensive income or loss. If the derivative is designated and qualifies for hedge accounting treatment, the change in the estimated fair value of the derivative is recorded in other comprehensive income or loss to the extent that it is effective. Any ineffective portion of a derivative's change in fair value will be immediately recognized in earnings.
Offering and Related Costs	'
	Offering and Related Costs
	Offering and related costs include all expenses incurred in connection with the Offering. Offering costs (other than selling commissions and the dealer manager fee) of the Company may be paid by the Advisor, the Dealer Manager or their affiliates on behalf of the Company. Offering costs were reclassified from deferred costs to stockholders' equity on the day the Company commenced its operations. Offering costs include all expenses incurred by the Company in connection with its Offering as of the balance sheet date presented. These costs include but are not limited to (i) legal, accounting, printing, mailing and filing fees; (ii) escrow service related fees; (iii) reimbursement of the Dealer Manager for amounts it may pay to reimburse the bona fide diligence expenses of broker-dealers; and (iv) reimbursement to the Advisor for a portion of the costs of its employees and other costs in connection with preparing supplemental sales materials and related offering activities. The Company is obligated to reimburse the Advisor or its affiliates, as applicable, for organizational and offering costs paid by them on behalf of the Company, notwithstanding that the Advisor is obligated to reimburse the Company to the extent organizational and offering costs (excluding selling commissions and the dealer manager fee) incurred by the Company in the Offering exceed 2% of gross offering proceeds. As a result, these costs are only a liability of the Company to the extent aggregate selling commissions, the dealer manager fees and other offering costs do not exceed 12% of the gross Offering proceeds determined at the end of the Offering (See Note 9 - Related Party Transactions and Arrangements).
Share-Based Compensation	'
	Share-Based Compensation
	The Company has a share-based incentive award plan which is accounted for under the guidance for share-based payments. The expense for such awards will be included in board expenses and will be recognized over the vesting period or when the requirements for exercise of the award have been met (See Note 11 - Share-Based Compensation).
Income Taxes	'
	Income Taxes
	The Company conducts its operations to qualify as a REIT for U.S. federal income tax purposes beginning with its tax return for the taxable year ended December 31, 2013. If the Company qualifies for taxation as a REIT, it generally will not be subject to federal corporate income tax as long as it distributes at least 90% of its REIT taxable income to its stockholders. REITs are subject to a number of other organizational and operational requirements. However, even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property and federal income and excise taxes on its undistributed income.
Per Share Data	'
	Per Share Data
	The Company calculates basic earnings per share by dividing net income attributable to the Company for the period by the weighted-average number of shares of common stock outstanding for that period. Diluted earnings per share reflects the potential dilution that that could occur from shares issuable in connection with the restricted stock plan and OP units, except when doing so would be anti-dilutive.
Reportable Segments	'
	Reportable Segments
	The Company conducts its business through the following segments:
	•	The real estate debt business which is focused on originating, acquiring and asset managing commercial real estate debt investments, including first mortgage loans, subordinate mortgages, mezzanine loans and participations in such loans.
	•	The real estate securities business which is focused on investing in and asset managing commercial real estate securities primarily consisting of CMBS and may include unsecured REIT debt, CDO notes and other securities.
	See Note 14 - Segment Reporting for further information regarding the Company's segments.
New Accounting Pronouncements	'
	New Accounting Pronouncements
	In June 2014, the FASB issued Accounting Standards Update ("ASU") No. 2014-11 "Repurchase-to-Maturity Transactions, Repurchase Financings and Disclosures." ASU No. 2014-11 makes limited changes to the accounting for repurchase agreements, clarifies when repurchase agreements and securities lending transactions should be accounted for as secured borrowings and requires additional disclosures regarding these types of transactions. The guidance is effective for fiscal years beginning on or after December 15, 2014 and for interim periods within those fiscal years. Management is currently evaluating the impact these changes will have on the Company's financial statement disclosures.

Loans_Receivable_Tables

Loans Receivable (Tables)	9 Months Ended
	Sep. 30, 2014
Receivables [Abstract]	'
Summary of the company's loans receivable by class	'
	The following table is a summary of the Company's loans receivable by class (in thousands):
		30-Sep-14				31-Dec-13
	Mezzanine loans	$	171,904			$	30,832
	Subordinated loans	15,429				—
	Senior loans	126,199				—
	Total gross carrying value of loans	313,532				30,832
	Less: Provision for loan losses	302				—
	Total loans receivable, net	$	313,230			$	30,832
	The Company's loans receivable portfolio was comprised of the following as of September 30, 2014 (in thousands):
	Description		Location		Date of Investment		Initial Maturity Date	Coupon	Original Face Amount		Current Face Amount		Premium (Discount)(1)			Carrying Value
	W Hotel		MN		May-13		May-23	Fixed	$	6,500	$	6,389	$	(2,309	)	$	4,080
	Regency Park Apartments		TX		Sep-13		Sep-18	Fixed	5,000		5,000		45			5,045
	121 West Trade Office		NC		Sep-13		Sep-16	Floating	9,000		9,000		60			9,060
	545 Madison Avenue		NY		Dec-13		Jan-24	Fixed	5,000		5,000		72			5,072
	Hampton Inn LaGuardia		NY		Dec-13		Aug-23	Fixed	4,981		4,941		(1,360		)	3,581
	Southern US Student Housing		Various		Dec-13		Jan-24	Fixed	4,000		4,000		58			4,058
	Burger King Portfolio		Various		Mar-14		Mar-24	Fixed	10,000		10,000		(5		)	9,995
	Four Seasons Las Colinas		TX		Mar-14		Mar-16	Floating	11,000		11,000		36			11,036
	Element Hotel		TX		Mar-14		Aug-18	Fixed	3,000		3,000		21			3,021
	Green Hills Corporate Center		PA		Apr-14		May-19	Fixed	7,000		7,000		33			7,033
	Cardinal Portfolio		Various		May-14		Nov-16	Floating	5,410		5,410		23			5,433
	4550 Van Nuys Boulevard		CA		May-14		Jun-17	Floating	11,450		11,450		(69		)	11,381
	Pinnacle at Encino Commons		TX		Jun-14		Jun-24	Fixed	1,963		1,963		10			1,973
	Riverwalk II		IL		Jun-14		May-16	Floating	10,000		10,000		25			10,025
	Remington Apartments		TX		Jun-14		Jul-24	Fixed	3,480		3,480		17			3,497
	KinderCare Portfolio		Various		Jun-14		Jul-16	Floating	12,300		12,300		(55		)	12,245
	Fairmont Hotel		CA		Jun-14		Jun-16	Floating	35,000		35,000		149			35,149
	208 North LaSalle 1st		IL		Jul-14		Jul-15	Floating	14,000		14,000		(268		)	13,732
	208 North LaSalle Mezz		IL		Jul-14		Jul-17	Floating	7,000		7,000		(33		)	6,967
	1154 Sonora Court		CA		Jul-14		Jul-17	Floating	5,350		5,350		(6		)	5,344
	Thornton Buildings		CA		Aug-14		Aug-17	Floating	31,050		31,050		(170		)	30,880
	Hotel Madeline		CO		Aug-14		Aug-19	Floating	29,000		29,000		(139		)	28,861
	Lincoln Park West		IL		Sep-14		Sep-17	Floating	9,450		9,450		(47		)	9,403
	Hampton Inn JFK		NY		Sep-14		Sep-16	Floating	12,000		12,000		59			12,059
	The Landing		NC		Sep-14		Sep-16	Floating	5,000		5,000		25			5,025
	1301 W. Madison		IL		Sep-14		Sep-17	Floating	7,460		7,460		(43		)	7,417
	Holiday Inn Express New Orleans		LA		Sep-14		Oct-17	Floating	6,990		6,990		(55		)	6,935
	Glenborough Portfolio		Various		Sep-14		Aug-16	Floating	45,000		45,000		225			45,225
	Total								$	317,384	$	317,233	$	(3,701	)	$	313,532
	__________________________________________________________
	(1) Includes acquisition fees and acquisition expenses where applicable.
Loans and Leases Receivable, Allowance for Loan Losses Policy	'
	The following table presents the activity in the Company's provision for loan losses (in thousands):
	Provision for loan losses as of January 1, 2014	$	—
	Provision for loan losses	302
	Charge-offs	—
	Recoveries	—
	Provision for loan losses as of September 30, 2014	$	302
Credit Quality Investment Rating	'
	As part of the Company's process for monitoring the credit quality of its loans, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its performing loans. The loans are scored on a scale of 1 to 5 as follows:
	Investment Rating	Summary Description
	1	Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable.
	2	Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable.
	3	Performing investments requiring closer monitoring. Trends and risk factors show some deterioration.
	4	Underperforming investment with some loss of interest or dividend expected, but still expecting a positive return on investment. Trends and risk factors are negative.
	5	Underperforming investment with expected loss of interest and some principal.
Real Estate Noes Receivable Rollforward	'
	For the nine months ended September 30, 2014, the activity in the Company's loan portfolio was as follows (in thousands):
	Balance at December 31, 2013	$	30,832
	Acquisitions and originations	282,563
	Principal repayments	(103		)
	Discount accretion and premium amortization	240
	Provision for loan losses	(302		)
	Balance at September 30, 2014	$	313,230

Real_Estate_Securities_Tables

Real Estate Securities (Tables)	9 Months Ended
	Sep. 30, 2014
Investments, Debt and Equity Securities [Abstract]	'
Fair Value Measurements, Recurring and Nonrecurring	'
	The following is a summary of the Company's real estate securities by class (in thousands):
		30-Sep-14		31-Dec-13
	CMBS	$	38,571	$	5,005
	Total fair value of real estate securities	$	38,571	$	5,005
	The following table presents the Company's financial instrument carried at fair value in the consolidated balance sheet by its level in the fair value hierarchy as of September 30, 2014 (in thousands):
		Total		Level I		Level II			Level III
	CMBS	$	38,571	$	—	$	38,571		$	—
	Total	$	38,571	$	—	$	38,571		$	—
Available-for-sale Securities	'
	The table below represents the fair value adjustment as described above (in thousands):
		As of September 30, 2014
		Amortized Cost		Unrealized Gains		Unrealized Losses			Net Fair Value Adjustment			Fair Value
	CMBS	$	38,585	$	37	$	(51	)	$	(14	)	$	38,571
	Total	$	38,585	$	37	$	(51	)	$	(14	)	$	38,571

Net_Income_or_Loss_Per_Share_T

Net Income or Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Summary of the basic and diluted earnings per share	'
	The following table is a summary of the basic and diluted net income or loss per share computation for the three and nine months ended September 30, 2014 and September 30, 2013, respectively:
		Three Months Ended September 30,				Nine Months Ended September 30,
		2014		2013		2014		2013
	Basic and diluted net income (loss) (in thousands)	$	951	$	27	$	1,761	$	(118	)
	Basic weighted average shares outstanding	8,791,796		308,116		5,047,827		237,444
	Diluted weighted average shares outstanding	8,799,886		312,115		5,053,763		237,444
	Basic net income (loss) per share	$	0.11	$	0.09	$	0.35	$	(0.50	)
	Diluted net income (loss) per share	$	0.11	$	0.09	$	0.35	$	(0.50	)

Common_Stock_Tables

Common Stock (Tables)	9 Months Ended
	Sep. 30, 2014
Equity [Abstract]	'
Schedule of distributions	'
	The below table shows the distributions paid during the nine months ended September 30, 2014 (in thousands, except for shares).
	Payment Date	Weighted Average Shares Outstanding (1)	Amount Paid in Cash		Amount Issued under DRIP
	2-Jan-14	1,458,470	$	140	$	74
	3-Feb-14	1,973,014	171		85
	3-Mar-14	2,693,391	212		106
	1-Apr-14	3,273,194	304		163
	1-May-14	4,121,621	353		206
	2-Jun-14	5,363,713	451		282
	2-Jul-14	6,948,298	570		356
	2-Aug-14	8,917,018	758		485
	2-Sep-14	10,567,346	950		628
	Total		$	3,909	$	2,385
	__________________________________________________________________________
	(1) This represents the weighted average shares outstanding for the period related to the respective payment date.

Related_Party_Transactions_Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2014
Related Party Transactions [Abstract]	'
Schedule of Selling Commissions and Dealer Manager Fees Payable to Affiliate	'
	The table below shows the fees incurred from the Dealer Manager associated with the Offering during the three and nine months ended September 30, 2014 and 2013, respectively, and the associated payable as of September 30, 2014 and December 31, 2013 (in thousands):
		Three Months Ended September 30,				Nine Months Ended September 30,				Payable as of
		2014		2013		2014		2013		30-Sep-14		31-Dec-13
	Total commissions and fees incurred from the Dealer Manager	$	12,568	$	940	$	23,395	$	960	$	231	$	12
Schedule Of Offering Costs Reimbursements to Related Party	'
	The table below shows the compensation and reimbursement to the Advisor, its affiliates, entities under common control with the Advisor and the Dealer Manager incurred for services relating to the Offering during the three and nine months ended September 30, 2014 and 2013, respectively, and the associated payable as of September 30, 2014 and December 31, 2013 (in thousands):
		Three Months Ended September 30,				Nine Months Ended September 30,				Payable as of
		2014		2013		2014		2013		30-Sep-14		31-Dec-13
	Total compensation and reimbursement for services provided by the Advisor, its affiliates, entities under common control with the Advisor and the Dealer Manager	$	466	$	227	$	1,277	$	862	$	1,383	$	1,047
Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services	'
	The table below depicts related party fees and reimbursements in connection with the operations of the Company for the three and nine months ended September 30, 2014 and 2013, respectively, and the associated payable as of September 30, 2014 and December 31, 2013 (in thousands):
		Three Months Ended September 30,				Nine Months Ended September 30,				Payable as of
		2014		2013		2014		2013		30-Sep-14		31-Dec-13
	Acquisition fees and acquisition expenses	$	2,657	$	209	$	4,349	$	268	$	—	$	202
	Advisory and investment banking fee	135		152		405		181		—		316
	Asset management fee	414		—		414		—		414		—
	Total related party fees and reimbursements	$	3,206	$	361	$	5,168	$	449	$	414	$	518

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Measurements, Recurring and Nonrecurring	'
	The following is a summary of the Company's real estate securities by class (in thousands):
		30-Sep-14				31-Dec-13
	CMBS	$	38,571			$	5,005
	Total fair value of real estate securities	$	38,571			$	5,005
	The following table presents the Company's financial instrument carried at fair value in the consolidated balance sheet by its level in the fair value hierarchy as of September 30, 2014 (in thousands):
		Total				Level I				Level II		Level III
	CMBS	$	38,571			$	—			$	38,571	$	—
	Total	$	38,571			$	—			$	38,571	$	—
Fair Value, by Balance Sheet Grouping	'
	The fair values of the Company's remaining financial instruments that are not reported at fair value on the consolidated balance sheets are reported below (in thousands):
		Level		Carrying Amount September 30, 2014				Fair Value September 30, 2014
	Loans receivable, net	III		$	313,532			$	314,728
	Total			$	313,532			$	314,728
	___________________________________________________________________
	* Prior to June 30, 2014, the Company determined cost estimated fair value due the instruments proximity to the date of origination.

Offsetting_Assets_and_Liabilit1

Offsetting Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2014
Offsetting [Abstract]	'
Offsetting Liabilities	'
	The table below provides a gross presentation, the effects of offsetting and a net presentation of the Company's repurchase agreements within the scope of ASC 210-20, Balance Sheet—Offsetting, as of September 30, 2014 (in thousands):
											Gross Amounts Not Offset on the Balance Sheet
	Repurchase Agreements	Gross Amounts of Recognized Assets		Gross Amounts of Recognized (Liabilities)			Gross Amounts Offset on the Balance Sheet		Net Amount of Gross Assets (Liabilities) Recognized		Financial Instruments		Cash Collateral Received (Posted)		Net Amount
	30-Sep-14	$	175,294	$	(110,854	)	$	—	$	64,440	$	—	$	—	$	64,440

Segment_Reporting_Tables

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2014
Segment Reporting [Abstract]	'
Schedule of Segment Reporting Information, by Segment	'
	The following table represents the Company's operations by segment for the nine months ended September 30, 2014 (in thousands):
		Total		Real Estate Debt		Real Estate Securities
	Interest income	$	7,285	$	6,922	$	363
	Discount accretion and (premium) amortization	229		240		(11		)
	Interest expense	803		696		107
	Net income	1,761		2,041		(280		)
	Total assets	358,442		319,871		38,571

Subsequent_Events_Tables

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2014
Subsequent Events [Abstract]	'
Schedule of Subsequent Events	'
	Total capital raised to date, including shares issued under the DRIP and unvested restricted shares, is as follows (in thousands):
	Source of Capital	Inception to September 30, 2014		October 1 to October 31, 2014		Total
	Common stock	$	281,278	$	47,209	$	328,487

Organization_and_Business_Oper1

Organization and Business Operations (Details) (USD $)	0 Months Ended	9 Months Ended		10 Months Ended
	14-May-13	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Dec. 31, 2013	13-May-13
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'	'
Intentional maximum sale of stock	'	$2,000,000,000	'	'	'	'
Common stock, par value per share (in dollars per share)	'	$0.01	'	$0.01	$0.01	'
Proceeds from issuances of common stock	2,000,000	246,261,000	14,017,000	281,278,000	'	'
Common stock, price per share (in dollars per share)	'	$25	'	$25	'	$25
Common stock outstanding	'	283,200,000	'	283,200,000	'	'
Special Limited Partner [Member]	'	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'	'
Common stock shares issued (in shares)	'	8,888	'	8,888	'	'
Total consideration for common stock	'	2,020	'	'	'	'
Limited partners units (in shares)	'	90	'	90	'	'
Sponsor [Member]	'	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'	'
Common stock, price per share (in dollars per share)	'	$22.50	'	$22.50	'	'
Total consideration for common stock	'	200,000	'	'	'	'
DRIP [Member]	'	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'	'
Intentional maximum sale of stock	'	$400,000,000	'	'	'	'
DRIP cost per share (in dollars per share)	'	$23.75	'	$23.75	'	'
Shares repurchased, percentage of original price per share	'	95.00%	'	'	'	'

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details) (USD $)

3 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Jul. 17, 2013

15-May-13

Sep. 30, 2014

Jun. 18, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 05, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

loan

After One Year [Member]

After Two Years [Member]

After Three Years [Member]

After Four Years [Member]

Advisor [Member]

Advisor [Member]

Dealer Manager [Member]

Securities Sold under Agreements to Repurchase [Member]

AR Capital, LLC [Member]

AR Capital, LLC [Member]

AR Capital, LLC [Member]

JPM Repo Facility [Member]

JPM Repo Facility [Member]

JPM Repo Facility [Member]

JPM Repo Facility [Member]

Barclays Repo Facility [Member]

Barclays Repo Facility [Member]

Barclays Repo Facility [Member]

Barclays Repo Facility [Member]

CMBS [Member]

Maximum [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

London Interbank Offered Rate (LIBOR) [Member]

London Interbank Offered Rate (LIBOR) [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

London Interbank Offered Rate (LIBOR) [Member]

London Interbank Offered Rate (LIBOR) [Member]

investment

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Minimum [Member]

Maximum [Member]

Minimum [Member]

Maximum [Member]

Equity, Class of Treasury Stock [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real estate acquisition fee, percentage

'

'

'

'

'

'

'

'

'

1.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of mezzanine loans funded

'

'

28

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loan loss provision

$174,000

$0

$302,000

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loans on Reserve

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of investments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7

Unsecured line of credit

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10,000,000

5,000,000

'

150,000,000

'

'

'

150,000,000

'

'

'

Loans held in portfolio

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

Line of credit fixed rate

'

'

'

'

'

'

'

'

'

'

'

'

1.47%

3.25%

'

3.25%

'

'

'

'

'

'

'

'

'

Repurchase agreement

110,854,000

'

110,854,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Revolving line of credit

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

53,700,000

'

'

'

33,600,000

'

'

'

'

Variable interest rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.25%

4.50%

'

'

2.00%

2.50%

'

Weighted average interest rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.80%

'

'

'

2.15%

'

'

'

'

Repurchase agreements - real estate securities

$23,562,000

'

$23,562,000

'

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares repurchased, average cost per share (in dollars per share)

'

'

'

'

'

$23.13

$23.75

$24.38

$25

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares repurchased, percentage of original price per share

'

'

'

'

'

92.50%

95.00%

97.50%

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Short term trading fee percentage

'

'

2.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum percentage of shares authorized to repurchase during year

'

'

5.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares issued under DRIP (in shares)

'

'

108,377

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Offering costs reimbursable percentage

'

'

'

'

'

'

'

'

'

'

2.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dealer fees and offering costs, percentage

'

'

'

'

'

'

'

'

'

'

'

12.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

Minimum distribution percentage to qualify for REIT taxation status

'

'

90.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loans_Receivable_Details

Loans Receivable (Details) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
	rating
	loan
Receivables [Abstract]	'	'	'
Original Face Amount	$317,384,000	'	'
Loan investments	313,400,000	'	'
Number of mezzanine loans funded	28	'	'
Funded loans	103,000	26,000	'
Allowance for loan losses	302,000	'	0
Weighted average risk rating of loans	2	'	'
Number of non-performing, non-accrual or impaired loans	0	'	'
Acquisitions and originations	282,563,000	'	'
Number of Loans Invested During Period	22	'	'
Capitalized acquisition expenses	$1,400,000	'	'

Loans_Receivable_Loans_Receiva

Loans Receivable - Loans Receivable by Class (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Receivables [Abstract]	'	'
Mezzanine loans	$171,904	$30,832
Subordinated loans	15,429	0
Senior loans	126,199	0
Total gross carrying value of loans	313,532	30,832
Less: Provision for loan losses	302	0
Loans receivable, net	$313,230	$30,832

Loans_Receivable_Allowance_Rol

Loans Receivable - Allowance Rollforward (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Allowance for Loan and Lease Losses [Roll Forward]	'	'	'	'
Beginning Balance	'	'	$0	'
Loan loss provision	174	0	302	0
Charge-offs	'	'	0	'
Recoveries	'	'	0	'
Ending Balance	$302	'	$302	'

Loans_Receivable_Loan_Receivab

Loans Receivable - Loan Receivable Portfolio (Details) (USD $)	Sep. 30, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Original Face Amount	$317,384		'
Current Face Amount	317,233		'
Premium (Discount)	-3,701	[1]	'
Total gross carrying value of loans	313,532		30,832
W Hotel [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Original Face Amount	6,500		'
Current Face Amount	6,389		'
Premium (Discount)	-2,309	[1]	'
Total gross carrying value of loans	4,080		'
Regency Park Apartments [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Original Face Amount	5,000		'
Current Face Amount	5,000		'
Premium (Discount)	45	[1]	'
Total gross carrying value of loans	5,045		'
121 West Trade Office [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Original Face Amount	9,000		'
Current Face Amount	9,000		'
Premium (Discount)	60	[1]	'
Total gross carrying value of loans	9,060		'
545 Madison Avenue [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Original Face Amount	5,000		'
Current Face Amount	5,000		'
Premium (Discount)	72	[1]	'
Total gross carrying value of loans	5,072		'
Hampton Inn LaGuardia [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Original Face Amount	4,981		'
Current Face Amount	4,941		'
Premium (Discount)	-1,360	[1]	'
Total gross carrying value of loans	3,581		'
Southern US Student Housing [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Original Face Amount	4,000		'
Current Face Amount	4,000		'
Premium (Discount)	58	[1]	'
Total gross carrying value of loans	4,058		'
Burger King Portfolio [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Original Face Amount	10,000		'
Current Face Amount	10,000		'
Premium (Discount)	-5	[1]	'
Total gross carrying value of loans	9,995		'
Four Seasons Los Colinas [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Original Face Amount	11,000		'
Current Face Amount	11,000		'
Premium (Discount)	36	[1]	'
Total gross carrying value of loans	11,036		'
Element Hotel [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Original Face Amount	3,000		'
Current Face Amount	3,000		'
Premium (Discount)	21	[1]	'
Total gross carrying value of loans	3,021		'
Green Hills Corporate Center [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Original Face Amount	7,000		'
Current Face Amount	7,000		'
Premium (Discount)	33	[1]	'
Total gross carrying value of loans	7,033		'
Cardinal Portfolio [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Original Face Amount	5,410		'
Current Face Amount	5,410		'
Premium (Discount)	23	[1]	'
Total gross carrying value of loans	5,433		'
4550 Van Nuys Boulevard [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Original Face Amount	11,450		'
Current Face Amount	11,450		'
Premium (Discount)	-69	[1]	'
Total gross carrying value of loans	11,381		'
Pinnacle at Encino Commons [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Original Face Amount	1,963		'
Current Face Amount	1,963		'
Premium (Discount)	10	[1]	'
Total gross carrying value of loans	1,973		'
Riverwalk II [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Original Face Amount	10,000		'
Current Face Amount	10,000		'
Premium (Discount)	25	[1]	'
Total gross carrying value of loans	10,025		'
Remington Apartments [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Original Face Amount	3,480		'
Current Face Amount	3,480		'
Premium (Discount)	17	[1]	'
Total gross carrying value of loans	3,497		'
KinderCare Portfolio [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Original Face Amount	12,300		'
Current Face Amount	12,300		'
Premium (Discount)	-55	[1]	'
Total gross carrying value of loans	12,245		'
Fairmont Hotel [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Original Face Amount	35,000		'
Current Face Amount	35,000		'
Premium (Discount)	149	[1]	'
Total gross carrying value of loans	35,149		'
208 North LaSalle 1st [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Original Face Amount	14,000		'
Current Face Amount	14,000		'
Premium (Discount)	-268	[1]	'
Total gross carrying value of loans	13,732		'
208 North Lasalle Mezz [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Original Face Amount	7,000		'
Current Face Amount	7,000		'
Premium (Discount)	-33	[1]	'
Total gross carrying value of loans	6,967		'
1154 Sonora Court [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Original Face Amount	5,350		'
Current Face Amount	5,350		'
Premium (Discount)	-6	[1]	'
Total gross carrying value of loans	5,344		'
Thorton Buildings [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Original Face Amount	31,050		'
Current Face Amount	31,050		'
Premium (Discount)	-170	[1]	'
Total gross carrying value of loans	30,880		'
Hotel Madeline [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Original Face Amount	29,000		'
Current Face Amount	29,000		'
Premium (Discount)	-139	[1]	'
Total gross carrying value of loans	28,861		'
Lincoln Park West [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Original Face Amount	9,450		'
Current Face Amount	9,450		'
Premium (Discount)	-47	[1]	'
Total gross carrying value of loans	9,403		'
Hampton Inn JFK [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Original Face Amount	12,000		'
Current Face Amount	12,000		'
Premium (Discount)	59	[1]	'
Total gross carrying value of loans	12,059		'
The Landing [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Original Face Amount	5,000		'
Current Face Amount	5,000		'
Premium (Discount)	25	[1]	'
Total gross carrying value of loans	5,025		'
1301 W. Madison [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Original Face Amount	7,460		'
Current Face Amount	7,460		'
Premium (Discount)	-43	[1]	'
Total gross carrying value of loans	7,417		'
Holiday Inn Express New Orleans [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Original Face Amount	6,990		'
Current Face Amount	6,990		'
Premium (Discount)	-55	[1]	'
Total gross carrying value of loans	6,935		'
Glenborough Portfolio [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Original Face Amount	45,000		'
Current Face Amount	45,000		'
Premium (Discount)	225	[1]	'
Total gross carrying value of loans	$45,225		'
[1]	Includes acquisition fees and acquisition expenses where applicable.

Loans_Receivable_Receivable_Ro

Loans Receivable - Receivable Rollforward (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Movement in Mortgage Loans on Real Estate [Roll Forward]	'	'	'	'
Balance at December 31, 2013	'	'	$30,832	'
Acquisitions and originations	'	'	282,563	'
Principal repayments	'	'	-103	'
Discount accretion and premium amortization	'	'	240	'
Provision for loan losses	-174	0	-302	0
Balance at September 30, 2014	$313,230	'	$313,230	'

Real_Estate_Securities_Details

Real Estate Securities (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]	'	'
Investments, Fair Value Disclosure	$38,571,000	$5,005,000
CMBS [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Investments, Fair Value Disclosure	38,571,000	5,005,000
Number of investments	7	'
Par value of investment	$38,500,000	'

Real_Estate_Securities_Amortiz

Real Estate Securities - Amortized Cost and Fair Value (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized Cost	$38,585	'
Unrealized Gains	37	'
Unrealized Losses	-51	'
Net Fair Value Adjustment	-14	'
Real estate securities, at fair value	38,571	5,005
CMBS [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized Cost	38,585	'
Unrealized Gains	37	'
Unrealized Losses	-51	'
Net Fair Value Adjustment	-14	'
Real estate securities, at fair value	$38,571	'

Debt_Details

Debt (Details) (Revolving Credit Facility [Member], AR Capital, LLC [Member], USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Jul. 17, 2013	15-May-13
	extension		extension
Revolving Credit Facility [Member] | AR Capital, LLC [Member]	'	'	'	'	'	'
Line of Credit Facility [Line Items]	'	'	'	'	'	'
Unsecured line of credit	'	'	'	'	$10,000,000	$5,000,000
Line of credit fixed rate	3.25%	'	3.25%	'	'	3.25%
Maturity period	'	'	'1 year	'	'	'
Number of one year extensions	2	'	2	'	'	'
Interest expense	$0	$7,388	$16,881	$15,375	'	'

Debt_Repurchase_Agreements_Loa

Debt - Repurchase Agreements - Loans Receivable (Details) (USD $)	9 Months Ended	3 Months Ended		9 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014	Jun. 18, 2013	Sep. 30, 2013	Sep. 30, 2014	Sep. 05, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014
	JPM Repo Facility [Member]	JPM Repo Facility [Member]	JPM Repo Facility [Member]	Barclays Repo Facility [Member]	Barclays Repo Facility [Member]	Barclays Repo Facility [Member]	Minimum [Member]	Minimum [Member]	Maximum [Member]	Maximum [Member]
		Revolving Credit Facility [Member]	Revolving Credit Facility [Member]		Revolving Credit Facility [Member]	Revolving Credit Facility [Member]	London Interbank Offered Rate (LIBOR) [Member]	London Interbank Offered Rate (LIBOR) [Member]	London Interbank Offered Rate (LIBOR) [Member]	London Interbank Offered Rate (LIBOR) [Member]
							JPM Repo Facility [Member]	Barclays Repo Facility [Member]	JPM Repo Facility [Member]	Barclays Repo Facility [Member]
							Revolving Credit Facility [Member]	Revolving Credit Facility [Member]	Revolving Credit Facility [Member]	Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]	'	'	'	'	'	'	'	'	'	'
Unsecured line of credit	'	'	$150,000,000	'	'	$150,000,000	'	'	'	'
Revolving line of credit	'	53,700,000	'	'	33,600,000	'	'	'	'	'
Variable interest rate	'	'	'	'	'	'	2.25%	2.00%	4.50%	2.50%
Weighted average interest rate	'	3.80%	'	'	2.15%	'	'	'	'	'
Interest expense	$500,000	$500,000	'	$1,299	$1,299	'	'	'	'	'

Debt_Repurchase_Agreements_Inv

Debt - Repurchase Agreements - Investment Securities (Details) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014
Securities Sold under Agreements to Repurchase [Member]	'	'
Assets Sold under Agreements to Repurchase [Line Items]	'	'
Line of credit fixed rate	1.47%	1.47%
Interest expense	$100,000	$100,000
JPM Repo Facility [Member]	'	'
Assets Sold under Agreements to Repurchase [Line Items]	'	'
Interest expense	'	500,000
JPM Repo Facility [Member] | Revolving Credit Facility [Member]	'	'
Assets Sold under Agreements to Repurchase [Line Items]	'	'
Revolving line of credit	53,700,000	53,700,000
Interest expense	500,000	'
Repurchase Period One [Member] | JPM Repo Facility [Member] | Securities Sold under Agreements to Repurchase [Member]	'	'
Assets Sold under Agreements to Repurchase [Line Items]	'	'
Line of credit fixed rate	1.45%	1.45%
Repurchase Period One [Member] | JPM Repo Facility [Member] | Revolving Credit Facility [Member]	'	'
Assets Sold under Agreements to Repurchase [Line Items]	'	'
Revolving line of credit	15,800,000	15,800,000
Repurchase Period One [Member] | CITIGROUP GLOBAL MARKETS [Member] | Securities Sold under Agreements to Repurchase [Member]	'	'
Assets Sold under Agreements to Repurchase [Line Items]	'	'
Line of credit fixed rate	1.53%	1.53%
Interest expense	'	0
Repurchase Period One [Member] | Wells Fargo Securities LLC [Member] | Securities Sold under Agreements to Repurchase [Member]	'	'
Assets Sold under Agreements to Repurchase [Line Items]	'	'
Line of credit fixed rate	1.50%	1.50%
Interest expense	'	0
Repurchase Period Two [Member] | JPM Repo Facility [Member] | Revolving Credit Facility [Member]	'	'
Assets Sold under Agreements to Repurchase [Line Items]	'	'
Revolving line of credit	4,000,000	4,000,000
Repurchase Period Three [Member] | JPM Repo Facility [Member] | Revolving Credit Facility [Member]	'	'
Assets Sold under Agreements to Repurchase [Line Items]	'	'
Revolving line of credit	$3,800,000	$3,800,000

Net_Income_or_Loss_Per_Share_D

Net Income or Loss Per Share (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Earnings Per Share [Abstract]	'	'	'	'
Basic and diluted net income (loss) (in thousands)	$951	$27	$1,761	($118)
Basic weighted average shares outstanding (in shares)	8,791,796	308,116	5,047,827	237,444
Diluted weighted average shares outstanding (in shares)	8,799,886	312,115	5,053,763	237,444
Basic net income (loss) per share (in dollars per share)	$0.11	$0.09	$0.35	($0.50)
Diluted net income (loss) per share (in dollars per share)	$0.11	$0.09	$0.35	($0.50)

Net_Income_or_Loss_Per_Share_N

Net Income or Loss Per Share - Narrative (Details) (USD $)	9 Months Ended
	Sep. 30, 2014
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]	'
Antidilutive securities excluded from computation (in shares)	8,088
Antidilutive securities excluded from computation (in dollars per share)	$0.00
Restricted Stock Units (RSUs) [Member]	'
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]	'
Antidilutive securities excluded from computation (in shares)	800
Restricted Unvested Common Stock [Member]	'
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]	'
Antidilutive securities excluded from computation (in shares)	7,198
OP Units [Member]	'
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]	'
Antidilutive securities excluded from computation (in shares)	90

Common_Stock_Details

Common Stock (Details) (USD $)

0 Months Ended

3 Months Ended

9 Months Ended

Sep. 02, 2014

Aug. 02, 2014

Jul. 02, 2014

Jun. 02, 2014

1-May-14

Apr. 01, 2014

Mar. 03, 2014

Feb. 03, 2014

Jan. 02, 2014

13-May-13

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

13-May-13

Class of Stock [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from issuance

'

'

'

'

'

'

'

'

'

'

'

'

$278,600,000

'

'

'

Minimum distribution percentage to qualify for REIT taxation status

'

'

'

'

'

'

'

'

'

'

'

'

90.00%

'

'

'

Distribution percentage required to avoid paying federal income taxes

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

Common stock, dividends, per share per day, declared (in dollars per share)

'

'

'

'

'

'

'

'

'

$0.01

'

'

'

'

'

'

Common stock, price per share (in dollars per share)

'

'

'

'

'

'

'

'

'

'

$25

'

$25

'

'

$25

Amount paid in cash

950,000

758,000

570,000

451,000

353,000

304,000

212,000

171,000

140,000

'

'

'

3,909,000

'

'

'

Net income (loss)

'

'

'

'

'

'

'

'

'

'

951,000

27,000

1,761,000

-118,000

'

'

Distributions payable

'

'

'

'

'

'

'

'

'

'

1,078,000

'

1,078,000

'

216,000

'

Restricted Stock [Member]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Class of Stock [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Distributions payable

'

'

'

'

'

'

'

'

'

'

1,100,000

'

1,100,000

'

'

'

Restricted Unvested Common Stock [Member]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Class of Stock [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Distributions payable

'

'

'

'

'

'

'

'

'

'

$6,892

'

$6,892

'

'

'

Common Stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Class of Stock [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares outstanding (in shares)

'

'

'

'

'

'

'

'

'

'

11,334,796

'

11,334,796

'

1,330,669

'

Common_Stock_Distributions_Det

Common Stock - Distributions (Details) (USD $)	0 Months Ended																		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 02, 2014		Aug. 02, 2014		Jul. 02, 2014		Jun. 02, 2014		1-May-14		Apr. 01, 2014		Mar. 03, 2014		Feb. 03, 2014		Jan. 02, 2014		Sep. 30, 2014
Equity [Abstract]	'		'		'		'		'		'		'		'		'		'
Weighted average shares outstanding, basic and diluted (in shares)	10,567,346	[1]	8,917,018	[1]	6,948,298	[1]	5,363,713	[1]	4,121,621	[1]	3,273,194	[1]	2,693,391	[1]	1,973,014	[1]	1,458,470	[1]	'
Amount paid in cash	$950		$758		$570		$451		$353		$304		$212		$171		$140		$3,909
Amount issued under DRIP	$628		$485		$356		$282		$206		$163		$106		$85		$74		$2,385
[1]	This represents the weighted average shares outstanding for the period related to the respective payment date.

Related_Party_Transactions_and1

Related Party Transactions and Arrangements (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Related Party Transaction [Line Items]	'	'	'	'	'
Common stock, shares outstanding and owned by related party (in shares)	11,334,796	'	11,334,796	'	1,330,669
Fees Paid In Connection With Offering [Abstract]	'	'	'	'	'
Selling commission, organizational and offering costs, maximum	'	'	2.00%	'	'
Fees Paid In Connection With Operations [Abstract]	'	'	'	'	'
Asset management fee	$414,000	$0	$414,000	$0	'
Asset retirement costs	900,000	'	900,000	'	'
Sponsor [Member]	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
Common stock, shares outstanding and owned by related party (in shares)	8,888	'	8,888	'	'
Dealer Manager [Member]	'	'	'	'	'
Fees Paid In Connection With Offering [Abstract]	'	'	'	'	'
Selling commission, percentage of offering proceeds	7.00%	'	7.00%	'	'
Selling commission, percentage of offering proceeds, reallowance fee	3.00%	'	3.00%	'	'
Selling commission, percentage of offering proceeds, reduction fee	2.50%	'	2.50%	'	'
Fees Paid In Connection With Operations [Abstract]	'	'	'	'	'
Total commissions and fees incurred from the Dealer Manager	12,568,000	940,000	23,395,000	960,000	'
Participating Broker Dealers [Member]	'	'	'	'	'
Fees Paid In Connection With Offering [Abstract]	'	'	'	'	'
Selling commission, percentage of offering proceeds	7.50%	'	7.50%	'	'
Selling commission, percentage of offering proceeds, first payment	2.50%	'	2.50%	'	'
Selling commission, percentage of offering proceeds, subsequent payments	1.00%	'	1.00%	'	'
Advisor [Member]	'	'	'	'	'
Fees Paid In Connection With Operations [Abstract]	'	'	'	'	'
Real estate acquisition fee, percentage	1.00%	'	1.00%	'	'
Real estate acquisition fee, percentage reimbursement of acquisition costs, maximum exposure	4.50%	'	4.50%	'	'
Annual asset management fee, percentage based on the lower of total costs of assets or net asset value	0.75%	'	0.75%	'	'
Administrative services reimbursement, limitation, percentage of average invested assets	2.00%	'	2.00%	'	'
Administrative services reimbursement, limitation, percentage of net income	25.00%	'	25.00%	'	'
Fees Paid In Connection With Liquidation Of Assets [Abstract]	'	'	'	'	'
Real estate disposition fee, percentage	1.00%	'	1.00%	'	'
Principal amount of debt, obligated to pay as disposition fee for each investment sold	'	'	1.00%	'	'
Subordinated performance fee, percentage in excess of total return	15.00%	'	15.00%	'	'
Subordinated performance fee, percentage of total return required before payment of performance fee	6.00%	'	6.00%	'	'
Subordinated performance fee, maximum percentage of total return payable as a fee	10.00%	'	10.00%	'	'
Subordinated participation in asset sale proceeds fee, percentage	15.00%	'	15.00%	'	'
Subordinated participation in asset sale proceeds fee, percentage threshold return before payment of fee	6.00%	'	6.00%	'	'
Subordinated incentive listing distribution fee, percentage	15.00%	'	15.00%	'	'
Subordinated incentive listing distribution fee, percentage threshold return before payment of fee	6.00%	'	6.00%	'	'
Termination or non-renewal of the advisory agreement fee, percentage	15.00%	'	15.00%	'	'
Termination or non-renewal of the advisory agreement fee, percentage threshold return before payment of fee	6.00%	'	6.00%	'	'
Acquisition and Related Expenses [Member] | Advisor [Member]	'	'	'	'	'
Fees Paid In Connection With Operations [Abstract]	'	'	'	'	'
Total commissions and fees incurred from the Dealer Manager	'	200,000	'	300,000	'
Incurred [Member] | Acquisition and Related Expenses [Member] | Advisor [Member]	'	'	'	'	'
Fees Paid In Connection With Operations [Abstract]	'	'	'	'	'
Total commissions and fees incurred from the Dealer Manager	1,800,000	'	2,900,000	'	'
Payable [Member] | Acquisition and Related Expenses [Member] | Advisor [Member]	'	'	'	'	'
Fees Paid In Connection With Operations [Abstract]	'	'	'	'	'
Total commissions and fees incurred from the Dealer Manager	$900,000	'	$1,500,000	'	'
Fee to Acquire and Originate Real Estate Debt | Advisor [Member]	'	'	'	'	'
Fees Paid In Connection With Operations [Abstract]	'	'	'	'	'
Transaction rate	'	'	0.50%	'	'

Related_Party_Transactions_and2

Related Party Transactions and Arrangements - Dealer Manager Fees (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Related Party Transaction [Line Items]	'	'	'	'	'
Payable to related party	$0	'	$0	'	$1,078
Dealer Manager [Member]	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
Total commissions and fees incurred from the Dealer Manager	12,568	940	23,395	960	'
Payable to related party	$231	'	$231	'	$12

Related_Party_Transactions_and3

Related Party Transactions and Arrangements - Advisor and Affiliate Compensation (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Related Party Transaction [Line Items]	'	'	'	'	'
Payable to related party	$0	'	$0	'	$1,078
Fees and Expense Reimbursement, Stock Offering [Member] | Advisor and Dealer Manager [Member]	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
Total compensation and reimbursement for services provided by the Advisor and affiliates	466	227	1,277	862	'
Payable to related party	$1,383	'	$1,383	'	$1,047

Related_Party_Transactions_and4

Related Party Transactions and Arrangements - Fees and Reimbursements (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Related Party Transaction [Line Items]	'	'	'	'	'
Payable to related party	$0	'	$0	'	$1,078
Related Party Fees and Reimbursements [Member]	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
Total related party fees and reimbursements	3,206	361	5,168	449	'
Payable to related party	414	'	414	'	518
Acquisition and Related Expenses [Member] | Nonrecurring Fees [Member]	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
Total related party fees and reimbursements	2,657	209	4,349	268	'
Payable to related party	0	'	0	'	202
Advisory Fee [Member] | Nonrecurring Fees [Member]	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
Total related party fees and reimbursements	135	152	405	181	'
Payable to related party	0	'	0	'	316
Asset Management Fee [Member] | Nonrecurring Fees [Member]	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
Total related party fees and reimbursements	414	0	414	0	'
Payable to related party	$414	'	$414	'	$0

ShareBased_Compensation_Detail

Share-Based Compensation (Details) (USD $)

3 Months Ended

9 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2014

13-May-13

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Restricted Share Plan [Member]

Restricted Share Plan [Member]

Independent Director [Member]

Board of Directors [Member]

Board of Directors [Member]

Board of Directors [Member]

Board of Directors [Member]

Board of Directors [Member]

Restricted Shares and Unvested Restricted Shares [Member]

Restricted Unvested Common Stock [Member]

Restricted Stock Units (RSUs) [Member]

Restricted Common Stock [Member]

Restricted Share Plan [Member]

Restricted Share Plan [Member]

Restricted Share Plan [Member]

Restricted Share Plan [Member]

Restricted Share Plan [Member]

Restricted Common Stock [Member]

Restricted Common Stock [Member]

Restricted Common Stock [Member]

Restricted Common Stock [Member]

Restricted Common Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares granted under restricted share plan, maximum percentage of total shares allowed

'

'

'

5.00%

'

'

'

'

'

'

'

'

'

'

Maximum shares allowed to be granted under restricted share plan (in shares)

'

'

'

4,000,000

'

'

'

'

'

'

'

'

'

'

Vesting period for plan

'

'

'

'5 years

'

'5 years

'

'

'

'

'

'

'

'

Stock option grants (in shares)

'

'

'

'

'

1,333

'

'

'

'

'

'

'

'

Grants in increments per annum

'

'

'

'

20.00%

'

'

'

'

'

'

'

'

'

Antidilutive securities excluded from computation (in shares)

'

8,088

'

'

'

'

'

'

'

'

'

7,998

7,198

800

Common stock, price per share (in dollars per share)

$25

$25

$25

'

'

'

$22.50

'

'

'

'

'

'

'

Shares issued for services (in shares)

0

39

'

'

'

'

'

'

'

'

'

'

'

'

Compensation expense

$0

$876

'

'

'

'

'

$9,072

$4,536

$19,622

$11,340

'

'

'

Fair_Value_of_Financial_Instru2

Fair Value of Financial Instruments (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Repurchase agreement	$110,854,000	'
Real estate securities, at fair value	38,571,000	5,005,000
Fair Value, Measurements, Recurring [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Real estate securities, at fair value	38,571,000	'
Fair Value, Measurements, Recurring [Member] | Level I [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Real estate securities, at fair value	0	'
Fair Value, Measurements, Recurring [Member] | Level II [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Real estate securities, at fair value	38,571,000	'
Fair Value, Measurements, Recurring [Member] | Level III [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Real estate securities, at fair value	0	'
CMBS [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Real estate securities, at fair value	38,571,000	'
CMBS [Member] | Fair Value, Measurements, Recurring [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Real estate securities, at fair value	38,571,000	'
CMBS [Member] | Fair Value, Measurements, Recurring [Member] | Level I [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Real estate securities, at fair value	0	'
CMBS [Member] | Fair Value, Measurements, Recurring [Member] | Level II [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Real estate securities, at fair value	38,571,000	'
CMBS [Member] | Fair Value, Measurements, Recurring [Member] | Level III [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Real estate securities, at fair value	0	'
Securities Sold under Agreements to Repurchase [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Line of credit fixed rate	1.47%	'
JPM Repo Facility [Member] | Revolving Credit Facility [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Revolving line of credit	53,700,000	'
Weighted average interest rate	3.80%	'
Barclays Repo Facility [Member] | Revolving Credit Facility [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Revolving line of credit	33,600,000	'
Weighted average interest rate	2.15%	'
Repurchase Period One [Member] | JPM Repo Facility [Member] | Securities Sold under Agreements to Repurchase [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Line of credit fixed rate	1.45%	'
Repurchase Period One [Member] | JPM Repo Facility [Member] | Revolving Credit Facility [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Revolving line of credit	15,800,000	'
Repurchase Period One [Member] | Wells Fargo Securities LLC [Member] | Securities Sold under Agreements to Repurchase [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Line of credit fixed rate	1.50%	'
Repurchase Period One [Member] | CITIGROUP GLOBAL MARKETS [Member] | Securities Sold under Agreements to Repurchase [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Line of credit fixed rate	1.53%	'
Repurchase Period Three [Member] | JPM Repo Facility [Member] | Revolving Credit Facility [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Revolving line of credit	3,800,000	'
Repurchase Period Two [Member] | JPM Repo Facility [Member] | Revolving Credit Facility [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Revolving line of credit	$4,000,000	'

Fair_Value_of_Financial_Instru3

Fair Value of Financial Instruments - Financial Instruments (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Loans receivable, net	$313,230	$30,832
Level III [Member] | Carrying Amount [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Loans receivable, net	313,532	'
Level III [Member] | Fair Value [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Loans receivable, net	$314,728	'

Offsetting_Assets_and_Liabilit2

Offsetting Assets and Liabilities (Details) (USD $)	Sep. 30, 2014
In Thousands, unless otherwise specified
Offsetting [Abstract]	'
Gross Amounts of Recognized Assets	$175,294
Gross Amounts of Recognized (Liabilities)	-110,854
Gross Amounts Offset on the Balance Sheet	0
Net Amount of Gross Assets (Liabilities) Recognized	64,440
Financial Instruments	0
Cash Collateral Received (Posted)	0
Net Amount	$64,440

Segment_Reporting_Details

Segment Reporting (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Segment Reporting Information [Line Items]	'	'	'	'	'
Interest income	'	'	$7,285	'	'
Discount accretion and (premium) amortization	'	'	229	'	'
Less: Interest expense	711	8	803	17	'
Net income (loss)	951	27	1,761	-118	'
Total assets	358,442	'	358,442	'	36,370
Real Estate Debt [Member]	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Interest income	'	'	6,922	'	'
Discount accretion and (premium) amortization	'	'	240	'	'
Less: Interest expense	'	'	696	'	'
Net income (loss)	'	'	2,041	'	'
Total assets	319,871	'	319,871	'	'
Real Estate Securities [Member]	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Interest income	'	'	363	'	'
Discount accretion and (premium) amortization	'	'	-11	'	'
Less: Interest expense	'	'	107	'	'
Net income (loss)	'	'	-280	'	'
Total assets	$38,571	'	$38,571	'	'

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	0 Months Ended	9 Months Ended		10 Months Ended			0 Months Ended	1 Months Ended	12 Months Ended
	14-May-13	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Dec. 31, 2013	13-May-13	Oct. 02, 2014	Oct. 31, 2014	Oct. 31, 2014	Oct. 31, 2014
							Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]	DRIP [Member]
										Subsequent Event [Member]
Subsequent Event [Line Items]	'	'	'	'	'	'	'	'	'	'
Common stock, shares outstanding and owned by related party (in shares)	'	11,334,796	'	11,334,796	1,330,669	'	'	13,225,951	13,225,951	'
Proceeds from issuances of common stock	$2,000,000	$246,261,000	$14,017,000	$281,278,000	'	'	'	$47,209,000	$328,487,000	'
Common stock outstanding	'	283,200,000	'	283,200,000	'	'	'	330,500,000	330,500,000	'
Common stock, price per share (in dollars per share)	'	$25	'	$25	'	$25	'	$25	$25	$23.75
Payments of dividends	'	3,909,000	57,000	'	'	'	1,800,000	'	'	'
Dividends in cash	'	'	'	'	'	'	1,100,000	'	'	'
Common stock issued through distribution reinvestment plan	'	$2,385,000	'	'	'	'	$700,000	'	'	'
Shares issued under DRIP (in shares)	'	108,377	'	'	'	'	30,976.84	'	'	'

Subsequent_Events_Issuance_of_

Subsequent Events - Issuance of Common Stock (Details) (USD $)	0 Months Ended	9 Months Ended		10 Months Ended	1 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	14-May-13	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Oct. 31, 2014	Oct. 31, 2014
					Subsequent Event [Member]	Subsequent Event [Member]
Subsequent Event [Line Items]	'	'	'	'	'	'
Proceeds from issuances of common stock	$2,000	$246,261	$14,017	$281,278	$47,209	$328,487

Subsequent_Events_Loans_Receiv

Subsequent Events - Loans Receivable (Details) (USD $)	Sep. 30, 2014	Nov. 14, 2014	Nov. 14, 2014	Nov. 14, 2014
In Thousands, unless otherwise specified		Subsequent Event [Member]	First Mortgage Loans [Member]	Mezzanine Mortgage [Member]
			Subsequent Event [Member]	Subsequent Event [Member]
Subsequent Event [Line Items]	'	'	'	'
Original Face Amount	$317,384	$71,400	$57,300	$14,100