Document_and_Entity_Informatio
| Document and Entity Information | 6 Months Ended | |
| Jun. 30, 2014 | Aug. 11, 2014 | |
| Document and Entity Information | ' | ' |
| Entity Registrant Name | 'NorthStar Real Estate Income II, Inc. | ' |
| Entity Central Index Key | '0001564657 | ' |
| Entity Current Reporting Status | 'Yes | ' |
| Current Fiscal Year End Date | '--12-31 | ' |
| Entity Filer Category | 'Smaller Reporting Company | ' |
| Entity Common Stock, Shares Outstanding (shares) | ' | 17,366,916 |
| Amendment Flag | 'false | ' |
| Document Type | '10-Q | ' |
| Document Period End Date | 30-Jun-14 | ' |
| Document Fiscal Year Focus | '2014 | ' |
| Document Fiscal Period Focus | 'Q2 | ' |
CONSOLIDATED_BALANCE_SHEETS
| CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
| Assets | ' | ' |
| Cash | $54,392,655 | $7,279,417 |
| Restricted cash | 2,607,427 | 153,947 |
| Real estate debt investments, net | 157,971,739 | 16,500,000 |
| Receivables, net | 1,798,461 | 844,241 |
| Deferred costs, net | 498,051 | 548,619 |
| Total assets | 217,268,333 | 25,326,224 |
| Liabilities | ' | ' |
| Credit facility | 94,225,000 | 0 |
| Due to related party | 0 | 260,977 |
| Escrow deposits payable | 2,607,427 | 153,947 |
| Distribution payable | 725,003 | 120,618 |
| Other liabilities | 89,893 | 2,497 |
| Total liabilities | 97,647,323 | 538,039 |
| NorthStar Real Estate Income II, Inc. Stockholders’ Equity | ' | ' |
| Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of June 30, 2014 and December 31, 2013 | 0 | 0 |
| Common stock, $0.01 par value, 400,000,000 shares authorized, 14,022,096 and 2,832,326 shares issued and outstanding as of June 30, 2014 and December 31, 2013, respectively | 140,221 | 28,323 |
| Additional paid-in capital | 121,923,067 | 24,944,578 |
| Retained earnings (accumulated deficit) | -2,444,301 | -186,728 |
| Total NorthStar Real Estate Income II, Inc. stockholders’ equity | 119,618,987 | 24,786,173 |
| Non-controlling interests | 2,023 | 2,012 |
| Total equity | 119,621,010 | 24,788,185 |
| Total liabilities and equity | $217,268,333 | $25,326,224 |
CONSOLIDATED_BALANCE_SHEETS_Pa
| CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
| Statement of Financial Position [Abstract] | ' | ' |
| Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
| Preferred stock, shares authorized (shares) | 50,000,000 | 50,000,000 |
| Preferred stock, shares issued (shares) | 0 | 0 |
| Preferred stock, shares outstanding (shares) | 0 | 0 |
| Common stock, par value (in dollars per share) | $0.01 | $0.01 |
| Common stock, shares authorized (shares) | 400,000,000 | 400,000,000 |
| Common stock, shares issued (shares) | 14,022,096 | 2,832,326 |
| Common stock, shares outstanding (shares) | 14,022,096 | 2,832,326 |
CONSOLIDATED_STATEMENTS_OF_OPE
| CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended |
| Jun. 30, 2014 | Jun. 30, 2014 | |
| Net interest income | ' | ' |
| Interest income | $1,922,289 | $2,564,738 |
| Interest expense | 621,550 | 769,482 |
| Net interest income | 1,300,739 | 1,795,256 |
| Expenses | ' | ' |
| Asset management and other fees - related party | 442,118 | 582,753 |
| General and administrative expenses | 487,489 | 777,141 |
| Total expenses | 929,607 | 1,359,894 |
| Net income (loss) | 371,132 | 435,362 |
| Net (income) loss attributable to non-controlling interests | -6 | -11 |
| Net income (loss) attributable to NorthStar Real Estate Income II, Inc. common stockholders | $371,126 | $435,351 |
| Net income (loss) per share of common stock, basic/diluted (usd per share) | $0.04 | $0.06 |
| Weighted average number of shares of common stock outstanding, basic/diluted (shares) | 10,533,988 | 7,840,478 |
| Distributions declared per share of common stock (usd per share) | $0.18 | $0.35 |
CONSOLIDATED_STATEMENTS_OF_COM
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | 6 Months Ended |
| Jun. 30, 2014 | Jun. 30, 2014 | |
| Statement of Comprehensive Income [Abstract] | ' | ' |
| Net income (loss) | $371,132 | $435,362 |
| Comprehensive income (loss) | 371,132 | 435,362 |
| Comprehensive (income) loss attributable to non-controlling interests | -6 | -11 |
| Comprehensive income (loss) attributable to NorthStar Real Estate Income II, Inc. | $371,126 | $435,351 |
CONSOLIDATED_STATEMENTS_OF_EQU
| CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Total | Total Company’s Stockholders’ Equity | Common Stock | Additional Paid-in Capital | Retained Earnings(Accumulated Deficit) | Non-controlling Interests |
| Beginning Balance at Dec. 31, 2012 | $202,007 | $200,007 | $222 | $199,785 | $0 | $2,000 |
| Balance (in shares) at Dec. 31, 2012 | ' | ' | 22,223 | ' | ' | ' |
| Increase (Decrease) in Stockholder's Equity | ' | ' | ' | ' | ' | ' |
| Net proceeds from issuance of common stock (in shares) | ' | ' | 2,792,898 | ' | ' | ' |
| Net proceeds from issuance of common stock | 24,742,306 | 24,742,306 | 27,929 | 24,714,377 | ' | ' |
| Issuance and amortization of equity-based compensation (in shares) | ' | ' | 15,000 | ' | ' | ' |
| Issuance and amortization of equity-based compensation | 9,640 | 9,640 | 150 | 9,490 | ' | ' |
| Distributions declared | -199,183 | -199,183 | ' | ' | -199,183 | ' |
| Proceeds from distribution reinvestment plan (shares) | ' | ' | 2,205 | ' | ' | ' |
| Proceeds from distribution reinvestment plan | 20,948 | 20,948 | 22 | 20,926 | ' | ' |
| Net income (loss) | 12,467 | 12,455 | ' | 0 | 12,455 | 12 |
| Ending Balance at Dec. 31, 2013 | 24,788,185 | 24,786,173 | 28,323 | 24,944,578 | -186,728 | 2,012 |
| Balance (in shares) at Dec. 31, 2013 | 2,832,326 | ' | 2,832,326 | ' | ' | ' |
| Increase (Decrease) in Stockholder's Equity | ' | ' | ' | ' | ' | ' |
| Net proceeds from issuance of common stock (in shares) | ' | ' | 11,082,695 | ' | ' | ' |
| Net proceeds from issuance of common stock | 96,126,986 | 96,126,986 | 110,827 | 96,016,159 | ' | ' |
| Issuance and amortization of equity-based compensation (in shares) | ' | ' | 7,500 | ' | ' | ' |
| Issuance and amortization of equity-based compensation | 17,438 | 17,438 | 75 | 17,363 | ' | ' |
| Distributions declared | -2,692,924 | -2,692,924 | ' | ' | -2,692,924 | ' |
| Proceeds from distribution reinvestment plan (shares) | ' | ' | 99,575 | ' | ' | ' |
| Proceeds from distribution reinvestment plan | 945,963 | 945,963 | 996 | 944,967 | ' | ' |
| Net income (loss) | 435,362 | 435,351 | ' | 0 | 435,351 | 11 |
| Ending Balance at Jun. 30, 2014 | $119,621,010 | $119,618,987 | $140,221 | $121,923,067 | ($2,444,301) | $2,023 |
| Balance (in shares) at Jun. 30, 2014 | 14,022,096 | ' | 14,022,096 | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
| CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended |
| Jun. 30, 2014 | |
| Cash flows from operating activities: | ' |
| Net income (loss) | $435,362 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' |
| Amortization of equity-based compensation | 17,438 |
| Amortization of deferred financing costs | 62,674 |
| Amortization of fees on investments | 76,261 |
| Changes in assets and liabilities: | ' |
| Receivables, net | -321,745 |
| Due to related party | -1,144,188 |
| Other liabilities | 87,396 |
| Net cash provided by (used in) operating activities | -786,802 |
| Cash flows from investing activities: | ' |
| Acquisition of real estate debt investments, net (refer to Note 3) | -14,050,000 |
| Origination of real estate debt investments, net | -126,406,000 |
| Net cash provided by (used in) investing activities | -140,456,000 |
| Cash flows from financing activities: | ' |
| Borrowing from credit facility | 98,425,000 |
| Repayment on credit facility | -4,200,000 |
| Net proceeds from issuance of common stock | 95,065,453 |
| Net proceeds from issuance of common stock, related party | 220,268 |
| Distributions paid on common stock | -2,088,539 |
| Proceeds from distribution reinvestment plan | 945,963 |
| Payment of deferred financing costs | -12,105 |
| Net cash provided by (used in) financing activities | 188,356,040 |
| Net increase (decrease) in cash | 47,113,238 |
| Cash - beginning of period | 7,279,417 |
| Cash - end of period | 54,392,655 |
| Supplemental disclosure of non-cash investing and financing activities: | ' |
| Accrued cost of capital (refer to Note 5) | 151,020 |
| Subscriptions receivable, gross | 1,510,200 |
| Distribution payable | 725,003 |
| Escrow deposits payable | $1,047,593 |
Business_and_Organization
| Business and Organization | 6 Months Ended |
| Jun. 30, 2014 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
| Business and Organization | ' |
| Business and Organization | |
| NorthStar Real Estate Income II, Inc. (the “Company”) was formed primarily to originate, acquire and asset manage a diversified portfolio of commercial real estate (“CRE”) debt, select equity and securities investments. CRE debt investments may include first mortgage loans, subordinate mortgage and mezzanine loans and participations in such loans and preferred equity interests. CRE securities primarily consist of commercial mortgage-backed securities (“CMBS”) and may include unsecured real estate investment trust (“REIT”) debt, collateralized debt obligation (“CDO”) notes and other securities. The Company was formed in December 2012 as a Maryland corporation. The Company intends to make an election to be taxed as a REIT under the Internal Revenue Code of 1986 commencing with the taxable year ended December 31, 2013. The Company conducts its operations so as to qualify as a REIT for U.S. federal income tax purposes. | |
| The Company is externally managed and has no employees. Prior to June 30, 2014, the Company was managed by an affiliate of NorthStar Realty Finance Corp. (NYSE: NRF) (“NorthStar Realty”). Effective June 30, 2014, NorthStar Realty spun-off its asset management business into a separate publicly traded company, NorthStar Asset Management Group Inc. (the “Sponsor”), with its common stock listed on the New York Stock Exchange (the “NYSE”) under the ticker symbol “NSAM.” The Sponsor and its affiliates were organized to provide asset management and other services to the Company, NorthStar Realty, other sponsored public non-traded companies and any other companies the Sponsor may manage in the future (collectively, the “NSAM Managed Companies”), both in the United States and internationally. Concurrent with the spin-off, affiliates of the Sponsor entered into a new advisory agreement with the Company and each of the other NSAM Managed Companies. Pursuant to the Company’s advisory agreement, NSAM J-NSII Ltd, an affiliate of the Sponsor (the “Advisor”), agreed to manage the day to day operations of the Company on terms substantially similar to those set forth in the Company’s prior advisory agreement with NS Real Estate Income Advisor II, LLC (the “Prior Advisor”). References to the “Prior Advisor” herein refer to the services performed by and fees paid and accrued to the Prior Advisor during the period prior to June 30, 2014. The spin-off of NorthStar Realty’s asset management business had no impact on the Company’s operations. | |
| Substantially all business is conducted through NorthStar Real Estate Income Operating Partnership II, LP (the “Operating Partnership”). The Company is the sole general partner of the Operating Partnership. The limited partners of the Operating Partnership are NS Real Estate Income Advisor II, LLC and NorthStar Real Estate Income OP Holdings II, LLC (the “Special Unit Holder”), each an affiliate of the Sponsor. An affiliate of the Sponsor invested $1,000 in the Operating Partnership in exchange for common units and the Special Unit Holder invested $1,000 in the Operating Partnership and has been issued a separate class of limited partnership units (the “Special Units”), which are collectively recorded as non-controlling interests on the consolidated balance sheets as of June 30, 2014 and December 31, 2013. As the Company accepts subscriptions for shares, it contributes substantially all of the net proceeds from its continuous, public offering to the Operating Partnership as a capital contribution. As of June 30, 2014, the Company’s limited partnership interest in the Operating Partnership was 99.8%. | |
| The Company’s charter authorizes the issuance of up to 400,000,000 shares of common stock with a par value of $0.01 per share and up to 50,000,000 shares of preferred stock with a par value of $0.01 per share. The board of directors of the Company is authorized to amend its charter, without the approval of the stockholders, to increase the aggregate number of authorized shares of capital stock or the number of shares of any class or series that the Company has authority to issue. | |
| On December 18, 2012, as part of its formation, the Company issued 22,223 shares of common stock to NorthStar Realty for $0.2 million. On May 6, 2013, the Company’s registration statement on Form S-11 with the Securities and Exchange Commission (the “SEC”) to offer a maximum of 165,789,474 shares of common stock, excluding the initial shares, in a continuous, public offering, of which up to 150,000,000 shares are being offered pursuant to the primary offering (the “Primary Offering”) and up to 15,789,474 shares are being offered pursuant to the distribution reinvestment plan (the “DRP”), which are herein collectively referred to as the Offering. The Company retained NorthStar Realty Securities, LLC (the “Dealer Manager”), formerly a subsidiary of NorthStar Realty that became a subsidiary of NSAM upon completion of the spin-off, to serve as the dealer manager for the Primary Offering. The Dealer Manager is responsible for marketing the shares being offered pursuant to the Primary Offering. | |
| On September 18, 2013, the Company commenced operations by satisfying the minimum offering requirement in its Primary Offering as a result of NorthStar Realty purchasing an additional 222,223 shares of common stock for $2.0 million. From inception through August 11, 2014, the Company raised total gross proceeds of $172.9 million. |
Summary_of_Significant_Account
| Summary of Significant Accounting Policies | 6 Months Ended |
| Jun. 30, 2014 | |
| Accounting Policies [Abstract] | ' |
| Summary of Significant Accounting Policies | ' |
| Summary of Significant Accounting Policies | |
| Basis of Quarterly Presentation | |
| The accompanying unaudited consolidated financial statements and related notes of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and note disclosures normally included in the consolidated financial statements prepared under U.S. GAAP have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013, which was filed with the SEC. The Company did not have operations for the three and six months ended June 30, 2013 and therefore does not present consolidated statements of operations, statements of comprehensive income and consolidated statement of cash flows for the period. | |
| Principles of Consolidation | |
| The consolidated financial statements include the accounts of the Company, the Operating Partnership and their consolidated subsidiaries which are generally majority owned or otherwise controlled by the Company. All significant intercompany balances are eliminated in consolidation. | |
| Estimates | |
| The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that could affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates and assumptions. | |
| Comprehensive Income (Loss) | |
| The Company reports consolidated comprehensive income (loss) in separate statements following the consolidated statements of operations. Comprehensive income (loss) is defined as the change in equity resulting from net income (loss) and other comprehensive income (“OCI”). | |
| Real Estate Debt Investments | |
| CRE debt investments are generally intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan fees, premium, discount and unfunded commitments. CRE debt investments that are deemed to be impaired are carried at amortized cost less a loan loss reserve, if deemed appropriate, which approximates fair value. CRE debt investments where the Company does not have the intent to hold the loan for the foreseeable future or until its expected payoff are classified as held for sale and recorded at the lower of cost or estimated value. | |
| Real Estate Securities | |
| The Company classifies its CRE securities investments as available for sale on the acquisition date, which are carried at fair value. Unrealized gains (losses) are recorded as a component of accumulated OCI in the consolidated statements of equity. However, the Company may elect the fair value option for certain of its available for sale securities, and as a result, any unrealized gains (losses) on such securities are recorded in unrealized gain (loss) on investments and other in the consolidated statements of operations. | |
| Acquisition Fees and Expenses | |
| The total of all acquisition fees and expenses for an investment, including acquisition fees to the Advisor, cannot exceed, in the aggregate, 6.0% of the contract purchase price of such investment unless such excess is approved by a majority of the directors, including independent directors. For the six months ended June 30, 2014, total acquisition fees and expenses did not exceed the allowed limit for any investment. An acquisition fee paid to the Advisor related to the origination or acquisition of CRE debt investments is included in CRE debt investments, net on the consolidated balance sheets and is amortized to interest income over the life of the investment using the effective interest method. An acquisition fee incurred related to an equity investment will generally be expensed as incurred. | |
| Revenue Recognition | |
| Real Estate Debt Investments | |
| Interest income is recognized on an accrual basis and any related premium, discount, origination costs and fees are amortized over the life of the investment using the effective interest method. The amortization is reflected as an adjustment to interest income in the consolidated statements of operations. The amortization of a premium or accretion of a discount is discontinued if such loan is reclassified to held for sale. | |
| Real Estate Securities | |
| Interest income is recognized using the effective interest method with any premium or discount amortized or accreted through earnings based on expected cash flow through the expected maturity date of the security. Changes to expected cash flow may result in a change to the yield which is then applied retrospectively for high-credit quality securities that cannot be prepaid or otherwise settled in such a way that the holder would not recover substantially all of the investment or prospectively for all other securities to recognize interest income. | |
| Credit Losses and Impairment on Investments | |
| Real Estate Debt Investments | |
| Loans are considered impaired when, based on current information and events, it is probable that the Company will not be able to collect principal and interest amounts due according to the contractual terms. The Company assesses the credit quality of the portfolio and adequacy of loan loss reserves on a quarterly basis or more frequently as necessary. Significant judgment of the Company is required in this analysis. The Company considers the estimated net recoverable value of the loan as well as other factors, including but not limited to the fair value of any collateral, the amount and the status of any senior debt, the quality and financial condition of the borrower and the competitive situation of the area where the underlying collateral is located. Because this determination is based on projections of future economic events, which are inherently subjective, the amount ultimately realized may differ materially from the carrying value as of the balance sheet date. If upon completion of the assessment, the estimated fair value of the underlying collateral is less than the net carrying value of the loan, a loan loss reserve is recorded with a corresponding charge to provision for loan losses. The loan loss reserve for each loan is maintained at a level that is determined to be adequate by management to absorb probable losses. | |
| Income recognition is suspended for a loan at the earlier of the date at which payments become 90-days past due or when, in the opinion of the Company, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired loan is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired loan is not in doubt, contractual interest is recorded as interest income when received, under the cash basis method until an accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. A loan is written off when it is no longer realizable and/or legally discharged. As of June 30, 2014, the Company did not have any impaired CRE debt investments. | |
| Real Estate Securities | |
| CRE securities for which the fair value option is elected are not evaluated for other-than-temporary impairment (“OTTI”) as any change in fair value is recorded in the consolidated statements of operations. Realized losses on such securities are reclassified to realized gain (loss) on investments and other as losses occur. | |
| CRE securities for which the fair value option is not elected are evaluated for OTTI quarterly. Impairment of a security is considered to be other-than-temporary when: (i) the holder has the intent to sell the impaired security; (ii) it is more likely than not the holder will be required to sell the security; or (iii) the holder does not expect to recover the entire amortized cost of the security. When a CRE security has been deemed to be other-than-temporarily impaired due to (i) or (ii), the security is written down to its fair value and an OTTI is recognized in the consolidated statements of operations. In the case of (iii), the security is written down to its fair value and the amount of OTTI is then bifurcated into: (a) the amount related to expected credit losses; and (b) the amount related to fair value adjustments in excess of expected credit losses. The portion of OTTI related to expected credit losses is recognized in the consolidated statements of operations. The remaining OTTI related to the valuation adjustment is recognized as a component of accumulated OCI in the consolidated statements of equity. The portion of OTTI recognized through earnings is accreted back to the amortized cost basis of the security through interest income, while amounts recognized through OCI are amortized over the life of the security with no impact on earnings. CRE securities which are not high-credit quality are considered to have an OTTI if the security has an unrealized loss and there has been an adverse change in expected cash flow. The amount of OTTI is then bifurcated as discussed above. | |
| Organization and Offering Costs | |
| The Advisor, or its affiliates, is entitled to receive reimbursement for costs paid on behalf of the Company in connection with the Offering. The Company is obligated to reimburse the Advisor for organization and offering costs to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0% of gross offering proceeds from the Primary Offering. The Advisor does not expect reimbursable organization and offering costs to exceed $24.8 million, or 1.5% of the total proceeds available to be raised from the Primary Offering. The Company records organization and offering costs each period based upon an allocation determined by the expectation of total organization and offering costs to be reimbursed. Organization costs are recorded as an expense in general and administrative expenses in the consolidated statements of operations and offering costs are recorded as a reduction to equity. | |
| Other | |
| Refer to Note 2 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013 for further disclosure of the Company’s significant accounting policies. | |
| Recent Accounting Pronouncements | |
| In April 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting update that changes the requirements for reporting discontinued operations. A discontinued operation may include a component of an entity or a group of components of an entity or a business. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The requirements of this accounting update will be effective for the Company for the annual period beginning after December 15, 2014, however, early adoption is permitted but only for disposals or classifications as held for sale that have not been reported in financial statements previously issued or available for issue. The Company early adopted this accounting pronouncement effective January 1, 2014 and the update did not have a material impact on the consolidated financial statements. | |
| In May 2014, the FASB issued an accounting update requiring a company to recognize as revenue the amount of consideration it expects to be entitled to in connection with the transfer of promised goods or services to customers. When it becomes effective on January 1, 2017, the accounting standard update will replace most of the existing revenue recognition guidance currently promulgated by U.S. GAAP. The Company is in the process of evaluating the impact, if any, of the update on its consolidated financial statements and related disclosures. |
Real_Estate_Debt_Investments
| Real Estate Debt Investments | 6 Months Ended | ||||||||||||||||
| Jun. 30, 2014 | |||||||||||||||||
| Mortgage Loans on Real Estate [Abstract] | ' | ||||||||||||||||
| Real Estate Debt Investments | ' | ||||||||||||||||
| Real Estate Debt Investments | |||||||||||||||||
| The following table presents CRE debt investments as of June 30, 2014 and December 31, 2013: | |||||||||||||||||
| Weighted Average | Floating Rate as % of Principal Amount | ||||||||||||||||
| First mortgage loans: | Number | Principal Amount | Carrying Value | Spread | Total Unleveraged | ||||||||||||
| over | Current Yield | ||||||||||||||||
| LIBOR (1) | |||||||||||||||||
| As of June 30, 2014 | 4 | $ | 157,200,000 | $ | 157,971,739 | 5.66% | 5.68% | 100% | |||||||||
| As of December 31, 2013 | 1 | 16,500,000 | 16,500,000 | 6.30% | 6.62% | 100% | |||||||||||
| __________________________________________________________ | |||||||||||||||||
| -1 | Includes a fixed minimum LIBOR rate (“LIBOR floor”), as applicable. As of June 30, 2014 and December 31, 2013, respectively, the Company had $82.2 million and $16.5 million of principal amount of floating-rate loans subject to a LIBOR floor with the weighted average LIBOR floor of 0.25% for both periods. | ||||||||||||||||
| Year to date through August 11, 2014, the Company’s investment activity included six loans with an aggregate principal amount of $227.8 million, including the acquisition of the remaining $9.0 million interest in a $25.5 million first mortgage loan originated by NorthStar Realty in 2013 (refer to Note 5). | |||||||||||||||||
| In March 2014, the Company co-originated a $75.0 million first mortgage loan with an affiliate of NorthStar Realty (refer to Note 5). The Company financed the investment with $48.8 million on its credit facility. The loan is secured by a 500-room hotel in Dallas, Texas. The loan matures in April 2016 and is subject to three one-year extensions. The loan bears interest at LIBOR plus 5.05%. The borrower is required to comply with various financial and other covenants which include maintaining certain debt service coverage and occupancy ratios, as defined in the governing documents. The governing documents contain customary events of default standard for agreements of this type. | |||||||||||||||||
| The following table presents maturities of CRE debt investments based on principal amount as of June 30, 2014: | |||||||||||||||||
| Initial | Maturity | ||||||||||||||||
| Maturity | Including | ||||||||||||||||
| Extensions (1) | |||||||||||||||||
| July 1 to December 31, 2014 | $ | — | $ | — | |||||||||||||
| Years Ending December 31: | |||||||||||||||||
| 2015 | — | — | |||||||||||||||
| 2016 | 100,500,000 | — | |||||||||||||||
| 2017 | 56,700,000 | — | |||||||||||||||
| 2018 | — | 25,500,000 | |||||||||||||||
| Thereafter | — | 131,700,000 | |||||||||||||||
| Total | $ | 157,200,000 | $ | 157,200,000 | |||||||||||||
| ____________________________________________________________ | |||||||||||||||||
| -1 | Assumes that all debt with extension options will qualify for extension at such maturity according to the conditions set forth in the governing documents. | ||||||||||||||||
| As of June 30, 2014, the weighted average maturity, including extensions, of CRE debt investments was 4.7 years. | |||||||||||||||||
| Credit Quality Monitoring | |||||||||||||||||
| CRE debt investments are typically loans secured by direct senior priority liens on real estate properties or by interests in entities that directly own real estate properties, which serve as the primary source of cash for the payment of principal and interest. The Company evaluates its debt investments at least quarterly and differentiates the relative credit quality principally based on: (i) whether the borrower is currently paying contractual debt service in accordance with its contractual terms; and (ii) whether the Company believes the borrower will be able to perform under its contractual terms in the future, as well as the Company’s expectations as to the ultimate recovery of principal at maturity. The Company categorizes a debt investment for which it expects to receive full payment of contractual principal and interest payments as “performing.” The Company will categorize a weaker credit quality debt investment that is currently performing, but for which it believes future collection of all or some portion of principal and interest is in doubt, into a category called “performing with a loan loss reserve.” The Company will categorize a weaker credit quality debt investment that is not performing, which the Company defines as a loan in maturity default and/or past due at least 90 days on its contractual debt service payments, as a non-performing loan (“NPL”). The Company’s definition of an NPL may differ from that of other companies that track NPLs. | |||||||||||||||||
| As of June 30, 2014, all CRE debt investments were performing in accordance with the contractual terms of their governing documents and were categorized as performing loans. For the six months ended June 30, 2014, three debt investments each contributed more than 10% of interest income. | |||||||||||||||||
Borrowings
| Borrowings | 6 Months Ended | |||||||||||||||||||||
| Jun. 30, 2014 | ||||||||||||||||||||||
| Debt Disclosure [Abstract] | ' | |||||||||||||||||||||
| Borrowings | ' | |||||||||||||||||||||
| Borrowings | ||||||||||||||||||||||
| The following table presents borrowings as of June 30, 2014 and December 31, 2013: | ||||||||||||||||||||||
| June 30, 2014 | December 31, 2013 | |||||||||||||||||||||
| Recourse vs. Non-Recourse | Final | Contractual | Principal | Carrying | Principal | Carrying | ||||||||||||||||
| Maturity | Interest Rate (1) | Amount | Value | Amount | Value | |||||||||||||||||
| Credit facility | Partial Recourse | 17-Oct | 2.75% | (2) | $ | 94,225,000 | $ | 94,225,000 | $ | — | $ | — | ||||||||||
| _______________________________________________ | ||||||||||||||||||||||
| -1 | Represents the weighted average as of June 30, 2014. | |||||||||||||||||||||
| -2 | The contractual interest rate ranges from one-month LIBOR, plus 2.50% to 3.00%. | |||||||||||||||||||||
| Term Loan Facility | ||||||||||||||||||||||
| In October 2013, the Company, through a subsidiary, entered into a credit facility agreement with a global financial institution (the “Term Loan Facility”), which provides up to $100.0 million to finance first mortgage loans and senior loan participations secured by commercial real estate. The interest accrues at per annum rates ranging from one-month LIBOR, plus a spread of 2.50% to 3.00%. The initial maturity of the Term Loan Facility is October 2016, with a one-year extension available at the Company’s option, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents. | ||||||||||||||||||||||
| The Term Loan Facility acts as a revolving credit facility that can be paid down as assets are repaid, refinanced or sold and re-drawn upon for new investments. | ||||||||||||||||||||||
| The Company agreed to guaranty certain obligations under the Term Loan Facility. The Term Loan Facility contains representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of this type. More specifically, the Company must maintain at least $3.75 million and a maximum of $15.0 million in unrestricted cash, depending on the amount drawn at all times during the term of the Term Loan Facility. As of June 30, 2014, the Company had $94.2 million of borrowings outstanding under the Term Loan Facility. | ||||||||||||||||||||||
| As of June 30, 2014, the Company was in compliance with all of its financial covenants. | ||||||||||||||||||||||
Related_Party_Arrangements
| Related Party Arrangements | 6 Months Ended | ||||||||||||||
| Jun. 30, 2014 | |||||||||||||||
| Related Party Transactions [Abstract] | ' | ||||||||||||||
| Related Party Arrangements | ' | ||||||||||||||
| Related Party Arrangements | |||||||||||||||
| Advisor | |||||||||||||||
| In connection with the completion of NorthStar Realty’s spin-off of its asset management business into NSAM, on June 30, 2014, the Company entered into a new advisory agreement with the Advisor, an affiliate of NSAM, on terms substantially similar to those set forth in the prior advisory agreement, and terminated the advisory agreement with the Prior Advisor. For periods prior to June 30, 2014, the information below regarding fees and reimbursements incurred and accrued but not yet paid relates to the Prior Advisor. | |||||||||||||||
| Subject to certain restrictions and limitations, the Advisor is responsible for managing the Company’s affairs on a day-to-day basis and for identifying, originating, acquiring and asset managing investments on behalf of the Company. For such services, to the extent permitted by law and regulations, the Advisor receives fees and reimbursements from the Company. Below is a description and table of the fees and reimbursements incurred to the Advisor. | |||||||||||||||
| Fees to Advisor | |||||||||||||||
| Asset Management Fee | |||||||||||||||
| The Advisor, or its affiliates, receives a monthly asset management fee equal to one-twelfth of 1.25% of the sum of the amount funded or allocated for CRE investments, including expenses and any financing attributable to such investments, less any principal received on debt and securities investments (or the proportionate share thereof in the case of an investment made through a joint venture). | |||||||||||||||
| Acquisition Fee | |||||||||||||||
| The Advisor, or its affiliates, also receives an acquisition fee equal to 1.0% of the amount funded or allocated by the Company to originate or acquire investments, including acquisition expenses and any financing attributable to such investments (or the proportionate share thereof in the case of an investment made through a joint venture). An acquisition fee paid to the Advisor related to the origination or acquisition of CRE debt investments is included in CRE debt investments, net on the consolidated balance sheets and is amortized to interest income over the life of the investment using the effective interest method. | |||||||||||||||
| Disposition Fee | |||||||||||||||
| For substantial assistance in connection with the sale of investments and based on the services provided, the Advisor, or its affiliates, receives a disposition fee equal to 1.0% of the contract sales price of each CRE investment sold. The Company does not pay a disposition fee upon the maturity, prepayment, workout, modification or extension of a CRE debt investment unless there is a corresponding fee paid by the borrower, in which case the disposition fee is the lesser of: (i) 1.0% of the principal amount of the CRE debt investment 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 CRE debt investment, the Company will pay a disposition fee upon the sale of such property. A disposition fee from the sale of a CRE investment is generally expensed and included in asset management and other fees - related party in the Company’s consolidated statements of operations. A disposition fee for a CRE debt investment incurred in a transaction other than a sale is included in CRE debt investments, net on the consolidated balance sheets and is amortized to interest income over the life of the investment using the effective interest method. | |||||||||||||||
| Reimbursements to Advisor | |||||||||||||||
| Operating Costs | |||||||||||||||
| The Advisor, or its affiliates, is entitled to receive reimbursement for direct and indirect operating costs incurred by the Advisor in connection with administrative services provided to the Company. Indirect operating costs include the Company’s allocable share of costs incurred by the Advisor for personnel and other overhead such as rent, technology and utilities. However, there is no reimbursement for personnel costs related to executive officers and other personnel involved in activities for which the Advisor receives an acquisition fee or a disposition fee. The Company reimburses the Advisor quarterly for operating costs (including the asset management fee) based on a calculation for the four preceding fiscal quarters not to exceed the greater of: (i) 2.0% of its average invested assets; or (ii) 25.0% of its net income determined without reduction for any additions to reserves for depreciation, loan losses or other similar non-cash reserves and excluding any gain from the sale of assets for that period. Notwithstanding the above, the Company may reimburse the Advisor for expenses in excess of this limitation if a majority of the Company’s independent directors determines that such excess expenses are justified based on unusual and non-recurring factors. The Company calculates the expense reimbursement quarterly based upon the trailing twelve-month period. | |||||||||||||||
| Organization and Offering Costs | |||||||||||||||
| The Advisor, or its affiliates, is entitled to receive reimbursement for organization and offering costs paid on behalf of the Company in connection with the Offering. The Company is obligated to reimburse the Advisor, or its affiliates, as applicable, for organization and offering costs to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0% of gross proceeds from the Offering. The Advisor does not expect reimbursable organization and offering costs, excluding selling commissions and dealer manager fees, to exceed $24.8 million, or 1.5% of the total proceeds available to be raised from the Offering. The Company shall not reimburse the Advisor for any organization and offering costs that the Company’s independent directors determine are not fair and commercially reasonable to the Company. | |||||||||||||||
| Dealer Manager | |||||||||||||||
| Selling Commissions and Dealer Manager Fees | |||||||||||||||
| Pursuant to the dealer manager agreement, the Company pays the Dealer Manager selling commissions of up to 7.0% of gross proceeds from the Primary Offering, all of which are reallowed to participating broker-dealers. In addition, the Company pays the Dealer Manager a dealer manager fee of up to 3.0% of gross proceeds from the Primary Offering, a portion of which is reallowed to participating broker-dealers. No selling commissions or dealer manager fees are paid for sales pursuant to the DRP. | |||||||||||||||
| Summary of Fees and Reimbursements | |||||||||||||||
| The following table presents the fees and reimbursements incurred to the Advisor and the Dealer Manager for the three and six months ended June 30, 2014 and the amount due to related party as of December 31, 2013: | |||||||||||||||
| Three Months Ended | Six Months Ended | Due to Related Party as of | |||||||||||||
| Type of Fee or Reimbursement | Financial Statement Location | June 30, 2014 (4) | December 31, 2013 (3) | ||||||||||||
| Fees to Advisor | |||||||||||||||
| Asset management | Asset management and other fees - related party | $ | 442,118 | $ | 582,753 | $ | 14,365 | ||||||||
| Acquisition (1) | Real estate debt investments, net | 225,000 | 1,407,000 | — | |||||||||||
| Disposition (1) | Real estate debt investments, net | — | — | — | |||||||||||
| Reimbursements to Advisor | |||||||||||||||
| Operating costs | General and administrative expenses | 285,549 | 519,747 | 26,834 | |||||||||||
| Organization | General and administrative expenses | 145,302 | 181,287 | 10,989 | |||||||||||
| Offering | Cost of capital (2) | 2,933,564 | 3,617,274 | 208,789 | |||||||||||
| Selling commissions / Dealer manager fees | Cost of capital (2) | 6,206,892 | 10,952,396 | — | |||||||||||
| Total | $ | 260,977 | |||||||||||||
| _________________________________________________ | |||||||||||||||
| -1 | Acquisition/disposition fees incurred to the Advisor related to CRE debt investments are generally offset by origination/exit fees paid to the Company by borrowers if such fees are required from the borrower. The Advisor may determine to defer fees or seek reimbursement. | ||||||||||||||
| -2 | Cost of capital is included in net proceeds from issuance of common stock in the Company’s consolidated statements of equity. | ||||||||||||||
| -3 | The Company had no amount due to related party as of June 30, 2014. | ||||||||||||||
| -4 | The Company did not incur related party fees or reimbursement for the three and six months ended June 30, 2013. | ||||||||||||||
| NorthStar Realty Purchase of Common Stock | |||||||||||||||
| Pursuant to the distribution support agreement (the “Distribution Support Agreement”), NorthStar Realty committed to purchase up to an aggregate of $10.0 million in shares of the Company’s common stock at a price of $9.00 per share if cash distributions exceed modified funds from operations (as computed in accordance with the definition established by the Investment Program Association and adjusted for certain items) to provide additional funds to support distributions to stockholders. In September 2013, NorthStar Realty purchased 222,223 shares of the Company’s common stock for $2.0 million under the Distribution Support Agreement to satisfy the minimum offering requirement, which reduced the total commitment. As of June 30, 2014, including the purchase of shares to satisfy the minimum offering requirement, NorthStar Realty purchased 247,714 shares of the Company’s common stock for $2.2 million under such commitment. For the three and six months ended June 30, 2014, NorthStar Realty purchased 24,828 shares of the Company’s common stock for $0.2 million under such commitment. | |||||||||||||||
| Acquisition of First Mortgage Loans | |||||||||||||||
| In September 2013, the Company entered into a participation agreement with NorthStar Realty to acquire a $25.5 million first mortgage loan at cost, of which a $16.5 million interest was acquired in 2013 and the remaining $9.0 million interest was acquired in January 2014. The purchase was approved by the Company’s board of directors, including all of its independent directors. | |||||||||||||||
| In March 2014, the Company entered into a pari-passu participation agreement with NorthStar Realty to co-originate a $75.0 million first mortgage loan, of which $70.0 million was held by the Company and $5.0 million was held by NorthStar Realty. In April 2014, the Company acquired the remaining $5.0 million interest. The purchase was approved by the Company’s board of directors, including all of its independent directors. | |||||||||||||||
EquityBased_Compensation
| Equity-Based Compensation | 6 Months Ended |
| Jun. 30, 2014 | |
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
| Equity-Based Compensation | ' |
| Equity-Based Compensation | |
| The Company adopted a long-term incentive plan, as amended (the “Plan”), which it may use to attract and retain qualified | |
| officers, directors, employees and consultants, as well as an independent directors compensation plan, which is a component of the Plan. Pursuant to the Plan, the Company granted 5,000 shares of restricted common stock on September 18, 2013 and 2,500 shares of restricted common stock on June 19, 2014 to each of the Company’s three independent directors. The shares were issued at $9.00 per share and will generally vest over four years. However, the stock will become fully vested on the earlier occurrence of: (i) the termination of the independent director’s service as a director due to his or her death or disability; or (ii) a change in control of the Company. | |
| The Company recognized equity-based compensation expense of $9,000 and $17,438 for the three and six months ended June 30, 2014, respectively, related to the issuance of restricted stock to the independent directors, which was recorded in general and administrative expenses in the consolidated statements of operations. |
Stockholders_Equity
| Stockholders' Equity | 6 Months Ended | ||||||||||||
| Jun. 30, 2014 | |||||||||||||
| Stockholders' Equity Note [Abstract] | ' | ||||||||||||
| Stockholders' Equity | ' | ||||||||||||
| Stockholders’ Equity | |||||||||||||
| Common Stock | |||||||||||||
| For the six months ended June 30, 2014, the Company issued 11.2 million shares of common stock generating gross proceeds of $111.6 million. For the year ended December 31, 2013, the Company issued 2.8 million shares of common stock generating gross proceeds of $27.7 million. From inception through June 30, 2014, the Company issued 14.0 million shares of common stock, generating gross proceeds of $139.5 million. | |||||||||||||
| Distribution Reinvestment Plan | |||||||||||||
| The Company adopted a DRP through which common stockholders may elect to reinvest an amount equal to the distributions declared on their shares in additional shares of the Company’s common stock in lieu of receiving cash distributions. The initial purchase price per share pursuant to the DRP is $9.50. Once the Company establishes an estimated value per share, shares issued pursuant to the DRP will be priced at 95.0% of the estimated value per share of the Company’s common stock, as determined by the Advisor or another firm chosen for that purpose. The Company expects to establish an estimated value per share within 18 months after the completion of its Offering stage. The Offering stage will be considered complete when the Company is no longer publicly offering equity securities, whether through the Offering or follow-on public offering. No selling commissions or dealer manager fees are paid on shares issued pursuant to the DRP. The board of directors of the Company may amend, suspend or terminate the DRP for any reason upon ten-days’ notice to participants, except that the Company may not amend the DRP to eliminate a participant’s ability to withdraw from the DRP. For the six months ended June 30, 2014, the Company issued 99,575 shares totaling $945,963 of gross offering proceeds pursuant to the DRP. | |||||||||||||
| Distributions | |||||||||||||
| Distributions to stockholders are declared quarterly by the board of directors of the Company and are paid monthly based on a daily amount of $0.001917808 per share, which is equivalent to an annual distribution rate of 7.0%. Distributions are generally paid to stockholders on the first day of the month following the month for which the distribution has accrued. | |||||||||||||
| The following table presents distributions declared for the six months ended June 30, 2014: | |||||||||||||
| Distributions (1) | |||||||||||||
| Period | Cash | DRP | Total | ||||||||||
| January | $ | 113,325 | $ | 90,968 | $ | 204,293 | |||||||
| February | 142,862 | 122,633 | 265,495 | ||||||||||
| March | 220,391 | 180,207 | 400,598 | ||||||||||
| April | 266,326 | 219,518 | 485,844 | ||||||||||
| May | 333,065 | 278,626 | 611,691 | ||||||||||
| June | 400,480 | 324,523 | 725,003 | ||||||||||
| Total | $ | 1,476,449 | $ | 1,216,475 | $ | 2,692,924 | |||||||
| _________________________________________________ | |||||||||||||
| -1 | Represents distributions declared for the period, even though such distributions are actually paid to stockholders the month following such period. | ||||||||||||
| Share Repurchase Program | |||||||||||||
| The Company adopted a share repurchase program that may enable stockholders to sell their shares to the Company in limited circumstances (the “Share Repurchase Program”). The Company may not repurchase shares unless a stockholder has held shares for one year. However, the Company may repurchase shares held less than one year in connection with a stockholder’s death or disability (as disability is defined in the Internal Revenue Code) and after receiving written notice from the stockholder or the stockholder’s estate. The Company is not obligated to repurchase shares under the Share Repurchase Program. The Company may amend, suspend or terminate the Share Repurchase Program at its discretion at any time, subject to certain notice requirements. For the six months ended June 30, 2014 and year ended December 31, 2013, the Company did not repurchase any shares pursuant to the Share Repurchase Program. As of June 30, 2014, there were no unfulfilled repurchase requests. | |||||||||||||
Noncontrolling_Interests
| Non-controlling Interests | 6 Months Ended |
| Jun. 30, 2014 | |
| Noncontrolling Interest [Abstract] | ' |
| Non-controlling Interests | ' |
| Non-controlling Interests | |
| Operating Partnership | |
| Non-controlling interests include the aggregate limited partnership interests in the Operating Partnership held by limited partners, other than the Company. Income (loss) attributable to the non-controlling interests is based on the limited partners’ ownership percentage of the Operating Partnership. Income (loss) allocated to the Operating Partnership non-controlling interests for the three and six months ended June 30, 2014 was an immaterial amount. |
Fair_Value
| Fair Value | 6 Months Ended | |||||||||||||||||||||||
| Jun. 30, 2014 | ||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
| Fair Value | ' | |||||||||||||||||||||||
| Fair Value | ||||||||||||||||||||||||
| Fair Value Measurement | ||||||||||||||||||||||||
| The fair value of financial instruments is categorized based on the priority of the inputs to the valuation technique and categorized into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. | ||||||||||||||||||||||||
| Financial assets and liabilities recorded at fair value on the consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: | ||||||||||||||||||||||||
| Level 1. | Quoted prices for identical assets or liabilities in an active market. | |||||||||||||||||||||||
| Level 2. | Financial assets and liabilities whose values are based on the following: | |||||||||||||||||||||||
| a) | Quoted prices for similar assets or liabilities in active markets. | |||||||||||||||||||||||
| b) | Quoted prices for identical or similar assets or liabilities in non-active markets. | |||||||||||||||||||||||
| c) | Pricing models whose inputs are observable for substantially the full term of the asset or liability. | |||||||||||||||||||||||
| d) | Pricing models whose inputs are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability. | |||||||||||||||||||||||
| Level 3. | Prices or valuation techniques based on inputs that are both unobservable and significant to the overall fair value measurement. | |||||||||||||||||||||||
| Fair Value of Financial Instruments | ||||||||||||||||||||||||
| U.S. GAAP requires disclosure of fair value about all financial instruments. The following disclosure of estimated fair value of financial instruments was determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value. | ||||||||||||||||||||||||
| The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of June 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||
| June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
| Principal Amount | Carrying Value | Fair Value | Principal | Carrying | Fair | |||||||||||||||||||
| Amount | Value | Value | ||||||||||||||||||||||
| Financial assets: (1) | ||||||||||||||||||||||||
| Real estate debt investments, net | $ | 157,200,000 | $ | 157,971,739 | $ | 166,179,827 | $ | 16,500,000 | $ | 16,500,000 | $ | 16,500,000 | ||||||||||||
| Financial liabilities: (1) | ||||||||||||||||||||||||
| Credit facility | $ | 94,225,000 | $ | 94,225,000 | $ | 94,225,000 | $ | — | $ | — | $ | — | ||||||||||||
| _____________________________ | ||||||||||||||||||||||||
| -1 | The fair value of other financial instruments not included in this table is estimated to approximate their carrying value. | |||||||||||||||||||||||
| Disclosure about fair value of financial instruments is based on pertinent information available to management as of the reporting date. Although management is not aware of any factors that would significantly affect fair value, such amounts have not been comprehensively revalued for purposes of these consolidated financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein. | ||||||||||||||||||||||||
| Real Estate Debt Investments | ||||||||||||||||||||||||
| For CRE debt investments, fair value was approximated by comparing the current yield to the estimated yield for newly originated loans with similar credit risk or the market yield at which a third party might expect to purchase such investment. Fair value was determined assuming fully-extended maturities regardless of structural or economic tests required to achieve such extended maturities. These fair value measurements of CRE debt are generally based on unobservable inputs and, as such, are classified as Level 3 of the fair value hierarchy. | ||||||||||||||||||||||||
| Credit Facility | ||||||||||||||||||||||||
| The Company has amounts outstanding under one credit facility. The credit facility bears a floating rate of interest. As of the reporting date, the Company believes the carrying value approximates fair value. This fair value measurement is based on observable inputs, and as such, is classified as Level 2 of the fair value hierarchy. | ||||||||||||||||||||||||
Subsequent_Events
| Subsequent Events | 6 Months Ended |
| Jun. 30, 2014 | |
| Subsequent Events [Abstract] | ' |
| Subsequent Events | ' |
| Subsequent Events | |
| Offering Proceeds | |
| From July 1, 2014 through August 11, 2014, the Company issued 3.3 million shares of common stock pursuant to its Offering generating gross proceeds of $33.4 million. From inception through August 11, 2014, the Company issued 17.4 million shares of common stock pursuant to its Offering generating gross proceeds of $172.9 million. | |
| Distributions | |
| On August 5, 2014, the board of directors of the Company approved a daily cash distribution of $0.001917808 per share of common stock for each of the three months ended December 31, 2014. Distributions are generally paid to stockholders on the first day of the month following the month for which the distribution was accrued. | |
| NorthStar Realty Purchase of Common Stock | |
| On August 5, 2014, the Company’s board of directors approved the sale of 37,797 shares of the Company’s common stock to NorthStar Realty, pursuant to the Distribution Support Agreement. In connection with this commitment and including NorthStar Realty’s purchase of shares approved on August 5, 2014, NorthStar Realty purchased 285,511 shares of the Company’s common stock for $2.6 million. | |
| New Investments | |
| In July 2014, the Company originated a $24.9 million subordinate interest to partially capitalize the development of a $97.8 million, 313-unit high-rise multifamily project located in downtown Nashville, Tennessee. The subordinate interest bears interest at a fixed annual rate of 14.0%, of which is 13.0% current pay. | |
| In August 2014, the Company originated a $45.8 million first mortgage loan secured by three hotel properties located in Melbourne, Florida and Pittsburgh and Philadelphia, Pennsylvania. The loan bears interest at 5.00% plus a 0.25% LIBOR floor. | |
| Financing | |
| In July 2014, the Company entered into a new credit facility agreement with a global financial institution (the “Term Loan Facility 2”), which provides up to $100.0 million to finance first mortgage loans and senior loan participations secured by commercial real estate. The interest accrues at per annum rates ranging from one-month LIBOR, plus a spread of 2.50% to 3.00%. The initial maturity of the Term Loan Facility 2 is July 2015, with four one-year extensions available at the Company’s option, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents. | |
| During the initial and extended terms, the Term Loan Facility 2 acts as a revolving credit facility that can be paid down as assets are repaid, refinanced or sold and re-drawn upon for new investments. | |
| The Company agreed to guaranty certain obligations under the Term Loan Facility 2. The Term Loan Facility 2 contains representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of this type. More specifically, the Company must maintain: (i) minimum total equity of $100.0 million; (ii) minimum liquidity of $10.0 million; and (iii) a ratio of total borrowings to total equity of not greater than 250% at all times during the term of the Term Loan Facility 2. As of August 11, 2014, the Company had no borrowings outstanding under Term Loan Facility 2. |
Summary_of_Significant_Account1
| Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
| Jun. 30, 2014 | |
| Accounting Policies [Abstract] | ' |
| Basis of Quarterly Presentation | ' |
| Basis of Quarterly Presentation | |
| The accompanying unaudited consolidated financial statements and related notes of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and note disclosures normally included in the consolidated financial statements prepared under U.S. GAAP have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013, which was filed with the SEC. The Company did not have operations for the three and six months ended June 30, 2013 and therefore does not present consolidated statements of operations, statements of comprehensive income and consolidated statement of cash flows for the period. | |
| Principles of Consolidation | ' |
| Principles of Consolidation | |
| The consolidated financial statements include the accounts of the Company, the Operating Partnership and their consolidated subsidiaries which are generally majority owned or otherwise controlled by the Company. All significant intercompany balances are eliminated in consolidation. | |
| Estimates | ' |
| Estimates | |
| The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that could affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates and assumptions. | |
| Comprehensive Income (Loss) | ' |
| Comprehensive Income (Loss) | |
| The Company reports consolidated comprehensive income (loss) in separate statements following the consolidated statements of operations. Comprehensive income (loss) is defined as the change in equity resulting from net income (loss) and other comprehensive income (“OCI”). | |
| Real Estate Debt Investments | ' |
| Real Estate Debt Investments | |
| CRE debt investments are generally intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan fees, premium, discount and unfunded commitments. CRE debt investments that are deemed to be impaired are carried at amortized cost less a loan loss reserve, if deemed appropriate, which approximates fair value. CRE debt investments where the Company does not have the intent to hold the loan for the foreseeable future or until its expected payoff are classified as held for sale and recorded at the lower of cost or estimated value. | |
| Real Estate Securities | ' |
| Real Estate Securities | |
| The Company classifies its CRE securities investments as available for sale on the acquisition date, which are carried at fair value. Unrealized gains (losses) are recorded as a component of accumulated OCI in the consolidated statements of equity. However, the Company may elect the fair value option for certain of its available for sale securities, and as a result, any unrealized gains (losses) on such securities are recorded in unrealized gain (loss) on investments and other in the consolidated statements of operations. | |
| Acquisition Fees and Expenses | ' |
| Acquisition Fees and Expenses | |
| The total of all acquisition fees and expenses for an investment, including acquisition fees to the Advisor, cannot exceed, in the aggregate, 6.0% of the contract purchase price of such investment unless such excess is approved by a majority of the directors, including independent directors. For the six months ended June 30, 2014, total acquisition fees and expenses did not exceed the allowed limit for any investment. An acquisition fee paid to the Advisor related to the origination or acquisition of CRE debt investments is included in CRE debt investments, net on the consolidated balance sheets and is amortized to interest income over the life of the investment using the effective interest method. An acquisition fee incurred related to an equity investment will generally be expensed as incurred. | |
| Revenue Recognition | ' |
| Revenue Recognition | |
| Real Estate Debt Investments | |
| Interest income is recognized on an accrual basis and any related premium, discount, origination costs and fees are amortized over the life of the investment using the effective interest method. The amortization is reflected as an adjustment to interest income in the consolidated statements of operations. The amortization of a premium or accretion of a discount is discontinued if such loan is reclassified to held for sale. | |
| Real Estate Securities | |
| Interest income is recognized using the effective interest method with any premium or discount amortized or accreted through earnings based on expected cash flow through the expected maturity date of the security. Changes to expected cash flow may result in a change to the yield which is then applied retrospectively for high-credit quality securities that cannot be prepaid or otherwise settled in such a way that the holder would not recover substantially all of the investment or prospectively for all other securities to recognize interest income. | |
| Credit Losses and Impairment on Investments | ' |
| Credit Losses and Impairment on Investments | |
| Real Estate Debt Investments | |
| Loans are considered impaired when, based on current information and events, it is probable that the Company will not be able to collect principal and interest amounts due according to the contractual terms. The Company assesses the credit quality of the portfolio and adequacy of loan loss reserves on a quarterly basis or more frequently as necessary. Significant judgment of the Company is required in this analysis. The Company considers the estimated net recoverable value of the loan as well as other factors, including but not limited to the fair value of any collateral, the amount and the status of any senior debt, the quality and financial condition of the borrower and the competitive situation of the area where the underlying collateral is located. Because this determination is based on projections of future economic events, which are inherently subjective, the amount ultimately realized may differ materially from the carrying value as of the balance sheet date. If upon completion of the assessment, the estimated fair value of the underlying collateral is less than the net carrying value of the loan, a loan loss reserve is recorded with a corresponding charge to provision for loan losses. The loan loss reserve for each loan is maintained at a level that is determined to be adequate by management to absorb probable losses. | |
| Income recognition is suspended for a loan at the earlier of the date at which payments become 90-days past due or when, in the opinion of the Company, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired loan is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired loan is not in doubt, contractual interest is recorded as interest income when received, under the cash basis method until an accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. A loan is written off when it is no longer realizable and/or legally discharged. As of June 30, 2014, the Company did not have any impaired CRE debt investments. | |
| Real Estate Securities | |
| CRE securities for which the fair value option is elected are not evaluated for other-than-temporary impairment (“OTTI”) as any change in fair value is recorded in the consolidated statements of operations. Realized losses on such securities are reclassified to realized gain (loss) on investments and other as losses occur. | |
| CRE securities for which the fair value option is not elected are evaluated for OTTI quarterly. Impairment of a security is considered to be other-than-temporary when: (i) the holder has the intent to sell the impaired security; (ii) it is more likely than not the holder will be required to sell the security; or (iii) the holder does not expect to recover the entire amortized cost of the security. When a CRE security has been deemed to be other-than-temporarily impaired due to (i) or (ii), the security is written down to its fair value and an OTTI is recognized in the consolidated statements of operations. In the case of (iii), the security is written down to its fair value and the amount of OTTI is then bifurcated into: (a) the amount related to expected credit losses; and (b) the amount related to fair value adjustments in excess of expected credit losses. The portion of OTTI related to expected credit losses is recognized in the consolidated statements of operations. The remaining OTTI related to the valuation adjustment is recognized as a component of accumulated OCI in the consolidated statements of equity. The portion of OTTI recognized through earnings is accreted back to the amortized cost basis of the security through interest income, while amounts recognized through OCI are amortized over the life of the security with no impact on earnings. CRE securities which are not high-credit quality are considered to have an OTTI if the security has an unrealized loss and there has been an adverse change in expected cash flow. The amount of OTTI is then bifurcated as discussed above. | |
| Organization and Offering Costs | ' |
| Organization and Offering Costs | |
| The Advisor, or its affiliates, is entitled to receive reimbursement for costs paid on behalf of the Company in connection with the Offering. The Company is obligated to reimburse the Advisor for organization and offering costs to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0% of gross offering proceeds from the Primary Offering. The Advisor does not expect reimbursable organization and offering costs to exceed $24.8 million, or 1.5% of the total proceeds available to be raised from the Primary Offering. The Company records organization and offering costs each period based upon an allocation determined by the expectation of total organization and offering costs to be reimbursed. Organization costs are recorded as an expense in general and administrative expenses in the consolidated statements of operations and offering costs are recorded as a reduction to equity. | |
| Recent Accounting Pronouncements | ' |
| Recent Accounting Pronouncements | |
| In April 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting update that changes the requirements for reporting discontinued operations. A discontinued operation may include a component of an entity or a group of components of an entity or a business. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The requirements of this accounting update will be effective for the Company for the annual period beginning after December 15, 2014, however, early adoption is permitted but only for disposals or classifications as held for sale that have not been reported in financial statements previously issued or available for issue. The Company early adopted this accounting pronouncement effective January 1, 2014 and the update did not have a material impact on the consolidated financial statements. | |
| In May 2014, the FASB issued an accounting update requiring a company to recognize as revenue the amount of consideration it expects to be entitled to in connection with the transfer of promised goods or services to customers. When it becomes effective on January 1, 2017, the accounting standard update will replace most of the existing revenue recognition guidance currently promulgated by U.S. GAAP. The Company is in the process of evaluating the impact, if any, of the update on its consolidated financial statements and related disclosures. |
Real_Estate_Debt_Investments_T
| Real Estate Debt Investments (Tables) | 6 Months Ended | ||||||||||||||||
| Jun. 30, 2014 | |||||||||||||||||
| Mortgage Loans on Real Estate [Abstract] | ' | ||||||||||||||||
| Schedule of mortgage loans on real estate | ' | ||||||||||||||||
| The following table presents CRE debt investments as of June 30, 2014 and December 31, 2013: | |||||||||||||||||
| Weighted Average | Floating Rate as % of Principal Amount | ||||||||||||||||
| First mortgage loans: | Number | Principal Amount | Carrying Value | Spread | Total Unleveraged | ||||||||||||
| over | Current Yield | ||||||||||||||||
| LIBOR (1) | |||||||||||||||||
| As of June 30, 2014 | 4 | $ | 157,200,000 | $ | 157,971,739 | 5.66% | 5.68% | 100% | |||||||||
| As of December 31, 2013 | 1 | 16,500,000 | 16,500,000 | 6.30% | 6.62% | 100% | |||||||||||
| __________________________________________________________ | |||||||||||||||||
| -1 | Includes a fixed minimum LIBOR rate (“LIBOR floor”), as applicable. As of June 30, 2014 and December 31, 2013, respectively, the Company had $82.2 million and $16.5 million of principal amount of floating-rate loans subject to a LIBOR floor with the weighted average LIBOR floor of 0.25% for both periods. | ||||||||||||||||
| Schedule of Mortgage Loans, Fiscal Maturity | ' | ||||||||||||||||
| The following table presents maturities of CRE debt investments based on principal amount as of June 30, 2014: | |||||||||||||||||
| Initial | Maturity | ||||||||||||||||
| Maturity | Including | ||||||||||||||||
| Extensions (1) | |||||||||||||||||
| July 1 to December 31, 2014 | $ | — | $ | — | |||||||||||||
| Years Ending December 31: | |||||||||||||||||
| 2015 | — | — | |||||||||||||||
| 2016 | 100,500,000 | — | |||||||||||||||
| 2017 | 56,700,000 | — | |||||||||||||||
| 2018 | — | 25,500,000 | |||||||||||||||
| Thereafter | — | 131,700,000 | |||||||||||||||
| Total | $ | 157,200,000 | $ | 157,200,000 | |||||||||||||
| ____________________________________________________________ | |||||||||||||||||
| -1 | Assumes that all debt with extension options will qualify for extension at such maturity according to the conditions set forth in the governing documents. | ||||||||||||||||
Borrowings_Tables
| Borrowings (Tables) | 6 Months Ended | |||||||||||||||||||||
| Jun. 30, 2014 | ||||||||||||||||||||||
| Debt Disclosure [Abstract] | ' | |||||||||||||||||||||
| Schedule of Long-term Debt Instruments | ' | |||||||||||||||||||||
| The following table presents borrowings as of June 30, 2014 and December 31, 2013: | ||||||||||||||||||||||
| June 30, 2014 | December 31, 2013 | |||||||||||||||||||||
| Recourse vs. Non-Recourse | Final | Contractual | Principal | Carrying | Principal | Carrying | ||||||||||||||||
| Maturity | Interest Rate (1) | Amount | Value | Amount | Value | |||||||||||||||||
| Credit facility | Partial Recourse | 17-Oct | 2.75% | (2) | $ | 94,225,000 | $ | 94,225,000 | $ | — | $ | — | ||||||||||
| _______________________________________________ | ||||||||||||||||||||||
| -1 | Represents the weighted average as of June 30, 2014. | |||||||||||||||||||||
| -2 | The contractual interest rate ranges from one-month LIBOR, plus 2.50% to 3.00%. | |||||||||||||||||||||
Related_Party_Arrangements_Tab
| Related Party Arrangements (Tables) | 6 Months Ended | ||||||||||||||
| Jun. 30, 2014 | |||||||||||||||
| Related Party Transactions [Abstract] | ' | ||||||||||||||
| Schedule of Related Party Transactions | ' | ||||||||||||||
| The following table presents the fees and reimbursements incurred to the Advisor and the Dealer Manager for the three and six months ended June 30, 2014 and the amount due to related party as of December 31, 2013: | |||||||||||||||
| Three Months Ended | Six Months Ended | Due to Related Party as of | |||||||||||||
| Type of Fee or Reimbursement | Financial Statement Location | June 30, 2014 (4) | December 31, 2013 (3) | ||||||||||||
| Fees to Advisor | |||||||||||||||
| Asset management | Asset management and other fees - related party | $ | 442,118 | $ | 582,753 | $ | 14,365 | ||||||||
| Acquisition (1) | Real estate debt investments, net | 225,000 | 1,407,000 | — | |||||||||||
| Disposition (1) | Real estate debt investments, net | — | — | — | |||||||||||
| Reimbursements to Advisor | |||||||||||||||
| Operating costs | General and administrative expenses | 285,549 | 519,747 | 26,834 | |||||||||||
| Organization | General and administrative expenses | 145,302 | 181,287 | 10,989 | |||||||||||
| Offering | Cost of capital (2) | 2,933,564 | 3,617,274 | 208,789 | |||||||||||
| Selling commissions / Dealer manager fees | Cost of capital (2) | 6,206,892 | 10,952,396 | — | |||||||||||
| Total | $ | 260,977 | |||||||||||||
| _________________________________________________ | |||||||||||||||
| -1 | Acquisition/disposition fees incurred to the Advisor related to CRE debt investments are generally offset by origination/exit fees paid to the Company by borrowers if such fees are required from the borrower. The Advisor may determine to defer fees or seek reimbursement. | ||||||||||||||
| -2 | Cost of capital is included in net proceeds from issuance of common stock in the Company’s consolidated statements of equity. | ||||||||||||||
| -3 | The Company had no amount due to related party as of June 30, 2014. | ||||||||||||||
| -4 | The Company did not incur related party fees or reimbursement for the three and six months ended June 30, 2013. | ||||||||||||||
Stockholders_Equity_Tables
| Stockholders' Equity (Tables) | 6 Months Ended | ||||||||||||
| Jun. 30, 2014 | |||||||||||||
| Stockholders' Equity Note [Abstract] | ' | ||||||||||||
| Dividends Declared | ' | ||||||||||||
| The following table presents distributions declared for the six months ended June 30, 2014: | |||||||||||||
| Distributions (1) | |||||||||||||
| Period | Cash | DRP | Total | ||||||||||
| January | $ | 113,325 | $ | 90,968 | $ | 204,293 | |||||||
| February | 142,862 | 122,633 | 265,495 | ||||||||||
| March | 220,391 | 180,207 | 400,598 | ||||||||||
| April | 266,326 | 219,518 | 485,844 | ||||||||||
| May | 333,065 | 278,626 | 611,691 | ||||||||||
| June | 400,480 | 324,523 | 725,003 | ||||||||||
| Total | $ | 1,476,449 | $ | 1,216,475 | $ | 2,692,924 | |||||||
| _________________________________________________ | |||||||||||||
| -1 | Represents distributions declared for the period, even though such distributions are actually paid to stockholders the month following such period. | ||||||||||||
Fair_Value_Tables
| Fair Value (Tables) | 6 Months Ended | |||||||||||||||||||||||
| Jun. 30, 2014 | ||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
| Fair Value by balance sheet grouping | ' | |||||||||||||||||||||||
| The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of June 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||
| June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
| Principal Amount | Carrying Value | Fair Value | Principal | Carrying | Fair | |||||||||||||||||||
| Amount | Value | Value | ||||||||||||||||||||||
| Financial assets: (1) | ||||||||||||||||||||||||
| Real estate debt investments, net | $ | 157,200,000 | $ | 157,971,739 | $ | 166,179,827 | $ | 16,500,000 | $ | 16,500,000 | $ | 16,500,000 | ||||||||||||
| Financial liabilities: (1) | ||||||||||||||||||||||||
| Credit facility | $ | 94,225,000 | $ | 94,225,000 | $ | 94,225,000 | $ | — | $ | — | $ | — | ||||||||||||
| _____________________________ | ||||||||||||||||||||||||
| -1 | The fair value of other financial instruments not included in this table is estimated to approximate their carrying value. | |||||||||||||||||||||||
Business_and_Organization_Deta
| Business and Organization (Details) (USD $) | 0 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 10 Months Ended | 6 Months Ended | 20 Months Ended | |||
| 6-May-13 | Dec. 18, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | 6-May-13 | Sep. 18, 2013 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Aug. 11, 2014 | |
| Maximum | Sponsor | Sponsor | Sponsor | Sponsor | Sponsor | Advisor | Special Unit Holder | Subsequent Event | |||||
| Business and Organization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Non-controlling interest investment in operating partnership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000 | $1,000 | ' |
| Limited partnership interest in the operating partnership (percent) | ' | ' | 99.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Common stock, shares authorized (shares) | ' | ' | 400,000,000 | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Common stock, par value (in dollars per share) | ' | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Preferred stock, shares authorized (shares) | ' | ' | 50,000,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Preferred stock, par value (in dollars per share) | ' | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of shares of common stock issued (shares) | ' | 22,223 | ' | ' | ' | 222,223 | 222,223 | 24,848,000,000 | 24,828 | 247,714 | ' | ' | ' |
| Proceeds from issuance of common stock | ' | $200,000 | $96,126,986 | $24,742,306 | ' | $2,000,000 | $2,000,000 | $200,000 | $200,000 | $2,200,000 | ' | ' | $172,900,000 |
| Common stock filed in a registration statement with SEC, for issuance pursuant to offering (shares) | ' | ' | ' | ' | 165,789,474 | ' | ' | ' | ' | ' | ' | ' | ' |
| Common stock filed in a registration statement with SEC, for issuance pursuant to the primary offering (shares) | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Common stock filed in a registration statement with SEC, for issuance pursuant to DRP (shares) | 15,789,474 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account2
| Summary of Significant Accounting Policies (Details) (USD $) | 6 Months Ended |
| In Millions, unless otherwise specified | Jun. 30, 2014 |
| Related Party Transaction [Line Items] | ' |
| Percent of contract purchase price (percent) | 6.00% |
| Number of days past due for suspension of income recognition | '90 days |
| Advisor | Maximum | Organization and Offering Costs | ' |
| Organization and Offering Costs | ' |
| Percentage of gross offering proceeds from primary offering, reimbursable as organization and offering costs (percent) | 15.00% |
| Expected reimbursable organization and offering costs, excluding selling commissions and dealer manager fee | 24.8 |
| Expected reimbursable organization and offering costs, excluding selling commissions and dealer manager fee, as a percentage of total proceeds available to be raised from the primary offering (percent) | 1.50% |
Real_Estate_Debt_Investments_D
| Real Estate Debt Investments (Details) (USD $) | 6 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 7 Months Ended | ||||||||||||||
| Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Aug. 11, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Aug. 11, 2014 | Jul. 31, 2014 | Sep. 30, 2013 | Aug. 11, 2014 | Jan. 31, 2014 | Aug. 11, 2014 | |
| investment | First mortgage loan | First mortgage loan | Subsequent Event | LIBOR | LIBOR | Sponsor | Sponsor | Weighted Average | Weighted Average | Initial Maturity | Maturity Including Extensions | Loan Facilities | Loan Facilities | Loan Facilities | Subordinate Interest | Sponsor | Sponsor | Sponsor | Sponsor | ||
| loan | loan | First mortgage loan | First mortgage loan | First mortgage loan | LIBOR | First mortgage loan | First mortgage loan | Subsequent Event | Subsequent Event | First mortgage loan | Subsequent Event | First mortgage loan | Subsequent Event | ||||||||
| extension | First mortgage loan | loan | room | First mortgage loan | First mortgage loan | ||||||||||||||||
| room | |||||||||||||||||||||
| Mortgage Loans on Real Estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number (loans) | ' | ' | 4 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' |
| Principal Amount | $157,200,000 | $16,500,000 | $157,200,000 | $16,500,000 | $227,800,000 | ' | ' | ' | ' | ' | ' | $157,200,000 | $157,200,000 | ' | $75,000,000 | ' | ' | $25,500,000 | $25,500,000 | $9,000,000 | $9,000,000 |
| Carrying Value | 157,971,739 | 16,500,000 | 157,971,739 | 16,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Spread over LIBOR (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.66% | 6.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Total Unleveraged Current Yield (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.68% | 6.62% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Floating Rate as % of Principal Amount (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Principal amount of floating rate loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | 82,200,000 | 16,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Variable rate floor (percent) | ' | ' | ' | ' | ' | 0.25% | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Carrying Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,800,000 | ' | ' | 97,800,000 | ' | ' | ' | ' |
| Number of rooms in real estate property used to secure loan (rooms) | ' | ' | ' | ' | ' | ' | ' | 500 | ' | ' | ' | ' | ' | ' | ' | ' | 313 | ' | ' | ' | ' |
| Number of extension options (options) | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Mortgage loans on real estate duration of extension options | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Basis spread on variable rate (percent) | ' | ' | ' | ' | ' | ' | ' | ' | 5.05% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Mortgage Loan On Real Estate Maturities, Fiscal Maturity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| July 1 to December 31, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
| Years Ending December 31: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| 2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
| 2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,500,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
| 2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,700,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
| 2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 25,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
| Thereafter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $131,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
| Weighted average maturity, including extensions | '4 years 8 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of days past contractual debt service payments loan categorized as a weaker credit quality debt investment | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of loans contributing to more than 10% of interest income (loans) | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings_Details
| Borrowings (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Oct. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Jun. 30, 2014 | Oct. 31, 2013 | Jun. 30, 2014 |
| Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | LIBOR | LIBOR | LIBOR | LIBOR | |||
| Minimum | Maximum | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | ||||||
| Minimum | Minimum | Maximum | Maximum | ||||||||
| Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Contractual Interest Rate (percent) | ' | ' | ' | 2.75% | ' | ' | ' | ' | ' | ' | ' |
| Principal Amount | ' | ' | ' | $94,225,000 | $0 | ' | ' | ' | ' | ' | ' |
| Carrying Value | ' | ' | ' | 94,225,000 | 0 | ' | ' | ' | ' | ' | ' |
| Basis spread on variable rate (percent) | ' | ' | ' | ' | ' | ' | ' | 2.50% | 2.50% | 3.00% | 3.00% |
| Line of credit facility | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
| Duration of extension option | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' |
| Asset restrictions, unrestricted cash balance | ' | ' | ' | ' | ' | 3,750,000 | 15,000,000 | ' | ' | ' | ' |
| Credit facility | $94,225,000 | $0 | ' | $94,200,000 | ' | ' | ' | ' | ' | ' | ' |
Related_Party_Arrangements_Det
| Related Party Arrangements (Details) (USD $) | 0 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 10 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||||||||||
| Dec. 18, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 18, 2013 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jan. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 30, 2014 | Mar. 31, 2014 | |
| Dealer Manager | Maximum | Advisor | Advisor | Advisor | Advisor | Advisor | Advisor | Sponsor | Sponsor | Sponsor | Sponsor | Sponsor | Sponsor | Advisory fees-related party | Advisory fees-related party | Advisory fees-related party | Real estate debt investments, net | Real estate debt investments, net | Real estate debt investments, net | Real estate debt investments, net | Real estate debt investments, net | Real estate debt investments, net | General and administrative expenses | General and administrative expenses | General and administrative expenses | General and administrative expenses | General and administrative expenses | General and administrative expenses | Cost of capital | Cost of capital | Cost of capital | Cost of capital | Cost of capital | Cost of capital | First mortgage loan | First mortgage loan | First mortgage loan | First mortgage loan | First mortgage loan | Participation Agreement | Participation Agreement | Participation Agreement | Participation Agreement | ||||
| Dealer Manager | Operating Costs | Asset Management Fee | Acquisition Fee | Disposition Fee | Maximum | Maximum | Maximum | Advisor | Advisor | Advisor | Advisor | Advisor | Advisor | Advisor | Advisor | Advisor | Advisor | Advisor | Advisor | Advisor | Advisor | Advisor | Advisor | Advisor | Advisor | Dealer Manager | Dealer Manager | Dealer Manager | Sponsor | Sponsor | Sponsor | First mortgage loan | First mortgage loan | First mortgage loan | First mortgage loan | ||||||||||||
| Quarter | Organization and Offering Costs | Operating Costs | Asset Management Fee | Asset Management Fee | Asset Management Fee | Acquisition Fee | Acquisition Fee | Acquisition Fee | Disposition Fee | Disposition Fee | Disposition Fee | Organization Costs | Organization Costs | Organization Costs | Operating Costs | Operating Costs | Operating Costs | Offering Costs | Offering Costs | Offering Costs | Registrant and Sponsor | Sponsor | Sponsor | ||||||||||||||||||||||||
| Asset Management Fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Monthly Asset Management Fee Rate | ' | ' | ' | ' | ' | ' | 10.42% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Acquisition Fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Maximum acquisition fee as a percentage of principal amount funded to originate investments, including acquisition expenses and any financing attributable to the investment (percent) | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Disposition Fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Maximum disposition fee as a percentage of contract sales price of CRE investment sold (percent) | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Disposition fee as a percentage of the principal amount of the loan or CRE debt investment prior to the specified transaction (percent) | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Operating Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Reimbursement of personnel costs related to officers and personnel involved in activities for which other fees is received | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of fiscal quarters | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Percentage of average invested assets reimbursable as operating costs (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Percentage of net income, without reduction for any additions to reserves for depreciation, loan losses or other similar non-cash reserves and excluding any gain from the sale of the company's assets, considered for reimbursement of operating costs (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Reimbursement expense period | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Organization and Offering Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Percentage of gross offering proceeds from primary offering, reimbursable as organization and offering costs (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Expected reimbursable organization and offering costs, excluding selling commissions and dealer manager fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Expected reimbursable organization and offering costs, excluding selling commissions and dealer manager fee, as a percentage of total proceeds available to be raised from the primary offering (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Selling Commissions and Dealer Manager Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Selling commissions as a percentage of gross offering proceeds from the primary offering (percent) | ' | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Dealer manager fee as a percentage of gross offering proceeds from the primary offering (percent) | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Summary of Fees and Reimbursements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Fees and Reimbursements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 442,118 | 582,753 | ' | 225,000 | 1,407,000 | ' | 0 | 0 | ' | 145,302 | 181,287 | ' | 285,549 | 519,747 | ' | 2,933,564 | 3,617,274 | ' | 6,206,892 | 10,952,396 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Due to related party | ' | 0 | 260,977 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,365 | ' | ' | 0 | ' | ' | 0 | ' | ' | 10,989 | ' | ' | 26,834 | ' | ' | 208,789 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Sponsor Purchase of Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Value of shares of common stock committed to be purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Share price (usd per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9 | $9 | $9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of shares of common stock issued (shares) | 22,223 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 222,223 | 222,223 | 24,848,000,000 | 24,828 | 247,714 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Proceeds from issuance of common stock | 200,000 | 96,126,986 | 24,742,306 | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | 2,000,000 | 200,000 | 200,000 | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Face amount of mortgages | ' | 157,200,000 | 16,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 157,200,000 | 16,500,000 | 25,500,000 | 9,000,000 | ' | 70,000,000 | 75,000,000 | 5,000,000 | 5,000,000 |
| Mortgage loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16,500,000 | ' | ' | ' | ' |
EquityBased_Compensation_Detai
| Equity-Based Compensation (Details) (Restricted stock, USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | |
| Sep. 18, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 18, 2013 | Jul. 19, 2014 | |
| director | Subsequent Event | ||||
| Equity-based compensation | ' | ' | ' | ' | ' |
| Restricted stock units granted in the period (shares) | 5,000 | ' | ' | ' | 2,500 |
| Number of independent directors (directors) | ' | ' | ' | 3 | ' |
| Value of restricted stock units granted in the period (usd per share) | $9 | ' | ' | ' | ' |
| Period of cumulative performance goals considered under plan | '4 years | ' | ' | ' | ' |
| Equity-based compensation expense | ' | $9,000 | $17,438 | ' | ' |
Stockholders_Equity_Details
| Stockholders' Equity (Details) (USD $) | 0 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 19 Months Ended | 6 Months Ended | |||||
| Dec. 18, 2012 | Jun. 30, 2014 | 31-May-14 | Apr. 30, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Jan. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | |
| Offering Proceeds | Offering Proceeds | Offering Proceeds | DRP | ||||||||||
| Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of shares of common stock issued (shares) | 22,223 | ' | ' | ' | ' | ' | ' | ' | ' | 11,200,000 | 2,800,000 | 14,000,000 | ' |
| Proceeds from issuance of common stock | $200,000 | ' | ' | ' | ' | ' | ' | $96,126,986 | $24,742,306 | $111,600,000 | $27,700,000 | $139,500,000 | ' |
| Distribution Reinvestment Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Initial purchase price per share under the DRP (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.50 |
| Percentage of estimated value per share of common stock (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95.00% |
| Period within which the company expects to establish an estimated value per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '18 months |
| Notice period served by board of directors to amend or terminate distribution reinvestment plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 days |
| Proceeds from distribution reinvestment plan (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99,575 |
| Proceeds from distribution reinvestment plan | ' | ' | ' | ' | ' | ' | ' | 945,963 | 20,948 | ' | ' | ' | 945,963 |
| Distributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Common stock dividend declared based on daily amount per share (usd per share) | ' | ' | ' | ' | ' | ' | ' | $0.00 | ' | ' | ' | ' | ' |
| Annual distribution rate (percent) | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' |
| Cash | ' | 400,480 | 333,065 | 266,326 | 220,391 | 142,862 | 113,325 | 1,476,449 | ' | ' | ' | ' | ' |
| DRP | ' | 324,523 | 278,626 | 219,518 | 180,207 | 122,633 | 90,968 | 1,216,475 | ' | ' | ' | ' | ' |
| Total | ' | $725,003 | $611,691 | $485,844 | $400,598 | $265,495 | $204,293 | $2,692,924 | $199,183 | ' | ' | ' | ' |
| Share Repurchase Program | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Holding period of shares required for repurchase | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' |
Fair_Value_Details
| Fair Value (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
| Fair Value Disclosures [Abstract] | ' | ' |
| Face amount of mortgages | $157,200,000 | $16,500,000 |
| Real estate debt investments, net | 157,971,739 | 16,500,000 |
| Mortgages, fair value | 166,179,827 | 16,500,000 |
| Credit facility | 94,225,000 | 0 |
| Credit facility carrying value | 94,225,000 | 0 |
| Credit facility fair value | $94,225,000 | $0 |
Subsequent_Events_Details
| Subsequent Events (Details) (USD $) | 0 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | 20 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 10 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 6 Months Ended | ||||||||||
| Dec. 18, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Aug. 11, 2014 | Aug. 11, 2014 | Aug. 11, 2014 | Aug. 11, 2014 | Sep. 18, 2013 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Aug. 05, 2014 | Aug. 05, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Aug. 11, 2014 | Jun. 30, 2014 | Aug. 11, 2014 | Jun. 30, 2014 | |
| Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Sponsor | Sponsor | Sponsor | Sponsor | Sponsor | Sponsor | Sponsor | Subordinate Interest | Line of Credit | Line of Credit | Line of Credit | First mortgage loan | First mortgage loan | First mortgage loan | First mortgage loan | First mortgage loan | First mortgage loan | ||||
| Total Third Party Equity Issuances Proceeds | Total Third Party Equity Issuances Proceeds | Subsequent Event | Subsequent Event | Subsequent Event | Loan Facility 2 | Loan Facility 2 | Loan Facility 2 | Subsequent Event | Sponsor | LIBOR | LIBOR | |||||||||||||
| DRP | room | Subsequent Event | Minimum | Maximum | property | room | Subsequent Event | Sponsor | ||||||||||||||||
| extension | LIBOR | LIBOR | ||||||||||||||||||||||
| Subsequent Event | Subsequent Event | |||||||||||||||||||||||
| Offering Proceeds and Sponsor Purchase of Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of shares of common stock issued (shares) | 22,223 | ' | ' | ' | ' | 3,300,000 | 17,400,000 | 222,223 | 222,223 | 24,848,000,000 | 24,828 | 247,714 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Gross proceeds of common stock issued | ' | ' | ' | ' | ' | $33,400,000 | $172,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Distributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Common stock dividend declared based on daily amount per share (usd per share) | ' | $0.00 | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Common stock, shares issued (shares) | ' | 14,022,096 | 2,832,326 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,797 | 285,511 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Common Stock, Value, Issued | ' | 140,221 | 28,323 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| New Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Mortgage loan acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,900,000 | ' | ' | ' | ' | ' | 45,800,000 | ' | ' | ' |
| Number of properties acquired (properties) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' |
| Carrying Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of rooms in real estate property used to secure loan (rooms) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 313 | ' | ' | ' | ' | ' | ' | 500 | ' | ' |
| Annual fixed rate (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.00% | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' |
| Floor interest rate (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' |
| Annual fixed rate paid currently (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Face amount of mortgages | ' | 157,200,000 | 16,500,000 | ' | 227,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | 157,200,000 | 16,500,000 | ' | ' | ' | ' |
| Basis spread on variable rate (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 3.00% | ' | ' | ' | ' | ' | 5.05% |
| Number of one year extension options (extensions) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' |
| Debt Covenant, minimum total equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
| Debt covenant, minimum liquidity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
| Debt covenant, borrowings to equity ratio (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250.00% | ' | ' | ' | ' | ' | ' | ' | ' |