NorthStar Real Estate Income II 10-Q 13 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Nov. 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, Share Outstanding	'	24,910,889
Amendment Flag	'false	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2014	Dec. 31, 2013
Assets	'	'
Cash	$35,711,995	$7,279,417
Restricted cash	3,866,507	153,947
Real estate debt investments, net	355,464,658	16,500,000
Receivables, net	2,516,350	844,241
Deferred costs, net	850,915	548,619
Total assets	398,410,425	25,326,224
Liabilities	'	'
Credit facilities	207,737,500	0
Due to related party	3,091,058	260,977
Escrow deposits payable	3,866,507	153,947
Distribution payable	1,161,816	120,618
Other liabilities	125,498	2,497
Total liabilities	215,982,379	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 September 30, 2014 and December 31, 2013	0	0
Common stock, $0.01 par value, 400,000,000 shares authorized, 21,307,418 and 2,832,326 shares issued and outstanding as of September 30, 2014 and December 31, 2013, respectively	213,074	28,323
Additional paid-in capital	186,942,860	24,944,578
Retained earnings (accumulated deficit)	-4,729,928	-186,728
Total NorthStar Real Estate Income II, Inc. stockholders’ equity	182,426,006	24,786,173
Non-controlling interests	2,040	2,012
Total equity	182,428,046	24,788,185
Total liabilities and equity	$398,410,425	$25,326,224

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]	'	'
Preferred stock, par value	$0.01	$0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	21,307,418	2,832,326
Common stock, shares outstanding	21,307,418	2,832,326

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended			9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013		Sep. 30, 2014	Sep. 30, 2013
Net interest income	'	'		'	'
Interest income	$3,129,030	$4,367	[1]	$5,693,768	$4,367	[1]
Interest expense	737,828	0	[1]	1,507,310	0	[1]
Net interest income	2,391,202	4,367	[1]	4,186,458	4,367	[1]
Expenses	'	'		'	'
Asset management and other fees - related party	645,833	903	[1]	1,228,586	903	[1]
General and administrative expenses (refer to Note 5)	908,700	5,315	[1]	1,685,841	5,315	[1]
Total expenses	1,554,533	6,218	[1]	2,914,427	6,218	[1]
Net income (loss)	836,669	-1,851	[1]	1,272,031	-1,851	[1]
Net (income) loss attributable to non-controlling interests	-17	18	[1]	-28	18	[1]
Net income (loss) attributable to NorthStar Real Estate Income II, Inc. common stockholders	$836,652	($1,833)	[1]	$1,272,003	($1,833)	[1]
Net income (loss) per share of common stock, basic/diluted	$0.05	($0.03)	[1]	$0.11	($0.05)	[1]
Weighted average number of shares of common stock outstanding, basic/diluted	17,818,550	57,307	[1]	11,203,072	34,046	[1]
Distributions declared per share of common stock	$0.18	$0.18	[1]	$0.52	$0.18	[1]
[1]	Represents the period from September 18, 2013 (date of our first investment) through September 30, 2013.

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	3 Months Ended			9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013		Sep. 30, 2014	Sep. 30, 2013
Statement of Comprehensive Income [Abstract]	'	'		'	'
Net income (loss)	$836,669	($1,851)	[1]	$1,272,031	($1,851)	[1]
Comprehensive income (loss)	836,669	-1,851	[1]	1,272,031	-1,851	[1]
Comprehensive (income) loss attributable to non-controlling interests	-17	18	[1]	-28	18	[1]
Comprehensive income (loss) attributable to NorthStar Real Estate Income II, Inc.	$836,652	($1,833)	[1]	$1,272,003	($1,833)	[1]
[1]	Represents the period from September 18, 2013 (date of our first investment) through September 30, 2013.

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 (refer to Note 5) (shares)	'		'	2,792,898	'	'	'
Net proceeds from issuance of common stock (refer to Note 5)	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	'	'	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 (refer to Note 5) (shares)	'		'	18,243,790	'	'	'
Net proceeds from issuance of common stock (refer to Note 5)	160,028,825		160,028,825	182,438	159,846,387	'	'
Issuance and amortization of equity-based compensation (in shares)	'		'	7,500	'	'	'
Issuance and amortization of equity-based compensation	30,094		30,094	75	30,019	'	'
Distributions declared	-5,815,203	[1]	-5,815,203	'	'	-5,815,203	'
Proceeds from distribution reinvestment plan (shares)	'		'	227,802	'	'	'
Proceeds from distribution reinvestment plan	2,164,114		2,164,114	2,278	2,161,836	'	'
Shares redeemed for cash	'		'	-4,000	'	'	'
Shares redeemed for cash	-40,000		-40,000	-40	-39,960	'	'
Net income (loss)	1,272,031		1,272,003	'	'	1,272,003	28
Ending Balance at Sep. 30, 2014	$182,428,046		$182,426,006	$213,074	$186,942,860	($4,729,928)	$2,040
Balance (in shares) at Sep. 30, 2014	21,307,418		'	21,307,418	'	'	'
[1]	Represents distributions declared for the period, even though such distributions are actually paid to stockholders the month following such period.

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:	'	'
Net income (loss)	$1,272,031	($1,851)	[1]
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:	'	'
Amortization of equity-based compensation	30,094	1,202	[1]
Amortization of deferred financing costs	120,770	0	[1]
Amortization of fees on investments	141,390	0	[1]
Changes in assets and liabilities:	'	'
Receivables, net	-1,208,789	-7,642	[1]
Due to related party	1,050,853	4,983	[1]
Deferred costs, net	-18,771	0	[1]
Other liabilities	123,001	33	[1]
Net cash provided by (used in) operating activities	1,510,579	-3,275	[1]
Cash flows from investing activities:	'	'
Acquisition of real estate debt investments, net (refer to Note 5)	-14,750,000	-1,980,000	[1]
Origination of real estate debt investments, net	-322,916,048	0	[1]
Net cash provided by (used in) investing activities	-337,666,048	-1,980,000	[1]
Cash flows from financing activities:	'	'
Borrowings from credit facilities	211,937,500	0	[1]
Repayment on credit facility	-4,200,000	0	[1]
Net proceeds from issuance of common stock	159,349,138	28,500	[1]
Net proceeds from issuance of common stock, related party	555,594	1,971,507	[1]
Shares redeemed for cash	-40,000	0	[1]
Distributions paid on common stock	-4,774,005	0	[1]
Proceeds from distribution reinvestment plan	2,164,114	0	[1]
Payment of deferred financing costs	-404,294	0	[1]
Net cash provided by (used in) financing activities	364,588,047	2,000,007	[1]
Net increase (decrease) in cash	28,432,578	16,732	[1]
Cash - beginning of period	7,279,417	202,007	[1]
Cash - end of period	35,711,995	218,739	[1]
Supplemental disclosure of non-cash investing and financing activities:	'	'
Accrued cost of capital (refer to Note 5)	680,242	51,350	[1]
Subscriptions receivable, gross	1,322,250	200,000	[1]
Distribution payable	1,161,816	5,990	[1]
Escrow deposits payable	3,866,507	0	[1]
Accrued acquisition fee (refer to Note 5)	$1,440,000	$20,000	[1]
[1]	Represents the period from September 18, 2013 (date of our first investment) through September 30, 2013.

Business_and_Organization

Business and Organization	9 Months Ended
	Sep. 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 elected 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 continue 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 September 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 September 30, 2014, the Company’s limited partnership interest in the Operating Partnership was 99.9%.
	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, was declared effective. The Company reserves the right to reallocate shares of its common stock being offered between the Primary Offering and the DRP. 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 November 11, 2014, the Company raised total gross proceeds of $247.8 million.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
	Summary of Significant Accounting Policies
	Basis of 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 had operations for the nine months ended September 30, 2014 and the period from September 18, 2013 (the date of our first investment) through September 30, 2013.
	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 nine months ended September 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 September 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	9 Months Ended
	Sep. 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 September 30, 2014:
											Weighted Average		Floating Rate as % of Principal Amount
	Asset type:		Number	Principal			Carrying Value (2)		Allocation by Investment Type (3)	Fixed	Spread	Total Unleveraged
				Amount (1)						Rate	over	Current Yield
											LIBOR (4)
	First mortgage loans		6	$	346,950,000		$	336,376,609	93.30%	—%	5.39%	5.42%	100.00%
	Subordinate interests		1	24,863,049			19,088,049		6.70%	14.00%	—%	14.18%	—%
	Total/Weighted average		7	$	371,813,049		$	355,464,658	100.00%	14.00%	5.39%	5.89%	100.00%
	__________________________________________________________
	-1	Includes future funding commitments of $12.0 million for first mortgage loans and $5.8 million for subordinate interests.
	-2	Certain CRE debt investments serve as collateral for financing transaction, including $207.7 million for Term Loan Facilities (refer to Note 4). The remainder is unleveraged.
	-3	Based on principal amount.
	-4	Includes a fixed minimum LIBOR rate (“LIBOR floor”), as applicable. As of September 30, 2014, the Company had $260.0 million of principal amount of floating-rate loans subject to a LIBOR floor with the weighted average LIBOR floor of 0.22%.
	Year to date through November 11, 2014, the Company’s investment activity included eight loans with an aggregate principal amount of $439.3 million, including a first mortgage loan originated by NorthStar Realty (refer to Note 5) and future funding commitments in first mortgage loans and a subordinate interest.
	The following table presents CRE debt investments as of December 31, 2013:
									Weighted Average		Floating Rate as % of Principal Amount
	Asset type:		Number	Principal Amount			Carrying Value		Spread	Total Unleveraged
									over	Current Yield
									LIBOR (1)
	First mortgage loans		1	$	16,500,000		$	16,500,000	6.55%	6.62%	100.00%
	__________________________________________________________
	-1	Includes a fixed minimum LIBOR rate (“LIBOR floor”) of 0.25%.
	The following table presents maturities of CRE debt investments based on principal amount as of September 30, 2014:
		Initial			Maturity
		Maturity			Including
					Extensions (1)
	October 1 to December 31, 2014	$	—		$	—
	Years Ending December 31:
	2015	—			—
	2016	244,500,000			—
	2017	127,313,049			—
	2018	—			25,500,000
	Thereafter	—			346,313,049
	Total	$	371,813,049		$	371,813,049
	____________________________________________________________
	-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 September 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 September 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 nine months ended September 30, 2014, three debt investments each contributed more than 10% of interest income.

Borrowings

Borrowings

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

'

Borrowings

'

Borrowings

The following table presents borrowings as of September 30, 2014 and December 31, 2013:

September 30, 2014

December 31, 2013

Recourse vs. Non-Recourse

Final

Contractual

Principal

Carrying

Principal

Carrying

Maturity

Interest Rate (1)

Amount

Value

Amount

Value

Credit Facilities

Loan Facility 1

Partial Recourse

17-Oct

(2)

2.66%

$

94,225,000

$

94,225,000

$

—

$

—

Loan Facility 2

Partial Recourse

19-Jul

(3)

2.72%

113,512,500

113,512,500

—

—

Total

$

207,737,500

$

207,737,500

$

—

$

—

_______________________________________________

-1

Represents the weighted average as of September 30, 2014. The contractual interest rate ranges from one-month LIBOR, plus 2.50% to 3.00%.

-2

The initial maturity of Loan Facility 1 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.

-3

The initial maturity of 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.

Term Loan Facilities

In October 2013, the Company, through a subsidiary, entered into a credit facility agreement with a global financial institution (“Loan Facility 1”), which provides up to $100.0 million to finance first mortgage loans and senior loan participations secured by commercial real estate.

In July 2014, the Company entered into a credit facility agreement with a global financial institution (“Loan Facility 2”), which provides up to $100.0 million to finance first mortgage loans and senior loan participations secured by commercial real estate. In September 2014, the Company amended the terms of Loan Facility 2, increasing the total potential borrowing capacity from $100.0 million to up to $200.0 million. All other terms governing Loan Facility 2 remained substantially the same.

The Company agreed to guaranty certain obligations under Loan Facility 1 and Loan Facility 2 (collectively, “Term Loan Facilities”). The Term Loan Facilities contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of this type. More specifically, for Loan Facility 1, the Company must maintain at least $3.75 million and as much as $15.0 million in unrestricted cash, depending on the amount drawn at all times during the term of Loan Facility 1. More specifically, for Loan Facility 2, the Company must maintain (i) total equity of the greater of $100.0 million and the product of the then-current maximum amount (as defined in the Loan Facility 2 agreement) and 1.5; (ii) minimum liquidity of the greater of $10.0 million and 10% of the maximum amount (as defined in the Loan Facility 2 agreement); and (iii) a ratio of total borrowings to total equity of not greater than 250% at all times during the term of Loan Facility 2.

As of September 30, 2014, the Company had $336.4 million carrying value of CRE debt investments, financed with $207.7 million under the Term Loan Facilities.

The Term Loan Facilities act as revolving loan facilities that can be paid down as assets are repaid or sold and re-drawn upon for new investments. As of September 30, 2014, the Company was in compliance with all of its financial covenants under the Term Loan Facilities.

Related_Party_Arrangements

Related Party Arrangements	9 Months Ended
	Sep. 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 nine months ended September 30, 2014 and 2013 and the amount due to related party as of September 30, 2014 and December 31, 2013:
				Three Months Ended September 30,				Nine Months Ended September 30,				Due to Related Party as of
	Type of Fee or Reimbursement		Financial Statement Location	2014		2013 (3)		2014		2013 (3)		30-Sep-14		31-Dec-13
	Fees to Advisor
	Asset management		Asset management and other fees - related party	$	645,833	$	903	$	1,228,586	$	903	$	242,305	$	14,365
	Acquisition (1)		Real estate debt investments, net	2,146,130		20,000		3,553,130		20,000		1,440,000		—
	Disposition (1)		Real estate debt investments, net	—		—		—		—		—		—
	Reimbursements to Advisor
	Operating costs		General and administrative expenses	656,982		2,430		1,176,729		2,430		656,982		26,834
	Organization		General and administrative expenses	203,754		1,650		385,041		1,650		203,754		10,989
	Offering		Cost of capital (2)	548,017		31,350		4,165,291		31,350		548,017		208,789
	Selling commissions / Dealer manager fees		Cost of capital (2)	7,001,749		—		17,954,145		—		—		—
	Total											$	3,091,058	$	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	Represents the period from September 18, 2013 (date of our first investment) through September 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 September 30, 2014, including the purchase of shares to satisfy the minimum offering requirement, NorthStar Realty purchased 285,511 shares of the Company’s common stock for $2.6 million under such commitment. For the three and nine months ended September 30, 2014, NorthStar Realty purchased 37,797 shares and 62,625 shares of the Company’s common stock for $0.3 million and $0.6 million under such commitment, respectively.
	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	9 Months Ended
	Sep. 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 $12,656 and $30,094 for the three and nine months ended September 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	9 Months Ended
	Sep. 30, 2014
Stockholders' Equity Note [Abstract]	'
Stockholders' Equity	'
	Stockholders’ Equity
	Common Stock from Primary Offering
	For the nine months ended September 30, 2014, the Company issued 18.2 million shares of common stock generating gross proceeds of $182.1 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 September 30, 2014, the Company issued 21.0 million shares of common stock, generating gross proceeds of $209.8 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. Pursuant to amended FINRA Rule 2310 (the “Rule”) which was recently approved by the SEC and is expected to be effective in 2016, the Company expects to establish an estimated value per share the later of (i) within 150 days following the second anniversary of breaking escrow in September 2013 and (ii) the effective date of the new Rule, but in no event later than 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 Company will disclose the per share estimated value in a report under the Exchange Act of 1934, as amended, and in each annual report thereafter. 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 nine months ended September 30, 2014, the Company issued 227,802 shares totaling $2.2 million 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 business day of the month following the month for which the distribution has accrued.
	The following table presents distributions declared for the nine months ended September 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
	July		495,560		406,502		902,062
	August		571,125		487,276		1,058,401
	September		616,677		545,139		1,161,816
	Total		$	3,159,811	$	2,655,392	$	5,815,203
	_________________________________________________
	-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 year ended December 31, 2013, the Company did not repurchase any shares pursuant to the Share Repurchase Program. For the nine months ended September 30, 2014, the Company repurchased an immaterial amount of shares pursuant to the Share Repurchase Program. As of September 30, 2014, there were no unfulfilled repurchase requests.

Noncontrolling_Interests

Non-controlling Interests	9 Months Ended
	Sep. 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 nine months ended September 30, 2014 and 2013 was an immaterial amount.

Fair_Value

Fair Value

9 Months Ended

Sep. 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 September 30, 2014 and December 31, 2013:

September 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

$

354,038,049

(2)

$

355,464,658

$

376,091,321

$

16,500,000

$

16,500,000

$

16,500,000

Financial liabilities: (1)

Credit facilities

$

207,737,500

$

207,737,500

$

207,737,500

$

—

$

—

$

—

_____________________________

-1

The fair value of other financial instruments not included in this table is estimated to approximate their carrying value.

-2

Excludes future funding commitments of $17.8 million as of September 30, 2014.

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 Facilities

The Company has amounts outstanding under Term Loan Facilities. The Term Loan Facilities bear floating rates 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	9 Months Ended
	Sep. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	Subsequent Events
	Common Stock from Primary Offering
	From October 1, 2014 through November 11, 2014, the Company issued 3.5 million shares of common stock pursuant to its Primary Offering generating gross proceeds of $34.6 million. From inception through November 11, 2014, the Company issued 24.5 million shares of common stock pursuant to its Primary Offering generating gross proceeds of $244.4 million.
	Distribution Reinvestment Plan
	From October 1, 2014 through November 11, 2014, the Company issued 123,962 shares of common stock pursuant to the DRP raising proceeds of $1.2 million. As of November 11, 2014, 15.4 million shares were available to be issued pursuant to the DRP.
	Distributions
	On November 6, 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 March 31, 2015. Distributions are generally paid to stockholders on the first business day of the month following the month for which the distribution was accrued.
	NorthStar Realty Purchase of Common Stock
	On November 6, 2014, the Company’s board of directors approved the sale of 56,382 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 November 6, 2014, NorthStar Realty purchased 341,893 shares of the Company’s common stock for $3.1 million.
	New Investments
	In November 2014, the Company originated an $84.0 million first mortgage loan secured by an office complex property located in Irving, Texas. The loan consists of an initial funding of $63.0 million, of which $31.5 million was financed with Loan Facility 2, and future advances of $21.0 million. The loan bears interest at 6.25% plus a 0.25% LIBOR floor. Refer to Part II, Item 5. “Other” for further discussion.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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.
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 nine months ended September 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 September 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)	9 Months Ended
	Sep. 30, 2014
Mortgage Loans on Real Estate [Abstract]	'
Schedule of mortgage loans on real estate	'
	The following table presents CRE debt investments as of December 31, 2013:
									Weighted Average		Floating Rate as % of Principal Amount
	Asset type:		Number	Principal Amount			Carrying Value		Spread	Total Unleveraged
									over	Current Yield
									LIBOR (1)
	First mortgage loans		1	$	16,500,000		$	16,500,000	6.55%	6.62%	100.00%
	__________________________________________________________
	-1	Includes a fixed minimum LIBOR rate (“LIBOR floor”) of 0.25%.
	The following table presents CRE debt investments as of September 30, 2014:
											Weighted Average		Floating Rate as % of Principal Amount
	Asset type:		Number	Principal			Carrying Value (2)		Allocation by Investment Type (3)	Fixed	Spread	Total Unleveraged
				Amount (1)						Rate	over	Current Yield
											LIBOR (4)
	First mortgage loans		6	$	346,950,000		$	336,376,609	93.30%	—%	5.39%	5.42%	100.00%
	Subordinate interests		1	24,863,049			19,088,049		6.70%	14.00%	—%	14.18%	—%
	Total/Weighted average		7	$	371,813,049		$	355,464,658	100.00%	14.00%	5.39%	5.89%	100.00%
	__________________________________________________________
	-1	Includes future funding commitments of $12.0 million for first mortgage loans and $5.8 million for subordinate interests.
	-2	Certain CRE debt investments serve as collateral for financing transaction, including $207.7 million for Term Loan Facilities (refer to Note 4). The remainder is unleveraged.
	-3	Based on principal amount.
	-4	Includes a fixed minimum LIBOR rate (“LIBOR floor”), as applicable. As of September 30, 2014, the Company had $260.0 million of principal amount of floating-rate loans subject to a LIBOR floor with the weighted average LIBOR floor of 0.22%
Schedule of Mortgage Loans, Fiscal Maturity	'
	The following table presents maturities of CRE debt investments based on principal amount as of September 30, 2014:
		Initial			Maturity
		Maturity			Including
					Extensions (1)
	October 1 to December 31, 2014	$	—		$	—
	Years Ending December 31:
	2015	—			—
	2016	244,500,000			—
	2017	127,313,049			—
	2018	—			25,500,000
	Thereafter	—			346,313,049
	Total	$	371,813,049		$	371,813,049
	____________________________________________________________
	-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)	9 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Schedule of Long-term Debt Instruments	'
	The following table presents borrowings as of September 30, 2014 and December 31, 2013:
						September 30, 2014				December 31, 2013
		Recourse vs. Non-Recourse	Final		Contractual	Principal		Carrying		Principal		Carrying
			Maturity		Interest Rate (1)	Amount		Value		Amount		Value
	Credit Facilities
	Loan Facility 1	Partial Recourse	17-Oct	(2)	2.66%	$	94,225,000	$	94,225,000	$	—	$	—
	Loan Facility 2	Partial Recourse	19-Jul	(3)	2.72%	113,512,500		113,512,500		—		—
	Total					$	207,737,500	$	207,737,500	$	—	$	—
	_______________________________________________
	-1	Represents the weighted average as of September 30, 2014. The contractual interest rate ranges from one-month LIBOR, plus 2.50% to 3.00%.
	-2	The initial maturity of Loan Facility 1 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.
	-3	The initial maturity of 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.

Related_Party_Arrangements_Tab

Related Party Arrangements (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2014 and 2013 and the amount due to related party as of September 30, 2014 and December 31, 2013:
				Three Months Ended September 30,				Nine Months Ended September 30,				Due to Related Party as of
	Type of Fee or Reimbursement		Financial Statement Location	2014		2013 (3)		2014		2013 (3)		30-Sep-14		31-Dec-13
	Fees to Advisor
	Asset management		Asset management and other fees - related party	$	645,833	$	903	$	1,228,586	$	903	$	242,305	$	14,365
	Acquisition (1)		Real estate debt investments, net	2,146,130		20,000		3,553,130		20,000		1,440,000		—
	Disposition (1)		Real estate debt investments, net	—		—		—		—		—		—
	Reimbursements to Advisor
	Operating costs		General and administrative expenses	656,982		2,430		1,176,729		2,430		656,982		26,834
	Organization		General and administrative expenses	203,754		1,650		385,041		1,650		203,754		10,989
	Offering		Cost of capital (2)	548,017		31,350		4,165,291		31,350		548,017		208,789
	Selling commissions / Dealer manager fees		Cost of capital (2)	7,001,749		—		17,954,145		—		—		—
	Total											$	3,091,058	$	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	Represents the period from September 18, 2013 (date of our first investment) through September 30, 2013.

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2014
Stockholders' Equity Note [Abstract]	'
Dividends Declared	'
	The following table presents distributions declared for the nine months ended September 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
	July		495,560		406,502		902,062
	August		571,125		487,276		1,058,401
	September		616,677		545,139		1,161,816
	Total		$	3,159,811	$	2,655,392	$	5,815,203
	_________________________________________________
	-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)	9 Months Ended
	Sep. 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 September 30, 2014 and December 31, 2013:
		September 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	$	354,038,049	(2)	$	355,464,658	$	376,091,321	$	16,500,000	$	16,500,000	$	16,500,000
	Financial liabilities: (1)
	Credit facilities	$	207,737,500		$	207,737,500	$	207,737,500	$	—	$	—	$	—
	_____________________________
	-1	The fair value of other financial instruments not included in this table is estimated to approximate their carrying value.
	-2	Excludes future funding commitments of $17.8 million as of September 30, 2014.

Business_and_Organization_Deta

Business and Organization (Details) (USD $)

0 Months Ended

9 Months Ended

12 Months Ended

23 Months Ended

0 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

13 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

6-May-13

Dec. 18, 2012

Sep. 30, 2014

Dec. 31, 2013

Nov. 11, 2014

Sep. 18, 2013

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

6-May-13

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Subsequent Event

Sponsor

Sponsor

Sponsor

Sponsor

Sponsor

Maximum

Advisor

Advisor

Special Unit Holder

Special Unit Holder

Business and Organization

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Non-controlling interest investment in operating partnership

'

'

'

'

'

'

'

'

'

'

'

$1,000

$1,000

$1,000

$1,000

Limited partnership interest in the operating partnership (percent)

'

'

99.90%

'

'

'

'

'

'

'

'

'

'

'

'

Common stock, shares authorized

'

'

400,000,000

400,000,000

'

'

'

'

'

'

'

'

'

'

'

Common stock, par value

'

'

$0.01

$0.01

'

'

'

'

'

'

'

'

'

'

'

Preferred stock, shares authorized

'

'

50,000,000

50,000,000

'

'

'

'

'

'

'

'

'

'

'

Preferred stock, par value

'

'

$0.01

$0.01

'

'

'

'

'

'

'

'

'

'

'

Number of shares of common stock issued

'

22,223

'

'

'

222,223

222,223

37,797

62,625

285,511

'

'

'

'

'

Proceeds from issuance of common stock

'

$200,000

$160,028,825

$24,742,306

$247,800,000

$2,000,000

$2,000,000

$300,000

$600,000

$2,600,000

'

'

'

'

'

Common shares filed in a registration statement with SEC, for issuance pursuant to offering

'

'

'

'

'

'

'

'

'

'

165,789,474

'

'

'

'

Common shares filed in a registration statement with SEC, for issuance pursuant to the primary offering

150,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common shares filed in a registration statement with SEC, for issuance pursuant to DRP

15,789,474

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details) (USD $)	9 Months Ended
	Sep. 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	24,800,000
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%

Real_Estate_Debt_Investments_D

Real Estate Debt Investments (Details) (USD $)

9 Months Ended

12 Months Ended

10 Months Ended

9 Months Ended

9 Months Ended

Sep. 30, 2014

Dec. 31, 2013

Nov. 11, 2014

Sep. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Nov. 11, 2014

Sep. 30, 2014

Sep. 30, 2013

Jan. 31, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

investment

Subsequent Event

Weighted Average

Weighted Average

First mortgage loan

First mortgage loan

Initial Maturity

Maturity Including Extensions

Loan Facilities

Loan Facilities

First mortgage loan

First mortgage loan

First mortgage loan

First mortgage loan

First mortgage loan

First mortgage loan

Subordinate Interest Investment

Subordinate Interest Investment

Principal Amount Fair Value Disclosure

loan

Mortgage Loans on Real Estate, Variable Rate Base, LIBOR

loan

Weighted Average

Subsequent Event

loan

Sponsor

Sponsor

LIBOR

Weighted Average

loan

Weighted Average

loan

Mortgage Loans on Real Estate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of loans

7

'

'

'

'

1

'

'

'

'

8

6

'

'

'

'

'

1

'

'

Principal Amount

'

$16,500,000

$439,300,000

'

'

$16,500,000

'

$371,813,049

$371,813,049

'

'

$346,950,000

$25,500,000

$9,000,000

'

'

'

$24,863,049

'

'

Principal Amount

371,813,049

'

'

'

'

'

'

'

'

'

'

'

'

'

'

260,000,000

'

'

'

'

Variable rate floor

'

'

'

'

0.25%

'

'

'

'

'

'

'

'

'

0.22%

'

'

'

'

'

Carrying Value

355,464,658

16,500,000

'

'

'

16,500,000

'

'

'

'

'

336,376,609

'

'

'

'

'

19,088,049

'

'

Carrying Value

355,464,658

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Allocation by Investment Type

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

93.30%

6.70%

'

'

Fixed Rate

14.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.00%

14.00%

'

'

Spread over LIBOR

'

'

'

5.39%

'

'

6.55%

'

'

'

'

'

'

'

'

5.39%

'

'

0.00%

'

Total Unleveraged Current Yield

'

'

'

5.89%

'

'

6.62%

'

'

'

'

'

'

'

'

5.42%

'

'

14.18%

'

Floating Rate as % of Principal Amount

100.00%

'

'

'

'

100.00%

'

'

'

'

'

100.00%

'

'

'

'

'

0.00%

'

'

Future funding commitments

17,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,800,000

'

12,000,000

Carrying value for certain CRE debt investments serving as collateral

207,737,500

0

'

'

'

'

'

'

'

207,700,000

'

'

'

'

'

'

'

'

'

'

Mortgage Loan On Real Estate Maturities, Fiscal Maturity [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

October 1 to December 31, 2014

'

'

'

'

'

'

'

0

0

'

'

'

'

'

'

'

'

'

'

'

Years Ending December 31:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2015

'

'

'

'

'

'

'

0

0

'

'

'

'

'

'

'

'

'

'

'

2016

'

'

'

'

'

'

'

244,500,000

0

'

'

'

'

'

'

'

'

'

'

'

2017

'

'

'

'

'

'

'

127,313,049

0

'

'

'

'

'

'

'

'

'

'

'

2018

'

'

'

'

'

'

'

0

25,500,000

'

'

'

'

'

'

'

'

'

'

'

Thereafter

'

'

'

'

'

'

'

$0

$346,313,049

'

'

'

'

'

'

'

'

'

'

'

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

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Borrowings_Details

Borrowings (Details) (USD $)

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Jul. 31, 2014

Sep. 30, 2014

Dec. 31, 2013

Oct. 31, 2013

Oct. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Jul. 31, 2014

Sep. 30, 2014

Oct. 31, 2013

Jul. 31, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Loan Facility 2

Loan Facility 2

Loan Facility 1

Loan Facility 1

Loan Facility 1

Loan Facility 1

Loan Facility 2

Loan Facility 2

Loan Facility 2

Secured Term Loans

Line of Credit

Line of Credit

Revolving Credit Facility

Revolving Credit Facility

Loan Facilities

Minimum

Maximum

extension

Minimum

Loan Facility 1

Loan Facility 2

LIBOR

LIBOR

Minimum

Maximum

Line of Credit Facility [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Contractual Interest Rate

'

'

'

'

2.66%

'

'

'

2.72%

'

'

'

'

'

'

'

'

Principal Amount

$207,737,500

$0

'

'

$94,225,000

$0

'

'

$113,512,500

$0

'

'

'

'

'

'

'

Carrying Value

207,737,500

0

'

'

94,225,000

0

'

'

113,512,500

0

'

'

'

'

'

'

207,700,000

Basis spread on variable rate (percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.50%

3.00%

'

Initial maturity date, optional extension period

'

'

'

'

'1 year

'

'

'

'1 year

'

'

'

'

'

'

'

'

Number of optional extensions to initial maturity date

'

'

'

'

'

'

'

'

4

'

'

'

'

'

'

'

'

Line of credit facility

'

'

200,000,000

100,000,000

'

'

'

'

'

'

'

'

100,000,000

'

'

'

'

Face amount of mortgages

'

16,500,000

'

'

'

'

'

'

'

'

'

'

'

100,000,000

'

'

'

Asset restrictions, unrestricted cash balance

'

'

'

'

'

'

3,750,000

15,000,000

'

'

10,000,000

'

'

'

'

'

'

Debt Covenants, Minimum Total Equity

'

'

'

'

'

'

'

'

'

'

100,000,000

'

'

'

'

'

'

Percent of maximum equity

'

'

'

'

'

'

'

'

'

'

10.00%

'

'

'

'

'

'

Ratio of borrowings to equity

'

'

'

'

'

'

'

'

'

'

250.00%

'

'

'

'

'

'

Collateral for secured borrowings

'

'

'

'

'

'

'

'

'

'

'

$336,400,000

'

'

'

'

'

Related_Party_Arrangements_Det

Related Party Arrangements (Details) (USD $)

0 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

13 Months Ended

Dec. 18, 2012

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Mar. 31, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 18, 2013

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Apr. 30, 2014

Mar. 31, 2014

Jan. 31, 2014

Sep. 30, 2013

Mar. 31, 2014

First mortgage loan

Participation Agreement

Sponsor

Dealer Manager

Dealer Manager

Advisor

Advisor

Advisor

Advisor

Advisor

Advisor

Advisor

Advisor

Advisor

Advisor

Advisor

Advisor

Advisor

Advisor

Advisor

Advisor

Advisor

Advisor

Advisor

Advisor

Advisor

Advisor

Advisor

Advisor

Advisor

Advisor

Advisor

Advisor

Advisor

Advisor

Advisor

Advisor

Advisor

Advisor

Advisor

Advisor

Dealer Manager

Dealer Manager

Dealer Manager

Dealer Manager

Dealer Manager

Sponsor

Sponsor

Sponsor

Sponsor

Sponsor

Sponsor

Sponsor

Sponsor

Sponsor

Sponsor

Registrant and Sponsor

First mortgage loan

First mortgage loan

Maximum

Organization Costs

Organization Costs

Organization Costs

Organization Costs

Organization Costs

Offering Costs

Offering Costs

Offering Costs

Offering Costs

Offering Costs

Organization and Offering Costs

Operating Costs

Operating Costs

Operating Costs

Operating Costs

Operating Costs

Operating Costs

Operating Costs

Asset Management Fee

Asset Management Fee

Asset Management Fee

Asset Management Fee

Asset Management Fee

Asset Management Fee

Acquisition Fee

Acquisition Fee

Acquisition Fee

Acquisition Fee

Acquisition Fee

Acquisition Fee

Disposition Fee

Disposition Fee

Disposition Fee

Disposition Fee

Disposition Fee

Disposition Fee

Cost of capital

Cost of capital

Cost of capital

Cost of capital

Cost of capital

Maximum

Participation Agreement

Participation Agreement

First mortgage loan

First mortgage loan

Participation Agreement

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

Maximum

Quarter

Maximum

General and administrative expenses

General and administrative expenses

General and administrative expenses

General and administrative expenses

General and administrative expenses

Advisory fees-related party

Advisory fees-related party

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

Real estate debt investments, net

Real estate debt investments, net

Real estate debt investments, net

Real estate debt investments, net

First mortgage loan

First mortgage loan

First mortgage loan

Related Party Transaction [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Asset Management Fee Monthly Factor

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.0833

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Annual Asset Management Fee Rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.25%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

203,754

1,650

[1]

385,041

1,650

[1]

'

548,017

[2]

31,350

[1],[2]

4,165,291

[2]

31,350

[1],[2]

'

'

'

'

656,982

2,430

[1]

1,176,729

2,430

[1]

'

'

645,833

903

[1]

1,228,586

903

[1]

'

'

2,146,130

[3]

20,000

[1],[3]

3,553,130

[3]

20,000

[1],[3]

'

'

0

[3]

0

[1],[3]

0

[3]

0

[1],[3]

'

7,001,749

[2]

0

[1],[2]

17,954,145

[2]

0

[1],[2]

'

'

'

'

'

'

'

'

'

'

'

'

Due to related party

'

3,091,058

260,977

'

'

'

'

'

203,754

'

203,754

'

10,989

548,017

[2]

'

548,017

[2]

'

208,789

[2]

'

'

'

656,982

'

656,982

'

26,834

'

242,305

'

242,305

'

14,365

'

1,440,000

[3]

'

1,440,000

[3]

'

0

[3]

'

0

[3]

'

0

[3]

'

0

[3]

0

[2]

'

0

[2]

'

0

[2]

'

'

'

'

'

'

'

'

'

'

'

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

22,223

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

222,223

222,223

37,797

62,625

285,511

'

'

'

'

'

'

Proceeds from issuance of common stock

200,000

160,028,825

24,742,306

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,000,000

2,000,000

300,000

600,000

2,600,000

'

'

'

'

'

'

Face amount of mortgages

'

'

16,500,000

346,950,000

70,000,000

25,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,000,000

5,000,000

9,000,000

'

75,000,000

Mortgage loan

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$16,500,000

'

[1]

Represents the period from September 18, 2013 (date of our first investment) through September 30, 2013.

[2]

Cost of capital is included in net proceeds from issuance of common stock in the Companybs consolidated statements of equity.

[3]

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.

EquityBased_Compensation_Detai

Equity-Based Compensation (Details) (Restricted stock, USD $)	0 Months Ended		3 Months Ended	9 Months Ended
	Jun. 19, 2014	Sep. 18, 2013	Sep. 30, 2014	Sep. 30, 2014	Sep. 18, 2013
					director
Restricted stock	'	'	'	'	'
Equity-based compensation	'	'	'	'	'
Restricted stock units granted in the period (shares)	2,500	5,000	'	'	'
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	'	'	$12,656	$30,094	'

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)

0 Months Ended

1 Months Ended

9 Months Ended

12 Months Ended

13 Months Ended

9 Months Ended

12 Months Ended

22 Months Ended

9 Months Ended

Dec. 18, 2012

Aug. 31, 2014

Jul. 31, 2014

Jun. 30, 2014

31-May-14

Apr. 30, 2014

Mar. 31, 2014

Feb. 28, 2014

Jan. 31, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Offering Proceeds

Offering Proceeds

Offering Proceeds

DRP

Common Stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares of common stock issued

22,223

'

'

'

'

'

'

'

'

'

'

'

18,200,000

2,800,000

21,000,000

'

Proceeds from issuance of common stock

$200,000

'

'

'

'

'

'

'

'

$160,028,825

$24,742,306

'

$182,100,000

$27,700,000

$209,800,000

'

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 expected to establish estimated value per share

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'150 days

Period expected to establish 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)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

227,802

Proceeds from distribution reinvestment plan

'

'

'

'

'

'

'

'

'

2,164,114

20,948

'

'

'

'

2,200,000

Distributions

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock dividend declared based on daily amount per share (usd per share)

'

'

'

'

'

'

'

'

'

$0.00

'

'

'

'

'

'

Annual distribution rate (percent)

'

'

'

'

'

'

'

'

'

7.00%

'

'

'

'

'

'

Cash

'

571,125

[1]

495,560

[1]

400,480

[1]

333,065

[1]

266,326

[1]

220,391

[1]

142,862

[1]

113,325

[1]

3,159,811

[1]

'

616,677

[1]

'

'

'

'

DRP

'

487,276

[1]

406,502

[1]

324,523

[1]

278,626

[1]

219,518

[1]

180,207

[1]

122,633

[1]

90,968

[1]

2,655,392

[1]

'

545,139

[1]

'

'

'

'

Total

'

$1,058,401

[1]

$902,062

[1]

$725,003

[1]

$611,691

[1]

$485,844

[1]

$400,598

[1]

$265,495

[1]

$204,293

[1]

$5,815,203

[1]

$199,183

$1,161,816

[1]

'

'

'

'

Share Repurchase Program

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Holding period of shares required for repurchase

'

'

'

'

'

'

'

'

'

'1 year

'

'

'

'

'

'

[1]

Represents distributions declared for the period, even though such distributions are actually paid to stockholders the month following such period.

Fair_Value_Details

Fair Value (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Principal Amount	'	$16,500,000
Real estate debt investments, net	355,464,658	16,500,000
Principal Amount	207,737,500	0
Future funding commitments	17,800,000	'
Principal Amount Fair Value Disclosure	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Principal Amount	354,038,049	'
Principal Amount	207,737,500	'
Reported Value Measurement	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Real estate debt investments, net	355,464,658	16,500,000
Credit facility carrying value	207,737,500	0
Estimate of Fair Value Measurement	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Real estate debt investments, net	376,091,321	16,500,000
Credit facility fair value	$207,737,500	$0

Subsequent_Events_Details

Subsequent Events (Details) (USD $)

0 Months Ended

9 Months Ended

0 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

13 Months Ended

0 Months Ended

0 Months Ended

1 Months Ended

23 Months Ended

1 Months Ended

23 Months Ended

Dec. 18, 2012

Sep. 30, 2014

Dec. 31, 2013

Sep. 18, 2013

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Nov. 06, 2014

Nov. 12, 2014

Nov. 12, 2014

Nov. 12, 2014

Nov. 06, 2014

Nov. 11, 2014

Nov. 11, 2014

Nov. 11, 2014

Nov. 11, 2014

Nov. 06, 2014

Sponsor

Sponsor

Sponsor

Sponsor

Sponsor

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

First mortgage loan

First mortgage loan

Loan Facility 2

Sponsor

Dividend Reinvestment Plan

Dividend Reinvestment Plan

Total Third Party Equity Issuances Proceeds

Total Third Party Equity Issuances Proceeds

DRP

LIBOR

First mortgage loan

Sponsor

Common Stock from Primary Offering

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares of common stock issued

22,223

'

'

222,223

222,223

37,797

62,625

285,511

'

'

'

'

'

123,962

15,400,000

3,500,000

24,500,000

'

Gross proceeds of common stock issued

'

'

'

'

'

'

'

'

'

'

'

'

'

$1,200,000

'

$34,600,000

$244,400,000

'

Distribution Reinvestment Plan

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares of common stock issued

22,223

'

'

222,223

222,223

37,797

62,625

285,511

'

'

'

'

'

123,962

15,400,000

3,500,000

24,500,000

'

Gross proceeds of common stock issued

'

'

'

'

'

'

'

'

'

'

'

'

'

1,200,000

'

34,600,000

244,400,000

'

Distributions

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock dividend declared based on daily amount per share (usd per share)

'

$0.00

'

'

'

'

'

'

$0.00

'

'

'

'

'

'

'

'

'

NorthStar Realty Purchase of Common Stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares of common stock approved

'

21,307,418

2,832,326

'

'

'

'

'

'

'

'

'

56,382

'

'

'

'

341,893

Common stock issued

'

213,074

28,323

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,100,000

New Investments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Mortgage Loans on Real Estate, New Mortgage Loans

'

'

'

'

'

'

'

'

'

84,000,000

'

'

'

'

'

'

'

'

Initial funding for investment

'

'

'

'

'

'

'

'

'

63,000,000

'

'

'

'

'

'

'

'

Proceeds from Issuance of Long-term Debt

'

'

'

'

'

'

'

'

'

'

'

31,500,000

'

'

'

'

'

'

Future advances

'

'

'

'

'

'

'

'

'

'

'

$21,000,000

'

'

'

'

'

'

Interest rate

'

'

'

'

'

'

'

'

'

6.25%

'

'

'

'

'

'

'

'

Basis floor on variable rate

'

'

'

'

'

'

'

'

'

'

0.25%

'

'

'

'

'

'

'