with respect to certain loans , the underwritten irr calculation assumes certain estimates with respect to the timing and magnitude of future fundings for the remaining commitments and associated loan repayments , and assumes no defaults . irr is the annualized effective compounded return rate that accounts for the time-value of money and represents the rate of return on an investment over a holding period expressed as a percentage of the investment . it is the discount rate that makes the net present value of all cash outflows ( the costs of investment ) equal to the net present value of cash inflows ( returns on investment ) . it is derived from the negative and positive cash flows resulting from or 34 produced by each transaction ( or for a transaction involving more than one investment , cash flows resulting from or produced by each of the investments ) , whether positive , such as investment returns , or negative , such as transaction expenses or other costs of investment , taking into account the dates on which such cash flows occurred or are expected to occur , and compounding interest accordingly . there can be no assurance that the actual irrs will equal the underwritten irrs shown in the table . see “ risk factors — the company may not achieve its underwritten internal rate of return on its investments which may lead to future returns that may be significantly lower than anticipated ” for a discussion of some of the factors that could adversely impact the returns received by the company from the investments shown in the table over time . ( 4 ) subordinate loans are net of a participation sold during february 2015. the company presents the participation sold as both assets and non-recourse liabilities because the participation does not qualify as a sale according to gaap . at december 31 , 2015 , the company had one such participation sold with a face amount of £19,850 ( or $ 29,250 ) and a carrying amount of £19,850 ( or $ 29,250 ) . ( 5 ) cmbs , held-to-maturity are net of a participation sold during june 2014. at december 31 , 2015 , the company presented the participation sold as an asset of $ 88,984 and non-recourse liabilities of $ 88,951 because the participation does not qualify as a sale according to gaap . investment activity – 2015 during january 2015 , the company closed a £34,519 ( or $ 51,996 ) mezzanine loan secured by a portfolio of 44 senior housing facilities located throughout the united kingdom . the five-year , floating-rate mezzanine loan is part of a £223,800 whole loan , which includes a £164,100 first mortgage loan and a £59,700 mezzanine loan . the company closed an additional £20,000 ( or $ 30,672 ) during february 2015 , which was participated to an investment fund affiliated with apollo . the mezzanine loan has an appraised loan-to-value ( `` ltv `` ) of 70 % and was underwritten to generate an irr of approximately 10 % . see “ — investments ” above for a discussion of how irr is calculated . during january 2015 , the company funded an additional investment of 3,331 ( or $ 3,929 ) related to its investment in champ lp . in february 2015 , the company sold approximately 48 % of its ownership interest in champ lp at cost to an account managed by apollo for approximately 16,314 ( or $ 20,794 ) ( of which $ 2,614 related to foreign exchange losses , which were previously included in accumulated other comprehensive loss ) , reducing its unfunded commitment to champ lp to 3,229 ( or $ 3,508 ) . through its interest in champ lp , the company now holds an indirect ownership interest of approximately 11 % in bremer kreditbank ag , which operates under the name bkb bank ( `` bkb bank `` ) . the company together with other affiliated investors , in aggregate , own 100 % of champ lp . champ lp together with certain unaffiliated third party investors , in aggregate , own 100 % of bkb bank . during february 2015 , the company closed a $ 20,000 mezzanine loan secured by a 488-key full service hotel located in burbank , california . the five-year , fixed rate mezzanine loan is part of a $ 90,000 financing which consists of a $ 70,000 first mortgage loan and the company 's $ 20,000 mezzanine loan . the mezzanine loan has an appraised ltv of 74 % and has been underwritten to generate an irr of approximately 11 % . see “ — investments ” above for a discussion of how irr is calculated . during february 2015 , the company closed a $ 92,500 ( $ 72,500 of which was funded at closing ) first mortgage loan for the predevelopment of a mixed-use multifamily and retail development aggregating approximately 330,000 square feet in downtown brooklyn , new york . the two-year , floating-rate first mortgage loan has an appraised ltv of 57 % and has been underwritten to generate an irr of approximately 21 % on a levered basis . see “ — investments ” above for a discussion of how irr is calculated . during april 2015 , the company closed a $ 37,500 financing , consisting of a $ 22,000 mezzanine loan and a $ 15,500 preferred equity investment for two multifamily properties , totaling 621 units of collateral located in southern florida . the floating-rate financing has a two-year initial term and three one-year extension options . the repeat borrower , an international commercial real estate owner and operator , provided a $ 25,000 payment guarantee on the financing . the subordinate financing has an appraised ltv of 89 % and was underwritten to generate an irr of approximately 14 % . story_separator_special_tag see “ — investments ” above for a discussion of how irr is calculated . during may 2014 , the company closed a $ 34,000 floating-rate first mortgage loan for the acquisition of a newly renovated 301-key hotel located in downtown philadelphia . the first mortgage has a three-year term with two one-year extension options and an underwritten loan-to-cost of approximately 58 % . the first mortgage loan was underwritten to generate an irr of approximately 13 % on a levered basis . see “ — investments ” above for a discussion of how irr is calculated . during june 2014 , the company closed a $ 65,100 floating-rate first mortgage loan ( $ 20,000 of which was funded at closing ) for the development of a 40-unit luxury residential condominium in downtown bethesda , maryland . the company 's loan has a 30-month term with a six-month extension option . on a fully funded basis , the first mortgage loan has a projected appraised loan-to-net sellout of approximately 67 % and has been underwritten to generate an irr of approximately 14 % . see “ — investments ” above for a discussion of how irr is calculated . during july 2014 , the company closed a $ 34,500 ( $ 30,000 of which was funded at closing ) floating-rate , first mortgage loan secured by a newly constructed , class-a , 63-unit multifamily property located in brooklyn , new york , which also includes approximately 7,300 square feet of retail space and 31 parking spaces . the first mortgage loan has a two-year initial 38 term with three one-year extension options and an appraised ltv of approximately 70 % on a fully funded basis . the company anticipates financing the loan , and on a levered basis , the loan was underwritten to generate an irr of approximately 12 % . see “ — investments ” above for a discussion of how irr is calculated . during november 2014 , the company closed a $ 165,000 ( $ 18,350 of which was funded at closing ) floating-rate first mortgage loan for the development of the majority of the retail portion of a mixed-use lifestyle center in cincinnati , ohio . when completed , the 65-acre property will consist of 626,791 square feet of retail space , a 200,000 flagship retail building , 233 residential units , a 130-key hotel and 4,216 structured and surfaced parking spaces . the balance of the loan will be funded throughout the next eighteen months . the first mortgage loan has a 42-month term with two one-year extension options and a loan-to-cost of approximately 56 % . the first mortgage loan was underwritten to generate an irr of approximately 14 % once financed under the jpmorgan facility . see “ — investments ” above for a discussion of how irr is calculated . during november 2014 , the company closed a $ 67,300 floating-rate first mortgage loan for the acquisition and predevelopment of an existing 12-story industrial building planned to be converted into a luxury residential condominium with approximately 86,000 square feet of net sellable residential space located in the west village neighborhood of new york city . the first mortgage loan is part of an $ 87,300 first mortgage which consists of the company 's $ 67,300 a-note and a subordinate $ 20,000 b-note . the company will have the option , but not the obligation , to participate in the development financing for the property . the a-note has an 18-month term and one six-month extension option and a loan-to-cost of approximately 58 % . the a-note loan was underwritten to generate a levered irr of approximately 25 % . see “ — investments ” above for a discussion of how irr is calculated . during november 2014 , the company closed a $ 58,000 floating rate first mortgage loan secured by a 330-unit , eight building apartment community and 36 single-family rental homes located in williston , north dakota . williston is located at the epicenter of oil drilling activity for the bakken formation and the property is part of a master-developed residential community . the first mortgage loan has a three-year term with two one-year extension options and an appraised ltv of 73 % . the first mortgage has been underwritten to generate a levered irr of approximately 13 % . see “ — investments ” above for a discussion of how irr is calculated . during november 2014 , the company closed a $ 50,000 participating first mortgage loan secured by a portfolio of 24 condominiums located in new york city and maui , hawaii owned by a luxury destination club . earlier in the year , the company provided a $ 210,000 first mortgage loan to the same borrower , secured by an additional portfolio of single-family and condominium destination homes located throughout north america , central america , england and the caribbean . the fixed-rate , participating first mortgage loan has a five-year term with two one-year extension options and an appraised ltv of 75 % . the first mortgage loan was underwritten to generate an irr of approximately 8 % on an unlevered basis . the company anticipates financing the loan , and on a levered basis , the loan was underwritten to generate an irr of approximately 15 % . see “ — investments ” above for a discussion of how irr is calculated . subordinate loans . during april 2014 , the company closed a $ 53,954 ( £32,100 ) fixed-rate , nine-month mezzanine loan in connection with the purchase of an existing commercial building that is expected to be re-developed into a 173,000 salable square foot residential condominium in central london . the mezzanine loan is part of a $ 126,060 ( £75,000 ) pre-development loan comprised of a $ 72,106 ( £42,900 ) first mortgage and the company 's $ 53,954 ( £32,100 ) mezzanine loan . the company will have the

cash generated from operations cash from operations is generally comprised of interest income from the company 's investments , net of any associated financing expense , principal repayments from the company 's investments , net of associated financing repayments , proceeds from the sale of investments , and changes in working capital balances . see “ - results of operations – investments '' for a summary of interest rates and weighted average lives related to the company 's investment portfolio as of december 31 , 2015 . 50 while there are no contractual paydowns related to the company 's cmbs , periodic paydowns do occur . repayments on the debt secured by the company 's cmbs occur in conjunction with the paydowns on the collateral pledged . borrowings under various financing arrangements jpmorgan facility in january 2010 , the company , through two indirect wholly owned subsidiaries , entered into the jpmorgan facility , which as amended in 2015 , currently provides for a maximum aggregate purchase price of $ 600,000 and a three-year term expiring in january 2018 plus a one-year extension option , exercisable at the option of the company subject to certain conditions and the payment of a fee , for the purchase , sale and repurchase of eligible senior commercial or multifamily mortgage loans , junior commercial or multifamily mortgage loans , mezzanine loans and participation interests therein that are secured by properties located in the united states , england or wales . amounts borrowed under the jpmorgan facility bear interest at spreads ranging from 2.25 % to 4.75 % over one-month libor . maximum advance rates under the jpmorgan facility range from 25 % to 80 % on the estimated fair value of the pledged collateral depending on its ltv .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```cash generated from operations cash from operations is generally comprised of interest income from the company 's investments , net of any associated financing expense , principal repayments from the company 's investments , net of associated financing repayments , proceeds from the sale of investments , and changes in working capital balances . see “ - results of operations – investments '' for a summary of interest rates and weighted average lives related to the company 's investment portfolio as of december 31 , 2015 . 50 while there are no contractual paydowns related to the company 's cmbs , periodic paydowns do occur . repayments on the debt secured by the company 's cmbs occur in conjunction with the paydowns on the collateral pledged . borrowings under various financing arrangements jpmorgan facility in january 2010 , the company , through two indirect wholly owned subsidiaries , entered into the jpmorgan facility , which as amended in 2015 , currently provides for a maximum aggregate purchase price of $ 600,000 and a three-year term expiring in january 2018 plus a one-year extension option , exercisable at the option of the company subject to certain conditions and the payment of a fee , for the purchase , sale and repurchase of eligible senior commercial or multifamily mortgage loans , junior commercial or multifamily mortgage loans , mezzanine loans and participation interests therein that are secured by properties located in the united states , england or wales . amounts borrowed under the jpmorgan facility bear interest at spreads ranging from 2.25 % to 4.75 % over one-month libor . maximum advance rates under the jpmorgan facility range from 25 % to 80 % on the estimated fair value of the pledged collateral depending on its ltv .
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 Suspicious Activity Report : with respect to certain loans , the underwritten irr calculation assumes certain estimates with respect to the timing and magnitude of future fundings for the remaining commitments and associated loan repayments , and assumes no defaults . irr is the annualized effective compounded return rate that accounts for the time-value of money and represents the rate of return on an investment over a holding period expressed as a percentage of the investment . it is the discount rate that makes the net present value of all cash outflows ( the costs of investment ) equal to the net present value of cash inflows ( returns on investment ) . it is derived from the negative and positive cash flows resulting from or 34 produced by each transaction ( or for a transaction involving more than one investment , cash flows resulting from or produced by each of the investments ) , whether positive , such as investment returns , or negative , such as transaction expenses or other costs of investment , taking into account the dates on which such cash flows occurred or are expected to occur , and compounding interest accordingly . there can be no assurance that the actual irrs will equal the underwritten irrs shown in the table . see “ risk factors — the company may not achieve its underwritten internal rate of return on its investments which may lead to future returns that may be significantly lower than anticipated ” for a discussion of some of the factors that could adversely impact the returns received by the company from the investments shown in the table over time . ( 4 ) subordinate loans are net of a participation sold during february 2015. the company presents the participation sold as both assets and non-recourse liabilities because the participation does not qualify as a sale according to gaap . at december 31 , 2015 , the company had one such participation sold with a face amount of £19,850 ( or $ 29,250 ) and a carrying amount of £19,850 ( or $ 29,250 ) . ( 5 ) cmbs , held-to-maturity are net of a participation sold during june 2014. at december 31 , 2015 , the company presented the participation sold as an asset of $ 88,984 and non-recourse liabilities of $ 88,951 because the participation does not qualify as a sale according to gaap . investment activity – 2015 during january 2015 , the company closed a £34,519 ( or $ 51,996 ) mezzanine loan secured by a portfolio of 44 senior housing facilities located throughout the united kingdom . the five-year , floating-rate mezzanine loan is part of a £223,800 whole loan , which includes a £164,100 first mortgage loan and a £59,700 mezzanine loan . the company closed an additional £20,000 ( or $ 30,672 ) during february 2015 , which was participated to an investment fund affiliated with apollo . the mezzanine loan has an appraised loan-to-value ( `` ltv `` ) of 70 % and was underwritten to generate an irr of approximately 10 % . see “ — investments ” above for a discussion of how irr is calculated . during january 2015 , the company funded an additional investment of 3,331 ( or $ 3,929 ) related to its investment in champ lp . in february 2015 , the company sold approximately 48 % of its ownership interest in champ lp at cost to an account managed by apollo for approximately 16,314 ( or $ 20,794 ) ( of which $ 2,614 related to foreign exchange losses , which were previously included in accumulated other comprehensive loss ) , reducing its unfunded commitment to champ lp to 3,229 ( or $ 3,508 ) . through its interest in champ lp , the company now holds an indirect ownership interest of approximately 11 % in bremer kreditbank ag , which operates under the name bkb bank ( `` bkb bank `` ) . the company together with other affiliated investors , in aggregate , own 100 % of champ lp . champ lp together with certain unaffiliated third party investors , in aggregate , own 100 % of bkb bank . during february 2015 , the company closed a $ 20,000 mezzanine loan secured by a 488-key full service hotel located in burbank , california . the five-year , fixed rate mezzanine loan is part of a $ 90,000 financing which consists of a $ 70,000 first mortgage loan and the company 's $ 20,000 mezzanine loan . the mezzanine loan has an appraised ltv of 74 % and has been underwritten to generate an irr of approximately 11 % . see “ — investments ” above for a discussion of how irr is calculated . during february 2015 , the company closed a $ 92,500 ( $ 72,500 of which was funded at closing ) first mortgage loan for the predevelopment of a mixed-use multifamily and retail development aggregating approximately 330,000 square feet in downtown brooklyn , new york . the two-year , floating-rate first mortgage loan has an appraised ltv of 57 % and has been underwritten to generate an irr of approximately 21 % on a levered basis . see “ — investments ” above for a discussion of how irr is calculated . during april 2015 , the company closed a $ 37,500 financing , consisting of a $ 22,000 mezzanine loan and a $ 15,500 preferred equity investment for two multifamily properties , totaling 621 units of collateral located in southern florida . the floating-rate financing has a two-year initial term and three one-year extension options . the repeat borrower , an international commercial real estate owner and operator , provided a $ 25,000 payment guarantee on the financing . the subordinate financing has an appraised ltv of 89 % and was underwritten to generate an irr of approximately 14 % . story_separator_special_tag see “ — investments ” above for a discussion of how irr is calculated . during may 2014 , the company closed a $ 34,000 floating-rate first mortgage loan for the acquisition of a newly renovated 301-key hotel located in downtown philadelphia . the first mortgage has a three-year term with two one-year extension options and an underwritten loan-to-cost of approximately 58 % . the first mortgage loan was underwritten to generate an irr of approximately 13 % on a levered basis . see “ — investments ” above for a discussion of how irr is calculated . during june 2014 , the company closed a $ 65,100 floating-rate first mortgage loan ( $ 20,000 of which was funded at closing ) for the development of a 40-unit luxury residential condominium in downtown bethesda , maryland . the company 's loan has a 30-month term with a six-month extension option . on a fully funded basis , the first mortgage loan has a projected appraised loan-to-net sellout of approximately 67 % and has been underwritten to generate an irr of approximately 14 % . see “ — investments ” above for a discussion of how irr is calculated . during july 2014 , the company closed a $ 34,500 ( $ 30,000 of which was funded at closing ) floating-rate , first mortgage loan secured by a newly constructed , class-a , 63-unit multifamily property located in brooklyn , new york , which also includes approximately 7,300 square feet of retail space and 31 parking spaces . the first mortgage loan has a two-year initial 38 term with three one-year extension options and an appraised ltv of approximately 70 % on a fully funded basis . the company anticipates financing the loan , and on a levered basis , the loan was underwritten to generate an irr of approximately 12 % . see “ — investments ” above for a discussion of how irr is calculated . during november 2014 , the company closed a $ 165,000 ( $ 18,350 of which was funded at closing ) floating-rate first mortgage loan for the development of the majority of the retail portion of a mixed-use lifestyle center in cincinnati , ohio . when completed , the 65-acre property will consist of 626,791 square feet of retail space , a 200,000 flagship retail building , 233 residential units , a 130-key hotel and 4,216 structured and surfaced parking spaces . the balance of the loan will be funded throughout the next eighteen months . the first mortgage loan has a 42-month term with two one-year extension options and a loan-to-cost of approximately 56 % . the first mortgage loan was underwritten to generate an irr of approximately 14 % once financed under the jpmorgan facility . see “ — investments ” above for a discussion of how irr is calculated . during november 2014 , the company closed a $ 67,300 floating-rate first mortgage loan for the acquisition and predevelopment of an existing 12-story industrial building planned to be converted into a luxury residential condominium with approximately 86,000 square feet of net sellable residential space located in the west village neighborhood of new york city . the first mortgage loan is part of an $ 87,300 first mortgage which consists of the company 's $ 67,300 a-note and a subordinate $ 20,000 b-note . the company will have the option , but not the obligation , to participate in the development financing for the property . the a-note has an 18-month term and one six-month extension option and a loan-to-cost of approximately 58 % . the a-note loan was underwritten to generate a levered irr of approximately 25 % . see “ — investments ” above for a discussion of how irr is calculated . during november 2014 , the company closed a $ 58,000 floating rate first mortgage loan secured by a 330-unit , eight building apartment community and 36 single-family rental homes located in williston , north dakota . williston is located at the epicenter of oil drilling activity for the bakken formation and the property is part of a master-developed residential community . the first mortgage loan has a three-year term with two one-year extension options and an appraised ltv of 73 % . the first mortgage has been underwritten to generate a levered irr of approximately 13 % . see “ — investments ” above for a discussion of how irr is calculated . during november 2014 , the company closed a $ 50,000 participating first mortgage loan secured by a portfolio of 24 condominiums located in new york city and maui , hawaii owned by a luxury destination club . earlier in the year , the company provided a $ 210,000 first mortgage loan to the same borrower , secured by an additional portfolio of single-family and condominium destination homes located throughout north america , central america , england and the caribbean . the fixed-rate , participating first mortgage loan has a five-year term with two one-year extension options and an appraised ltv of 75 % . the first mortgage loan was underwritten to generate an irr of approximately 8 % on an unlevered basis . the company anticipates financing the loan , and on a levered basis , the loan was underwritten to generate an irr of approximately 15 % . see “ — investments ” above for a discussion of how irr is calculated . subordinate loans . during april 2014 , the company closed a $ 53,954 ( £32,100 ) fixed-rate , nine-month mezzanine loan in connection with the purchase of an existing commercial building that is expected to be re-developed into a 173,000 salable square foot residential condominium in central london . the mezzanine loan is part of a $ 126,060 ( £75,000 ) pre-development loan comprised of a $ 72,106 ( £42,900 ) first mortgage and the company 's $ 53,954 ( £32,100 ) mezzanine loan . the company will have the

