Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

Related Party Transactions
6 Months Ended
Jun. 30, 2021
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
The Company has entered into agreements with its unconsolidated joint ventures to provide management services related to underlying projects for a management fee and reimbursement of agreed upon out of pocket operating expenses. As of June 30, 2021 and December 31, 2020, the Company had a net receivable due from affiliates balance of $1.4 million and $0.3 million, respectively.
On June 30, 2020, the Company transferred its interest in a consolidated real estate joint venture that was previously included in the Metro New York segment to LHC. The interest was removed from the consolidated financial
statements of the Company on a prospective basis. The real estate joint venture had net assets at the date of transfer of $28.9 million and a noncontrolling interest of $1.2 million as follows (dollars in thousands):
Assets Transferred
Cash $ 338 
Real estate inventories 49,705 
Other assets 174 
Total assets $ 50,217 
Liabilities Transferred
Accounts payable $ 1,416 
Construction loan 17,825 
Accrued expenses and other liabilities 2,102 
Total liabilities 21,343 
Net assets transferred 28,874 
Noncontrolling interest transferred $ 1,242 

In connection with the Merger we transferred a deferred tax asset ("DTA") to Landsea Holdings, our majority shareholder, of $12.1 million. The DTA represented the deferred tax on interest expensed through Cost of Sales from a related party loan which remained with Landsea Holdings during the Merger.