On January 24, 2023, real estate investment firm Dornin Investment Group (“DIG”) acquired a loan secured by a recently renovated 900-bedroom off-campus student housing project located in Eastern Washington.
DIG partnered with Irvine based Sabal Investment Holdings. Mark Nicoletti at Allen Matkins provided legal expertise on the transaction and Valerie Rapp at Fidelity National Title provide title and escrow services.
DIG, purchasing opportunistic debt investments throughout the U.S., has closed approximately $500M in loan purchases since 2020. This is the second note purchase in two months that is secured by a student housing project. Note purchase activity is expected to remain a core focus at DIG through 2023 with several other loan investments under evaluation.
Tyson Bryan, Assistant Vice President of Investments at DIG, states “We continue to see great value in off-market, non-performing loans where we can immediately pursue resolutions to borrower defaults. We’re thankful for our continued success working with banks and debt funds seeking an effective solution to resolve and clear sub- and non-performing loans from their balance sheets.”
Kevin MacKenzie John Marshall of JLL Capital Markets arranged note-on-note financing through Jordan Goforth at Ready Capital. “DIG executed with the backdrop of a challenging capital markets coupled with the holiday season. Their ability to close within 45 days during this time speaks to their track record and reputation in the distressed debt space,” said Marshall.
About Dornin Investment Group
Dornin Investment Group (“DIG”) is a fully integrated real estate investment firm with offices in Laguna Beach, CA and Las Vegas, NV. DIG invests in commercial and residential real estate across the capital stack in partnership with a broad base of institutional and private investors. The firm specializes in distressed, opportunistic, and value-add investments in all major property types with a focus on office, flex, industrial, multifamily, and hospitality properties in addition to non- and sub-performing loans. DIG’s full-service investment platform includes asset and property management, leasing, design services, construction management and capital markets advisory services through its wholly owned subsidiary, Dornin Realty Advisors. For more information, visit www.dorningroup.com.
About Sabal Investment Holdings
Sabal Investment Holdings (“Sabal”) is a fully integrated real estate investment advisory firm, headquartered in Irvine, California with over $1B of AUM. The cornerstone of Sabal’s strategy is workforce and affordable housing. Sabal supplements this core portfolio with carefully selected special situation equity and debt investments in the commercial real estate market including structured credit, lending solutions, and opportunistic investments. Since 2010, the principals of Sabal have collectively transacted over $10B of real estate investments. For more information, visit www.sabalinvestmentholdings.com.