On December 29, 2023, real estate investment firm Dornin Investment Group (“DIG”) acquired a loan with a total balance of $19.6M. The loan is secured by a recently renovated 218-bed off-campus student housing project located in Eastern Washington.
DIG, purchasing opportunistic debt investments throughout the U.S., has closed approximately $500M in loan purchases since 2020. This is the third note purchase by DIG that is secured by a student housing project and the second secured by collateral in Washington state. Note purchase activity continues to strengthen considering the economic cycle and will remain a core focus at DIG through 2024. Several other loan investments are under evaluation.
Tyson Bryan, Assistant Vice President of Investments at DIG, states “We continue to see great value and increased activity in off-market, non-performing loans where we can immediately pursue resolutions to borrower defaults. This was another example of a lender needing to off-load a loan ahead of a reporting deadline, and DIG rising to the occasion to execute.”
Mark Nicoletti and Mike Farrell of Allen Matkins and Greg Fox of Lane Powell provided legal expertise on the transaction.
DIG continues to target 1st Trust Deed position non-performing loans (NPL’s) on well collateralized real estate assets throughout the United States. Notes secured by collateral at values of 75% LTV’s or less can be purchased at or near PAR UPB. Typical loan sizes range from as little as $5M to $200M secured by all major property types.
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.