In December of 2024, DIG completed the foreclosure and mortgage loan conversion with Axos Bank on a student housing project. Following the foreclosure, DIG retained Specialty Management for property management services at the project. The loan was secured by Aspen Heights, a roughly 752 bed student housing project in Pullman Washington. Dornin Investment Group acquired the $40M non-performing loan off-market at Par UPB from a bank in June 2024.
The 752-bed cottage-style student housing project located just off campus at Washington State University is constructed across 103 2-story buildings totaling 310,572 SF, approximately 202 units, and 25.6 acres. All units have in-suite bathrooms, walk-in closets, washer /dryers. Amenities include a lounge, 24-hr fitness center, year-round hot tub, study rooms, computer lab, and four-hour maintenance. Bed mix is 2bd/2.5ba: 8%/60 beds/1,098 SF, 3bd/3.5ba: 12%/90 beds/1,375 SF, 4bd/4.5ba: 41.5%/312 beds/1,570 SF, 5bd/5.5ba: 38.6%/290 beds/1,920 SF.
DIG targets first trust deed position non-performing loans (NPLs) on well-collateralized real estate assets nationwide. Notes secured by collateral at values of 80% LTV or less can be purchased at or near Par UPB. Typical loan sizes range from $5M to $200M, secured by all major property types throughout the United States.
DIG has closed on approximately $700M in non-performing loan purchases across the United States. DIG closed over $150M in total debt investments in 2024. DIG sees momentum building going into the start of 2025 with a pipeline in excess of $250M.
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 across all major property types, focusing 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. Since 2010, DIG has completed more than $1.9B in investments across 81 transactions. For more information, visit www.dorningroup.com.