Dornin Investment Group (“DIG”), a leading private real estate investment firm specializing in distressed debt and value-add strategies, announced the acquisition of a $54 million non-performing loan (“NPL”) portfolio secured by 20 properties. The acquisition was financed through a combination of debt and equity arranged by Bellwether Enterprise (“BWE”) on behalf of DIG.
The NPL, acquired from a New York–based debt fund, is secured by a portfolio that includes four office properties in Texas totaling approximately 870,000 square feet and 16 single-tenant NNN retail assets located across the Southeast and Midwest. The transaction represents the second acquisition between DIG and this lender.
Mike Guterman, Senior Vice President in BWE’s Los Angeles office, arranged the acquisition capital from a large private equity fund. Following closing, the venture intends to secure 60% note-on-note financing to enhance leverage.
DIG continues to focus on acquiring loans backed by high-quality real estate assets where underlying performance remains strong, but ownership is challenged by capital structure issues such as maturity defaults or refinancing constraints.
“This transaction marks our second successful closing with this seller, and the process was smooth and efficient thanks to Mike Guterman and the BWE team,” said Chris Dornin, Founder and CEO of Dornin Investment Group. “We faced additional layers of complexity introducing a new partner, but everyone worked collaboratively to get the deal across the finish line quickly. Our continued focus is on non-performing loans secured by quality assets, opportunities where we can transact at par UPB, provide lenders a full principal recovery, and create potential upside through interest, fees, and credit enhancements.”
With this latest transaction, DIG has now completed five high-quality non-performing loan acquisitions in 2025 totaling approximately $215 million, further demonstrating its ability to identify and execute on distressed and opportunistic debt investments in today’s evolving credit environment.
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 $2.1 billion in investments across 79 transactions. For more information, visit www.dorningroup.com.
About BWE
BWE is a national, full-service commercial and multifamily mortgage banking company committed to elevating real estate financing. Putting clients’ goals first, its experienced advisors offer comprehensive capital solutions through enduring debt and equity relationships and deep local market insight across 40+ offices nationwide. Learn more at www.bwe.com.