Campanile sub performing loan purchase was the opportunistic purchase at par of a $185M loan in technical default. Closed without an LSA in place. Upon closing, DIG issued a notice of default to solidify accrual of default interest and notice the borrower of its intent to resolve the loan. The loan is secured by an existing 466,917 square foot class A office tower that is being renovated and expanded to approximately 625,000 square feet. The collateral is located in Atlanta, Georgia in the highly desirable midtown submarket. DIG back charged the borrower for default interest to September 2020, when an immediate event of default occurred, and begin to accrue default interest at 10% plus the stated coupon rate of 5.34%. Additionally, borrower owed minimum interest of $3.0M. The loan was bifurcated into an 80% first lien and 20% mezzanine loan that were cross defaulted. The borrower refinanced the loan and paid off the sub performing loan approximately 120 days post acquisition resulting in a 211% IRR and a 1.48x equity multiple at the project level pre legal defense costs.