Dornin Investment Group Acquires $40M NPL Secured by Student Housing Development in Washington

On June 27, 2024, real estate investment firm Dornin Investment Group (“DIG”) and Sabal Investment Holdings acquired an approximate $40M non-performing loan (“NPL”) off-market from a publicly traded nationwide bank. The loan is secured by a roughly 700+ bed student housing project in the state of Washington.

DIG has closed nearly $500M in loan purchases across the United States since 2020. DIG most recently closed on a $60M NPL secured by an industrial property in Southern California and sees continued momentum building going into the second half of 2024.?

Chris Dornin , President and CEO of Dornin Investment Group remarks, “DIG’s unique understanding of the property, market, loan profile, and transactional expertise helped close this note on a tight schedule before the banks quarter end. Quality assets and sufficient return thresholds enable DIG to close quickly and purchase up to Par of UPB.”

The acquisition represents DIG and Sabal’s 4th note purchase together secured by loans valued at more than $261M and their second loan secured by a student housing project in the state of Washington.?

DIG targets first trust deed non-performing loans (NPLs) secured by 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.

Mark Nicoletti , John Jefferson , and Mallory Gyulay provided legal expertise to DIG. Valerie Rapp of Fidelity National Title lead title and escrow services.

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 $1.8B in investments across 79 transactions. 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 $1.4B 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.