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6/26/24
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Dornin Investment Group (“DIG”) acquired a $60 mil, non-performing loan (“NPL”) off-market at Par UPB. The loan is secured by a roughly 250k sf industrial park in greater San Diego and was acquired through $41.9 mil in note-on-note financing from Calmwater Capital.
DIG has closed nearly $500 mil in loan purchases across the United States since 2020. Note purchase activity continues to strengthen considering the economic cycle and will remain a core focus for DIG in the foreseeable future.
“This latest acquisition continues our niche strategy of acquiring well-collateralized non-performing debt on quality real estate. We have had tremendous success with this investment strategy and have significant capital to deploy in this sector. We expect to close another $100 mil in the next 45 days, and our pipeline exceeds $400 mil,” said Chris Dornin, CEO of Dornin Investment Group.
DIG continues to target first trust deed position 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 $5 mil to $200 mil, secured by all major property types.
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