Dornin Investment Group acquires NPL secured by $56 million Student Housing Project in Eastern Washington

 

Valerie Rapp

On January 24, 2023, real estate investment firm Dornin Investment Group (“DIG”) acquired a loan secured by a recently renovated 900-bedroom off-campus student housing project located in Eastern Washington.

Mark Nicoletti 

DIG partnered with Irvine based Sabal Investment Holdings. Mark Nicoletti at Allen Matkins provided legal expertise on the transaction and Valerie Rapp at Fidelity National Title provide title and escrow services.

 DIG, purchasing opportunistic debt investments throughout the U.S., has closed approximately $500M in loan purchases since 2020. 

This is the second note purchase in two months that is secured by a student housing project. Note purchase activity is expected to remain a core focus at DIG through 2023 with several other loan investments under evaluation.

Tyson Bryan

Tyson Bryan, Assistant Vice President of Investments at DIG, states “We continue to see great value in off-market, non-performing loans where we can immediately pursue resolutions to borrower defaults. 

"We’re thankful for our continued success working with banks and debt funds seeking an effective solution to resolve and clear sub- and non-performing loans from their balance sheets.”

 

JLL Capital Markets arranged note-on-note financing through Jordan Goforth at Ready Capital. The JLL team was led by Executive Managing Director Kevin MacKenzie and Senior Director John Marshall.

Jordan Goforth

“DIG executed with the backdrop of a challenging capital markets coupled with the holiday season. Their ability to close within 45 days during this time speaks to their track record and reputation in the distressed debt space,” said Marshall.

 

 Contact:

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com

www.sabalinvestmentholdings.com.

 www.dorningroup.com.

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