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Chris Dornin Of Dornin Investment Group Acquires $66M Non-Performing Loan In Aventura, FL

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FINANCED
$66,000,000

Florida

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Note / Loan400,000 SF
Financed 01/27/2025
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Property Image
FINANCED

Chris Dornin Of Dornin Investment Group Acquires $66M Non-Performing Loan In Aventura, FL

Note / Loan400,000 SF
Financed 01/27/2025
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Note / Loan
Price Per Square Foot:$165
Total Square Footage:400,000 SF
Transaction Type:Loan

A non-performing loan was acquired in an off-market transaction, which is secured by a mixed-use property located in an upscale Miami suburb. The property encompasses senior living, medical office, and retail spaces and represents a significant investment within the real estate market.

Summary of transaction details:

  • Property Type: Note / Loan
  • Transaction Amount: $66,000,000
  • Lender: Brian Sedrish - TCG Real Estate
  • Buyer: Chris Dornin - Dornin Investment Group
  • Broker: Michael Guterman - Bellwether Enterprise
  • Loan Type: Equity
  • Market: Aventura, FL
  • Asset Size: 400,000

Mike Guterman, serving as the Senior Vice President at Bellwether Enterprise, represented both the buyer and seller in this transaction and facilitated the financing, ensuring a comprehensive approach to this high-value deal.

Players

Michael "Mike" Guterman
Bellwether Enterprise (BWE)
Michael Guterman
14 deals$621.5M volume
BROKER
BE
Bellwether Enterprise
BROKERAGE

Details

FINANCED
IMAGE: Chris Dornin, Michael Guterman & Brian Sedrish DATE: 01/27/2025 MARKET: Aventura, FL ASSET TYPE: Note / Loan ~ SF: 400,000 LENDER: Brian Sedrish (@BrianSedrish) - TCG Real Estate (@TannenbaumCapitalGroup) (@SunriseRealtyTrust) (@SouthernRealtyTrust) BUYER: Chris Dornin - Dornin Investment Group (@DorninInvestmentGroup) BROKER: Michael Guterman (@MikeGuterman) - Bellwether Enterprise (@BWE_Bellwether) LOAN AMOUNT: $66,000,000 LOAN TYPE: Equity NOTE FROM BUYER: On January 27,2025 Dornin Investment Group ("DIG") a real estate investment firm, acquired a $66M non-performing loan ("NPL") in an off-market transaction with a national investment management firm. The defaulted loan is secured by a premier mixed-use property in an upscale Miami suburb, featuring senior living, medical office, and retail. The acquisition was strategically financed through Note-on-Note financing provided by affiliates of TCG Real Estate and programmatic joint venture equity. Mike Guterman, Senior Vice President at Bellewether Enterprise, represented both the buyer and seller as well as arranged the financing.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$66,000,000.00

Monthly NOI$440,000.00
Monthly Debt Service$417,164.90
Change in Cash Flow$0.00
Refinance Proceeds$0.00