Chris Dornin Acquires Non-Performing Loan Secured By Multifamily Property In Charlotte For $40M
SOLD
$40,000,000
North Carolina
See Similar DealsNote / Loan209,000 SF
Sold 08/18/2025
SOLD
Chris Dornin Acquires Non-Performing Loan Secured By Multifamily Property In Charlotte For $40M
Note / Loan209,000 SF
Sold 08/18/2025
Summary
Asset Type:Note / Loan
Price Per Square Foot:$191
Total Square Footage:209,000 SF
Transaction Type:Sale
The transaction involved a $40,000,000 acquisition of a non-performing senior loan secured by a recently constructed, stabilized multifamily property located in Charlotte, North Carolina. The asset comprises 209,000 square feet, resulting in a price per square foot of $191.
Summary of transaction details:
- Property Type: Note / Loan
- Transaction Amount: $40,000,000
- Buyer: Chris Dornin
- Buyer's Representative: Michael Winter - Ripco
- Seller's Representative: Arden Gist - Gist Group
- Square Footage: 209,000
- Price per Square Foot: $191
The acquisition was facilitated by note-on-note financing from Cerco, arranged by a team from RIPCO Real Estate, which included Adam Hakim, James Murad, and Michael Winer.
Players
BROKERAGE
Details
Stay in the Know
Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.
By subscribing, you agree to our Terms of Service and Privacy Policy.
Similar Deals
Contact
Get in touch with the broker you want
Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,133,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$142,111.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$189,620.41
Annual Debt Service$2,275,444.88
Is there something missing? Send suggestions