Chris Dornin Acquires Non-Performing Loan Secured By Multifamily Property In Charlotte For $40M

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.