Chris Dornin Of Dornin Investment Group Acquires Non-Performing Loan In Seattle For $42M
$42,000,000
$567/SF
Building Size
74,000 SF
Asset Type
Note / Loan
Closing
May 1, 2025
AI
The transaction involved the acquisition of a non-performing senior loan secured by a newly constructed, Class A multifamily property located in Seattle, Washington. The sale price for the note was $42,000,000, encompassing a total of 74,000 square feet, resulting in a price per square foot of $567.
Summary of transaction details:
- Property Type: Note / Loan
- Transaction Amount: $42,000,000
- Buyer: Chris Dornin – Dornin Investment Group
- Broker: Michael Winter - Ripco
- Market: Seattle
- Square Footage: 74,000
- Price per Square Foot: $567
The buyer, Chris Dornin, represents Dornin Investment Group, a private real estate investment firm that specializes in distressed debt and value-add strategies. The transaction was facilitated through note-on-note financing provided by a national debt fund and was advised by a team led by Michael Winter at Ripco Real Estate.
Players
Market Note / Loan Market Snapshot
Boundary boundary · Note / Loan · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.38%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93