Dornin Investment Group Secures $40 Million Loan For Aspen Heights Student Housing In Pullman Washington

The property asset involved in this transaction is a 752 bed student housing project known as Aspen Heights, located at 3125 Northwest Cottonwood Lane, Pullman, Washington. The total square footage of the asset is 310,572. The loan amount secured for this property is $40,000,000, facilitated as an equity loan by Axos Bank.

Summary of transaction details:

• Property Type: Student Housing
• Transaction Amount: $40,000,000
• Lender: Axos Bank
• Landlord: Chris Dornin - Dornin Investment Group
• Acquisition Date: December 2024
• Previous Loan Status: Non-performing loan
• Acquisition Method: Off-market purchase at Par UPB
• Acquisition Date of Loan: June 2024

The key individuals involved in this transaction include Chris Dornin, representing Dornin Investment Group, which is noted for its focus on real estate investment. The transaction marks the successful conversion of a mortgage loan and foreclosure process on the property. This strategic acquisition highlights Dornin Investment Group's investment approach within the student housing market.