$185.6M non-performing loan acquired by Dornin Investment Group
JLL Capital Markets advised on the note sale secured by Campanile Plaza Class A office building in Atlanta
NEWPORT BEACH, Calif. – August 31, 2021 – JLL Capital Markets announced today that it has advised on the sale of a $185.6 million non-performing loan secured by Campanile Plaza, an iconic Class A office tower in the Midtown submarket of Atlanta, Georgia. The property originally served as Bell South’s corporate headquarters.
JLL advised the buyer, Dornin Investment Group (DIG) on the acquisition and capitalization of the note. DIG has now completed over $330 million in non-performing loan acquisitions in the last 120 days.
Campanile Plaza is a 21-story office building completed in 1987. Currently in the middle of a substantial renovation, the building features an atrium, conferencing facility, fitness center, restaurant, convenience store, security, a typical floor size of nearly 25,000 square feet and access to the commuter rail and Metro. Located at Located at 1155 Peachtree St. NE, the building is at the “main and main” intersection of 14th and Peachtree Streets in Midtown.
“We see a lot of inefficiency in the distressed debt space, which most institutions don’t believe exists today,” said Chris Dornin, DIG CEO and founder. “We’ve found substantial demand from lenders who would like a clean resolution to non-performing loans that have clouded their books for over a year. Our current pipeline, and capital, will allow us to acquire $2 billion to $3 billion in note acquisitions by the end of 2022.”
The JLL Capital Markets team led by Kevin MacKenzie and John Marshall advised on the acquisition and capitalization of the loan.
“DIG has carved out a niche by offering a compelling value proposition to lenders who have troubled loans,” Marshall said. “DIG completed due diligence on this transaction in 11 days and closed start to finish in less than a month, which has been a key to their success. We look forward to continuing to help build their distressed debt portfolio.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Dornin Investment Group
Dornin Investment Group is a real estate investment and asset management firm with offices in Laguna Beach, California, and Las Vegas, Nevada, that invests in commercial and residential real estate in partnership with a broad base of institutional and private investors. The firm specializes in distressed, opportunistic, and value-add real estate investments in all major property types with a focus on office, flex, industrial, multifamily and hospitality properties. The company offers a full-service investment platform providing property management, leasing, construction management, and finance through its wholly owned affiliate Dornin Realty Advisors (“DRA”). For more information, visit dorningroup.com.