$ 185.6 million non-performing loan granted to Dornin Investment Group
ATLANTA — JLL Capital Markers recently advised 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 the head office of Bell South.
JLL advised the buyer, Dornin Investment Group, in connection with the acquisition and capitalization of the note. DIG has now completed over $ 330 million in non-performing loan acquisitions in the past 120 days.
The Campanile Plaza is a 21-storey office building completed in 1987. Currently undergoing renovation, the building includes an atrium, conference room, fitness center, restaurant, convenience store, security service, typical area of nearly 25,000 square feet. and access to the commuter train and metro. Located at 1155 Peachtree St. NE, the building is at the “main and main” intersection of 14th and Peachtree streets in Midtown.
“We’re seeing a lot of inefficiency in the troubled debt space, which most institutions don’t believe exists today,” said Chris Dornin, CEO and founder of DIG, in a prepared statement. “We have seen substantial demand from lenders who would like a clear resolution to non-performing loans that have darkened their books for over a year. Our current pipeline and capital will allow us to acquire $ 2-3 billion worth of note acquisitions by the end of 2022. “
The JLL Capital Markets team led by Kevin MacKenzie and John Marshall advised the acquisition and capitalization of the loan.
“DIG has carved out a niche for itself by offering a compelling value proposition to lenders who have distressed loans,” said Marshall. “DIG completed due diligence on this transaction in 11 days and closed start to finish in less than a month, which was key to its success. We look forward to continuing to help build their distressed debt portfolio. “