BWE, a national commercial and multifamily mortgage banking company, announced today that it has arranged the sale and financing of a $66,000,000 non-performing loan secured by a mixed-use office, senior living, and retail property in Aventura, Florida, part of the Miami metropolitan area.
Mike Guterman, Senior Vice President in BWE’s Los Angeles office, represented both the buyer and the seller in this transaction, facilitating the sale of the defaulted loan to the Dornin Investment Group, an Orange County-based real estate investment firm, on behalf of its previous holder. In addition, Guterman brought on Sunrise Realty Trust, an affiliate of TCG Real Estate, as a capital partner for the transaction and secured a $41,000,000 loan from them for Dornin Investment Group. The property’s original lender was a debt fund which sought to sell the note before EOY 2024.
“When we began this transaction, the note’s seller made it clear they wanted to move quickly, and the solution we devised allowed the original lender to be paid in full for the outstanding principal balance while ensuring that the note found its way to a new owner with experience resolving non-performing loans like Dornin.” said Guterman. “At BWE, we are committed to helping our clients through every aspect of real estate financing, from loan executions to complex, off-market note acquisitions like we have here.
The property consists of two buildings: a ten-story senior living tower and a four-story medical office building. The senior living tower includes 163 units across seven floors and 108,188 square feet, as well as 22,097 square feet of ground floor and mezzanine retail, and two floors of structured parking. The medical office building includes 39 medical office condominiums across 25,244 square feet and 6,411 square feet of ground floor retail space.