Dornin Investment Group Buys $60M Loan on San Diego Office Park at Par


Dornin Investment Group (DIG) has acquired a roughly $60 nonperforming loan secured by a San Diego industrial park in an off-market deal, the private equity investment announced Tuesday.

DIG purchased the debt at par with the help of $41.9 million in note-on-note financing from Calmwater Capital. The transaction closed June 20. 

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Representatives for DIG and Calmwater did not disclose the name of the industrial park backing the loan, but property records show it to be Rose Canyon Commons, a 235,483-square-foot asset on a 38-acre site at 4905 Morena Boulevard. The property has 31,386 square feet of space for lease, according to data from LoopNet

“Calmwater continues to see more opportunities to provide note-on-note financing, where our ability to move quickly and deliver certainty of close is paramount for both the seller and buyer who require discretion during due diligence and prioritize seamless execution,” Zach Novatt, director of originations at Calmwater, said in a statement. 

Chris Dornin, CEO of DIG, said the firm plans to deploy another $100 million over the next 45 days in nonperforming loan purchases and has an overall pipeline of more than $400 lined up. It has closed nearly $500 million in loan purchases since 2020. 

“This latest acquisition continues our niche strategy of acquiring well-collateralized nonperforming debt on quality real estate,” Dornin said in a statement. 

Andrew Coen can be reached at