Financial Services Firm Purchases Portfolio from a Bank

Sabal Financial Group has acquired a loan portfolio from a Midwest retail bank for $212 million.

The portfolio includes more than 100 loans, both performing and nonperforming. It consists primarily of retail, office and industrial properties as well as development land. A small percentage of the portfolio consists of residential real estate loans. The exact number of these loans was not available.

The portfolio loans are mainly located in Wisconsin, Illinois and Florida.

“We are currently responding to an influx of asset valuation assignments and loan portfolio acquisition opportunities,” said R. Patterson Jackson, CEO of Sabal Financial Group. “This particular acquisition extends our presence in both the Midwest and Southeastern United States.”

SFG will be responsible for loan servicing and asset management of the portfolio. The company specializes in commercial real estate loans and commercial and residential acquisition, development and construction loans.

The Newport Beach, Calif.-based company is currently expanding its operating platform in response to an increase in asset valuation assignments and the growing market for the sale of performing and nonperforming loan portfolios. The company said it has plans to grow its assets and develop a nationwide lending operation to provide debt capital for commercial real estate and select commercial ADC projects.

“Our team's expertise is significant in the real estate and banking sectors, representing full capabilities in all phases of the asset life cycle,” Jackson said. “We are poised to handle a significant amount of the bank valuation work anticipated to continue for some time.”