Sabal Financial Group said it helped a client acquire a real estate and land loan portfolio valued at $75 million in unpaid principal balance.
Sold by First Bank, the loan portfolio consists of both performing and nonperforming residential development and land based assets.
Overall, the portfolio contains 290 performing and nonperforming assets located across the Southeast, in which many of the loans were casualties of the region’s recent and prolific real estate downturn. The majority of the assets represent land and residential development loans, with some prime assets along coastal regions.
“This portfolio is indicative of the type of assets that we strive to help banks offload and bring under management for our clients,” said R. Patterson Jackson, chief executive officer of
Since the Newport Beach, Calif.-based financial services firm that specializes in the acquisition of distressed real estate loans and bank credit advisory services started business operations in 2009, nearly $6 billion in assets is managed by Sabal. Furthermore, during 4Q 12, Sabal brought in approximately $1 billion in real estate assets under management.
“This was an effective trade for our institution with Sabal helping to bring transparency, certainty of close and a fair price for the assets,” said Richard Moore, chief executive officer of First Bank, a Troy, N.C.-based bank holding company that has total assets of nearly $3.2 billion. “In handing these assets over to real estate workout experts, we have improved our balance sheet and enabled our staff to focus on our core banking business.”
