(Mark Your Calendars for RealShare Orange County, August 18 in Newport Beach, and for RealShare Distressed Assets Oct. 4-5 in Dallas).
NEWPORT BEACH, CA-Locally based Sabal Financial Group LP, formerly Milestone Asset Resolution Co. LLC, has acquired a $212 million portfolio of more than 100 loans from a major Midwest retail bank. Along with the portfolio acquisition, Sabal has added commercial real estate veteran Kevin McKenzie as a portfolio manager for the company’s growing commercial real estate portfolio.
The newly acquired $212 million portfolio includes both performing and non-performing loans, and is primarily secured by retail, office and industrial properties, and land. A minority percentage of the loan pool consists of residential real estate loans. The portfolio is heavily concentrated in Wisconsin, Illinois and Florida and “is representative of the increasing number of loan portfolios that banks are looking to offload in an effort to correct their balance sheets,” according to a Sabal Financial announcement regarding the portfolio acquisition.
R. Patterson Jackson, CEO of Sabal Financial, notes that the firm is “responding to an influx of asset valuation assignments and loan portfolio acquisition opportunities.” He adds that the newest portfolio acquisition extends the company’s presence in both the Midwest and Southeastern US.
Sabal Financial is responsible for loan servicing and asset management of the portfolio. The company specializes in the acquisition and valuation of portfolios of real estate loans, with a concentration on commercial real estate loans and commercial and residential acquisition, development and construction loans. It is expanding its operating platform in response to an increase in asset valuation assignments and the growing market for the sale of performing and non-performing loan portfolios. The firm recently expanded its headquarters office in Newport Beach to accommodate its growth.
McKenzie’s role will be integral in expanding the company’s acquisition and valuation services platform, according to Jackson. McKenzie has more than 25 years of experience as a developer, principal investor, adviser, investment banker and architect, with involvement in more than $3.5 billion of property investments. Before his position with Sabal Financial, he co-founded Palisades Equity Partners, an Orange County-based opportunistic, value-based real estate investment firm.
McKenzie also served as president of Parker Properties, a Southern California-based developer of tenant-oriented campus environments. While at Parker, hedeveloped more than 750,000 square feet of class A office buildings. He has additionally held senior positions with leading companies including Buchanan Street Partners, AEW Capital Management, Goldman Sachs and JER Partners.
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