NEWPORT BEACH, CA-Locally based Sabal Financial Group has acquired a $153 million portfolio of more than 100 performing and non-performing loans, primarily secured by retail, office and industrial properties and land. Sabal bought the portfolio from a Midwest bank, bringing the Newport Beach-based portfolio of assets under management to approximately $3 billion. R. Patterson “Pat” Jackson, CEO of Sabal, says that the deal reflects “the need for banks to clear their balance sheets of problematic loans.”

Sabal will provide loan servicing and asset management for the portfolio, which includes a number of distressed loans in Illinois, Wisconsin, Arizona and Florida. The company, formerly known as Milestone Asset Resolution Co. LLC, 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.

Sabal 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.