NEWPORT BEACH, CA-Just on the heels of a venture with the FDIC to service and perform asset-management on a $386-million loan portfolio, as GlobeSt.com previously reported, Sabal Financial Group LP adds more to its plate. The locally based company has now acquired a $204 million portfolio of performing and non-performing loans.
Consisting mainly of commercial and residential acquisition, development and construction loans, the acquisition is part of a portfolio sale mandated by the FDIC for the assets of more than 50 recently failed banking institutions throughout the U.S. According to R. Patterson Jackson, CEO of the company, this is Sabal’s fourth FDIC transaction and he points out that it is currently “bidding on others.”
He adds that “Because of the recent influx in deals flooding the market, deal flow has been strong and we can be selective in our bidding process,” noting that “2012 is looking to be a big year for deal activity…Our goal is to continue acquiring bank loan portfolios at the same rate this year as we did in 2011.”
Also in 2011, as GlobeSt.com previously reported in early October, the company 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. And in September, as GlobeSt.com also reported, the company acquired a $158-million loan portfolio of the failed FirsTier Bank of Louisville, CO from the FDIC's Small Investor Program.
This particular acquisition is secured by properties across the U.S. The acquisition represents the distress in the market that is ailing banks across the country and abroad, according to a prepared company statement. Sabal Financial Group will provide loan servicing and asset management for the portfolio.
The firm also revealed that it added Ron Warwick as CFO. Warwick is a “seasoned financial specialist with extensive experience in commercial real estate lending and servicing,” according to a prepared statement. As CFO, Warwick will lead all finance, accounting, banking, audit, reporting and internal control functions of Sabal Financial Group.
“Ron Warwick brings unparalleled expertise to our company as we continue to seek out distressed real estate loan pools and look to dramatically increase our assets under management,” says Jackson. “His extensive exposure to highly regulated environments and incredible breadth of investor and securitization reporting knowledge are integral to our business plan and success.”
Warwick will oversee issuance of audited financial statements for the firm’s investment vehicles, monitor compliance with debt covenants, as well as supervise funds management, distribution requirements, investor reporting and income tax strategies. Additionally, he will spearhead performance measurement and staffing metrics and all day-to-day accounting functions including revenue billings, payables, receivables, payroll, and cash management.
Warwick brings 35 years of experience in accounting and financial services, most within banking and financial industries. Prior to joining Sabal, Warwick was CFO and SVP of the commercial services division at Aurora Bank FSB—formerly Lehman Brothers Bank.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
