(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
NEWPORT BEACH, CA- Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that in yet another portfolio buy this August, locally based Sabal Financial Group LP has purchased a $96-million loan portfolio from the Bank of the West. The portfolio is a combination of non-performing and performing loans and is secured by commercial real estate and land in California, Colorado, Arizona, Oklahoma, and Iowa.
Sabal has been acquiring loan portfolios since 2009 has amassed nearly $4 billion in assets under management. As GlobeSt.com recently reported, the firm just recently paid $69 million for a loan portfolio from Branch Banking and Trust Bank. That deal was in the wake of the $121.5-million it acquired earlier this month.
The appealing part of this portfolio was the land holdings, says Pat Jackson, CEO of the firm. “There are barriers to entry and a general lack of development space, resulting in a constrained land supply, which will have higher values as the real estate market continues to recover. We have the luxury of being patient in working out these assets.”
While continuing to increase its assets under management, Sabal Financial Group has also been expanding its bank consulting practice providing a broad spectrum of valuation, underwriting and asset management services to community and investment banks. In addition, in June 2012, Sabal established a residential builder-lending platform to provide non-recourse acquisition and development loans to homebuilders in California, Seattle, and Portland metro areas.
“2012 has been an important year for us,” says Jackson. “Our goal is to continue leveraging our platform to expand our growth.”
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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.
