NEWPORT BEACH, CA-Continuing its loan acquisition streak, Sabal Financial Group LP has acquired a CMBS loan portfolio of non-performing securitizations from CW Capital. The portfolio’s securitizations involve commercial real estate assets located across the country, and the acquisition has helped bring Sabal’s loans under management from $2 billion to nearly $4 billion in the last year. Sabal declined to reveal to GlobeSt.com the purchase price for this latest acquisition.
According to Pat Jackson, CEO of Sabal Financial, “We were particularly attracted to this acquisition due to the CMBS nature of the portfolio and the opportunity to leverage our expertise as a rated special servicer.” Sabal will provide loan servicing and asset management for the portfolio.
The firm is rapidly expanding its operating platform in response to the growing market of performing and non-performing loan portfolios for sale and an increase in asset valuation assignments. Sabal has nearly doubled its its employee base in the last year and has expanded its headquarters office in Newport Beach to accommodate the rapid growth. The company has performed more than 130 bank valuations over the past 24 months.
As GlobeSt.com previously tweeted on @GlobeStcom on Twitter and @GlobeStLIVE and reported, last week we learned that Sabal had 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. Also, the week before, Sabal had grabbed a $69-million loan portfolio from Branch Banking and Trust Bank that included commercial real estate assets mostly in the Carolinas, with a few others dotted around Florida, Alabama and Delaware, to name but three, in addition to a $121.5-million portfolio from a southeast-based regional bank. The latter portfolio includes 44 loans with a combination of non-performing and performing loans for commercial real estate properties and land in Texas, Florida, North Carolina, South Carolina, Georgia, Virginia and Missouri. Sabal will also provide loan servicing and asset management for this portfolio.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
