NEWPORT BEACH, CA, September 16, 2011 (Press-News.org) Sabal Financial Group, L.P., formerly Milestone Asset Resolution Company, LLC, a diversified financial services management firm, announces the recent acquisition of a $158 million portfolio of performing and non-performing commercial real estate loans and commercial acquisition, development and construction loans and credit facilities. The acquisition represents the first sale transaction under the FDIC's pilot Small Investor Program ("SIP") and represents the commercial loan component of a larger $297 million loan sale mandated by the FDIC for the assets of failed FirsTier Bank of Louisville, Colorado, which was seized in January 2011.
"We are pleased to continue building on our existing relationship with the FDIC with the addition of this portfolio," said R. Patterson ("Pat") Jackson, Chief Executive Officer of Sabal Financial Group. "This portfolio is a blend of commercial real estate loans and acquisition, development and construction assets that uniquely matches the broad expertise of Sabal in the management of small balance distressed assets."
The FDIC's SIP is designed to increase investor access to smaller asset pools, widen participation in structured sales and maintain a level playing field for investors through a competitive bid process. A total of 13 bids were received for this first FDIC SIP portfolio sale.
Sabal Financial Group will perform management, servicing and disposition services for the loan pool in yet another move in the company's ongoing expansion of its servicing portfolio, now totaling nearly $3 billion in assets.
The acquired portfolio includes 116 loans and is secured by a heavy concentration of properties in Colorado, including retail, industrial, office, apartments and undeveloped land. The acquisition represents the increasing number of loan portfolios being sold by both failed banks and those banks seeking to shed assets as they work to improve their balance sheets.
"We are currently responding to an influx of credit advisory assignments and loan portfolio acquisition opportunities with banks," said Jackson. "This particular acquisition extends our presence in Colorado and further expands our national platform."
Sabal Financial Group specializes in the acquisition and valuation of portfolios of real estate loans, with a concentration on commercial real estate ("CRE") loans and commercial and residential acquisition, development and construction ("ADC") loans. The company has a commanding market presence providing financial guidance to investment and commercial banks, including capital assessments based on portfolio and allowance for loan and lease loss ("ALLL") analysis, having performed more than 100 bank valuations over the past 24 months.
Sabal Financial Group is rapidly expanding its operating platform in response to the growing market for the sale of performing and non-performing loan portfolios and an increase in asset valuation assignments. The company recently announced a non-controlling investment in the firm by an Oaktree Capital affiliate entity and the appointment of Kevin McKenzie and Rick Brown as portfolio managers. Sabal Financial Group plans to substantially grow its assets under management and develop a nationwide lending operation to provide debt capital for commercial real estate and select commercial ADC projects.
About Sabal Financial Group
Sabal Financial Group, L.P. is a nationwide diversified financial services firm specializing in the acquisition, valuation, management and servicing of commercial real estate ("CRE") and acquisition, development and construction ("ADC") loans and mortgages. Sabal Financial Group provides credit advisory services and loan portfolio management and performance assessments for investment and commercial banks, including capital assessment based upon portfolio and ALLL analysis. Formerly Milestone Asset Resolution Company, Sabal Financial Group is a privately held company with nearly $3 billion under management and is led by a senior management team with extensive banking and real estate expertise in both the government and private business sectors. Sabal Financial Group is headquartered in Newport Beach, CA, with offices in Pasadena, CA, Chicago, Miami, Washington, DC, Greenville, SC and New York City. www.sabalfin.com
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Sabal Financial Group, L.P. Announces the Acquisition of $158 Million Loan Portfolio through FDIC's Small Investor Program
Deal includes performing and non-performing loans, represents first sale under new FDIC program.
2011-09-16
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[Press-News.org] Sabal Financial Group, L.P. Announces the Acquisition of $158 Million Loan Portfolio through FDIC's Small Investor ProgramDeal includes performing and non-performing loans, represents first sale under new FDIC program.