Sabal Financial Group LP, a financial services management firm based in Newport Beach, Calif., has acquired a $153 million portfolio from an institution identified only as ‘a major Midwest retail bank.’
According to company, the portfolio includes more than 100 loans, both performing and nonperforming, and is primarily secured by retail, office and industrial properties, and land. The portfolio includes a number of distressed loans located in Illinois, Wisconsin, Arizona and Florida, and represents the immense number of distressed loans currently plaguing banks and the real estate industry recovery at large. Sabal Financial Group will provide loan servicing and asset management for the portfolio, the company adds.
‘The need for banks to clear their balance sheets of problematic loans remains strong and this latest portfolio acquisition is representative of our ability to assist,’ says R. Patterson Jackson, CEO of Sabal Financial Group.