Sabal Financial Group LP, a Newport Beach, Calif.-based diversified financial services management firm, has acquired a $204 million portfolio of performing and nonperforming commercial and residential acquisition, development and construction loans.
The acquisition is part of a portfolio sale mandated by the Federal Deposit Insurance Corp. (FDIC) for the assets of more than 50 recently failed banking institutions. R. Patterson (‘Pat’) Jackson, CEO of Sabal Financial Group, says that his company plans to pursue additional portfolios via the FDIC.
‘This is our fourth FDIC transaction, and we are currently bidding on others,’ says Patterson. ‘Because of the recent influx in deals flooding the market, deal flow has been strong and we can be selective in our bidding process. 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.’