Sabal Financial Group, L.P., a diversified financial services company headquartered in Newport Beach, CA, announced this week that it had acquired a $96 million loan portfolio from The Bank of the West. Sabal, specializing in the acquisition of real estate loans with a focus on commercial real estate, has been acquiring portfolios since 2009, amassing nearly $4 billion in assets under management.
"The Bank of the West portfolio was appealing to us because of its land holdings. 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," said Pat Jackson, CEO of Sabal Financial Group. "We have the luxury of being patient in working out these assets."
Terms of the deal were not disclosed, but Sabal said that 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.
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