Sabal Financial Group L.P. purchased a $96 million portfolio of non-performing and performing loans from The Bank of the West. The loans are secured by commercial real estate and land located in California, Colorado, Arizona, Oklahoma and Iowa.
Since 2009, the firm has amassed nearly $4 billion in assets under management through loan portfolio acquisitions.
“The Bank of the West portfolio was appealing to us because of its land holdings,” said Sabal CEO Pat Jackson in a statement. “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. We have the luxury of being patient in working out these assets.”