Sabal Financial Group L.P. acquired a portfolio of 44 performing and non-performing commercial real estate loans from a Southeast-based regional bank for $121.5 million. The properties and land secured by the loans are located in Texas, Florida, North Carolina, South Carolina, Georgia, Virginia and Missouri.
Sabal will provide loan servicing and asset management for the portfolio.
“There continues to be a significant need for banks to clear their balance sheets of problematic loans,” said Sabal Financial Group CEO Pat Jackson in a statement. “This particular acquisition strengthens our already robust presence in the Southeast region.”
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