CHARLOTTE—Troy-N.C.-based First Bank sold a loan portfolio of performing and non-performing residential development and land assets valued at $75 million in unpaid principal balance. Sabal Financial participated in the purchase.
“This portfolio is indicative of the type of assets that we strive to help banks offload and bring under management for our clients,” says R. Patterson Jackson, CEO of Sabal. “Our team of real estate experts is able to apply a patient approach to workout each asset's individual real estate business plan, while giving the bank the opportunity to get back to the business of banking.”
The portfolio includes 290 performing and non-performing assets located across the Southeastern United States. Many of the loans were casualties of the region's recent and prolific real estate downturn, with a cross section of prime assets along coastal regions.
“This was an effective trade for our institution with Sabal helping to bring transparency, certainty of close and a fair price for the assets,” says Richard Moore, CEO of First Bank. “In handing these assets over to real estate workout experts, we have improved our balance sheet and enabled our staff to focus on our core banking business.”
This acquisition follows a steady flow of activity for Sabal, which during the fourth quarter of 2012 brought an additional $1 billion in real estate assets under management. Launched in 2009, the firm now manages a total of nearly $6 billion in assets.
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