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Tuesday, 17 July 2018

Sabal Capital's Purchase by Stone Point to Fuel Expansion

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Commercial Real Estate Direct Staff Report

Investment manager Stone Point Capital LLC has agreed to buy a majority interest in Sabal Capital Partners, giving the small-balance lender the wherewithal to expand beyond the multifamily sector.

Stone Point is a Greenwich, Conn., private-equity firm that invests in various sectors, including real state, financial services and insurance, through a series of funds branded Trident. Three years ago, it had acquired Situs, a commercial mortgage servicer that has broadened its scope in the sector substantially and now also offers a host of risk management, valuation and advisory services to clients.

Sabal was founded in the wake of the Great Financial Crisis by R. Patterson "Pat" Jackson, who previously was founder of IndyMac Commercial Lending Corp. With capital from Oaktree Capital Management, it initially pursued investments in distressed real estate assets, including from the FDIC, banks and CMBS special servicers. As those opportunities waned, Sabal pushed into the small-balance lending world, where it would write loans of less than $15 million each. Since then, Oaktree's stake in the company has shrunk.

More recently, Sabal has focused on writing short-term loans against multifamily properties. But the company's loans aren't traditional bridge loans, which typically are provided against properties...

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Additional Info

  • Syndicate to Realpoint: No
  • Subject: Mergers & Acquisitions (M&A)
  • Private: Yes
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