SOURCE: Sabal Financial Group
NEWPORT BEACH, CA--(Marketwired - Dec 3, 2013) - Sabal Financial Group, L.P., a diversified financial services firm specializing in real estate, financing and banking, continues to grow its Home Builder Finance business in the Pacific Northwest with the closing of Acquisition, Development and Construction (ADC) loans for three for-sale new home projects. Financed through Sabal's Home Builder Finance division, the $20 million in total loan commitments were issued to Kendall Homes, Element Residential and BDR Greenbridge II, LLC.
"The inventory of new homes in the Seattle area is at historic lows and, as a result, demand for new home construction is strong," said Tom Farrell, Director of Sabal Financial Group's Home Builder Finance. "Our Home Builder Finance business seeks to fill this demand among quality builders in the Pacific Northwest."
The first of the three transactions provided Kendall Homes, a private home builder based in Seattle, with a $4.2 million construction loan for Lakeridge Heights, a new 15-home community in Seattle. The two and three-story detached single-family homes range from 2,185 to 2,581 square feet and feature three-to-four bedrooms with an optional den or guest room. "As a non-regulated lender, Sabal expedited the loan process, allowing us to begin construction on Lakeridge Heights quickly," said Peter DelMissier, principal of Kendall Homes.
In the second transaction, Sabal provided Element Residential, a real estate development company based in Bothell, WA, with a $12.8 million loan for the construction of Freed Farms, a 26 unit new home project in Bothell. The community will offer homes that range from 3,229 to 4,212 square feet and are priced from $681,000 to $889,000. The homes feature an average lot size of 8,465 square feet offering residents plenty of privacy and space to enjoy. "Because of Sabal's extensive home builder finance and market knowledge, they embraced our plan for this project and provide added value as a finance partner," said Joshua Freed, president of Element Homes.
In the third transaction, Sabal provided a $3.4 million loan to Seattle-based investment, building and holding company, BDR Greenbridge II, LLC for the construction of a 20-unit townhome community. The community, also known as Fresco Townhomes, offers two-to-three bedroom residences from 1,453 to 2,066 square feet and will be priced from $224,800 to $249,900. "Sabal shared our vision of providing greater Seattle residents with a premier affordable product, and worked with us to come up with a loan structure that met our needs," said Todd Bennett, president of BDR Capital Partners LLC.
Sabal's Home Builder Lending provides non-recourse loans in the $3 million-50 million range for a variety of for-sale housing types -- entry level to luxury -- including single-family detached, townhome and condominium communities.
About Sabal Financial Group:
Sabal Financial Group, L.P. is an international diversified financial services firm specializing in real estate, banking and lending. The firm's flagship business has established a strong foothold in the distressed debt arena, bringing nearly $6 billion in real estate and land assets under management since the firm's inception in 2009. Sabal operates a number of complementary businesses including: Sabal CRE Bridge Lending and JV Equity, providing financing to commercial real estate operators; Sabal Home Builder Finance, offering acquisition, development and construction loans to established residential builders; Sabal Commercial Advisors, a national transaction support services provider to CMBS investors and originators; the Sabal Bank Credit Advisory Practice, an advisor and M&A specialist serving commercial and investment banks with unbiased third-party credit portfolio risk and capital performance assessments; and Sabal Third Party Servicing, a primary servicer, special servicer and construction loan administrator operating nationwide.
A privately held company, Sabal Financial Group is headquartered in Newport Beach, Calif. Visit the company online at www.sabalfin.com.