NEWPORT BEACH, Calif., Oct. 04, 2017 (GLOBE NEWSWIRE) -- Sabal Capital Partners, LLC, a diversified financial services firm specializing in real estate, lending and banking, today announced the closing of a $129 million multifamily portfolio of Freddie Mac Small Balance Loans in Bronx, New York for Emerald Equity Group. Encompassing more than 850 total units, it is the largest single Small Balance Loan (SBL) transaction processed through the Freddie Mac SBL program since its inception in 2014.
“Completed on time within an aggressive schedule, this closing is an enormous accomplishment for Sabal in one of the most competitive markets in the world,” said Pat Jackson, chairman and CEO of Sabal Capital Partners, LLC. “We coordinated a marathon two days of individual loan closings, an outstanding test of Sabal’s resources given the strong pipeline of other loan fundings that were happening concurrently.”
Rather than a bulk transaction, each of the 34 refinance loans in the portfolio were independently analyzed, underwritten and closed. This process included site inspections conducted with five third parties, appraisals and environmental reports, review with the Freddie Mac credit division and commitment letters as well as legal review, title analysis and loan documents for each property. All of this was enabled through SNAP™, the company’s proprietary servicing portal.
“The upgrade and rehabilitation of the properties in this portfolio, which are comprised of nearly 100 percent workforce housing, will provide families with a nice and affordable place to call home in an area with an extremely high cost of living,” said Isaac Kassirer, President at Emerald Equity Group. “We are extremely grateful and impressed with how efficient and seamless this monumental refinancing process has been with the teams at Sabal and Freddie Mac at the helm.”
The Bronx portfolio is representative of Emerald’s impressive work in the multifamily sector to source, renovate and manage large and complex portfolio transactions. With this transaction, Emerald has once again successfully performed on their acquisition and turnaround strategy for their affordable housing investment thesis within a period of two years.
Sabal Capital Partners, LLC recently was ranked the fastest Seller/Servicer of Freddie Mac Small Balance Loans for the first half of 2017, a gold standard of closing efficiency and execution enabled by the company’s SNAP™ portal.
“We are delighted to play a role in this unique transaction, which will ensure that more than 800 affordable rental units are preserved as workforce housing in the Bronx," said David Brickman, executive vice president and head of Freddie Mac Multifamily. “This is the largest Small Balance Loan transaction in Freddie Mac SBL history, and it underscores the flexibility, responsiveness and streamlined process that are synonymous with our program. We thank our strong lending partner Sabal, the entrepreneurial principals at Emerald Equity Group who made this possible, and look forward to continuing to create unique solutions that expand workforce housing.”
About SNAP™
SNAP™ Servicing portal provides companies with a web-based, security-controlled interface where parties can review and track loan servicing, request disbursements, flag and monitor inspections, and create an electronic history for a loan. Designed with the unique needs of the servicing business in mind, SNAP™ increases the speed with which disbursement requests are fulfilled, and minimizes traditional paperwork by capturing all pertinent information online.
About Sabal Capital Partners
Headquartered in Newport Beach, Calif., Sabal Capital Partners, LLC and its lending subsidiaries are focused in the small balance space and have originated nearly $2 billion nationally through its highly specialized wholesale lending platform. Sabal’s dedication to advancing the financial services industry has led to the development of SNAP™, an innovative platform designed for Sabal’s exclusive network of brokers and bank partners to enable increased revenue, exceptional borrower satisfaction and reduced effort navigating small balances loans, from origination to close. Sabal strives to keep clients and investors ahead of the curve and represents a corporate philosophy based upon the core practices of innovation, superior service, partnerships, ethical behavior and teamwork. For more information, visit www.sabalcap.com.