|By Marketwired .||
|April 24, 2014 02:41 PM EDT||
NEWPORT BEACH, CA -- (Marketwired) -- 04/24/14 -- Sabal Financial Group, L.P., a diversified financial services firm specializing in real estate, lending and banking, announced today it has financed the construction of three additional new home communities. The first transaction, a $4.5 million construction loan for Sunrise Heights in Happy Valley, Ore., represents Sabal Financial's first home builder finance loan completed in the state of Oregon. The second transaction announced represents a $5.2 million loan for the Bridges at Jonas new home community in Sacramento, Calif. In the third transaction, Sabal Financial provided a $4.2 million loan for the acquisition and development of a new home community located in Costa Mesa, Calif. The transactions are the latest in a series of Acquisition, Development and Construction (AD&C) loans closed by Sabal Financial's Home Builder Finance division.
"Our home builder finance business has experienced robust growth coast-to-coast," said Pat Jackson, Founder and CEO of Sabal Financial. "Our recent string of deals underscores our activity across multiple markets and ability to provide reputable builders with speed to finance solutions for new home communities."
In the first transaction, Sabal provided $4.5 million in non-recourse debt financing to TA Liesy Homes NW for the construction of Sunrise Heights. A new home community to be built 13 miles southeast of Portland in Happy Valley, Ore., the detached single-family project will include 15 homes ranging from 1,851 to 3,309 square feet. The two story homes will include three- to five-bedrooms with two- and three-car garages and backyards with an average purchase price of $413,000.
"While traditional lenders were unable to provide solutions for our financing needs, Sabal Financial was both responsive and competitive in structure," said Todd Gray, CFO of TA Liesy Homes NW. "The Sabal Financial team understands the industry, with a demonstrated ability to structure, underwrite and deliver financing that meets the need of the builder."
In the second transaction, Sabal Financial provided a $4.2 million non-recourse loan to Pinnacle Residential for the construction of a new home community featuring eight single-family homes. The 1,871-square-foot, two-story residences include three bedrooms and are located in Costa Mesa, Calif. The new homes will meet market demand in the central Orange County region which boasts superb retail, service and performing arts amenities, close proximity to nearby, world-class beaches as well as to the major I-405, SR-55 and SR-73 freeway arterials.
"Sabal Financial has a team of very experienced real estate professionals who are able to tailor their flexible, non-recourse loan options to make sense in a variety of situations," said Robert Scanlan, Principal of Pinnacle Residential.
In the third transaction, Sabal Financial provided $5.2 million in debt financing to Evergreen Communities for the acquisition and development of Bridges at Jonas, a gated new home community comprised of 11 single-family residences located in the upscale Arden-Arcade submarket of Sacramento, Calif. Ranging in size from 2,425 to 3,160 square feet, the homes are both single and two-story abodes ranging from three to six bedrooms. Prices will range from $550,000 to $678,000.
"Sabal Financial consistently demonstrates a real understanding of the issues that developers and builders face when bringing a project to market and are able to structure favorable, non-recourse financing accordingly," said Mike Stettner, President of Evergreen Communities.
For more information, please visit: www.sabalfin.com.