Newport Beach-based distressed-debt specialist Sabal Financial Group LP acquired a $385 million portfolio of performing and nonperforming loans from the Federal Deposit Insurance Corp.

The portfolio has 507 loans from 42 recently failed banks throughout the U.S.

“This is our third FDIC transaction and it brings our total number of assets under management to approximately $3 billion,” Chief Executive Pat Jackson said.

Properties in the acquired portfolio are concentrated in the Southeast and Midwest, and tied primarily to undeveloped land.

Sabal also acquired a $142 million loan portfolio from Bend, Oregon-based Bank of the Cascades.

The portfolio includes 171 performing and nonperforming loans, mostly secured by retail, office and industrial properties, as well as land-based assets in Oregon and Idaho.

Jackson said the company expects to see more similar deals.

“There is a strong desire among banks to clear out assets that are weighing them down,” he said in a statement.

Sabal Financial specializes in the acquisition and valuation of real estate loan portfolios, with a concentration on commercial real estate loans and commercial and residential acquisition, development and construction loans.