Newport Beach-based distressed-debt specialist Sabal Financial Group LP has acquired a $158 million portfolio of performing and nonperforming commercial loans of the failed FirsTier Bank of Louisville, Colorado.

The portfolio is made up of commercial real estate loans and commercial acquisition, development and construction loans. It includes 116 loans, with most of them tied to properties in Colorado.

The deal for the commercial loans was part of a $297 million sale of the assets of the failed bank, which was seized by the Federal Deposit Insurance Corporation in January.

The sale came under the FDIC’s pilot Small Investor Program and drew 13 bids.

“This particular acquisition extends our presence in Colorado and further expands our national platform,” said Sabal Chief Executive R. Patterson Jackson.

Sabal Financial currently manages a portfolio of assets of nearly $3 billion.

The firm recently hired Rick Brown as portfolio manager to oversee its acquisition, development and construction loan portfolios. Brown arrives from California Bank & Trust, where he oversaw distressed real estate loans, including sales of $100 million worth of property last year.