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Legacy Partners And Silverpeak Real Estate Partners Secure $24.28M Construction Loan For 138-Unit Development
FINANCED
$24,280,000
Washington
See Similar DealsMultiFamily
Financed 02/26/2026
FINANCED
Legacy Partners And Silverpeak Real Estate Partners Secure $24.28M Construction Loan For 138-Unit Development
2864 Harold Drive Southeast
See Similar DealsMultiFamily
Financed 02/26/2026
Summary
WASHINGTON
Asset Type:MultiFamily
Transaction Type:Loan
The asset involved in the transaction is a 138-unit garden-style apartment community located at 2864 Harold Drive Southeast, Port Orchard, WA. The project is identified as Ravine Ridge and involves a construction loan of $24,280,000. The project spans across multiple buildings and has been designed by Ross Deckman & Associates.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $24,280,000
- Lender: PNC Bank
- Landlord: Legacy Partners & Silverpeak Real Estate Partners
- Units: 138
- Loan Type: Construction
Legacy Partners and joint venture partner Silverpeak Real Estate Partners are the key players in this development, marking Legacy’s inaugural project in Kitsap County, Washington. They have initiated construction on the site following the securing of the loan from PNC Bank.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$24,280,000.00
Monthly NOI$161,866.67
Monthly Debt Service$153,466.12
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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