Legacy Partners And Silverpeak Real Estate Partners Secure $24.28M Construction Loan For 138-Unit Development

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.