Capital Partners 1892, a Puget Sound-based boutique lender, recently announced its closing on a $15.1 million bridge loan for a newly constructed 58-unit multifamily property in Port Orchard.
The 45,907-square-foot property was built last year and sits at 1601 and 1621 Pilsko Lane.
The “12-month bridge to permanent financing” lending structure will provide Cedar Cove Commercial LLC with a period of time to lease units, stabilize operations, and position the property for sale or refinancing, a release from the lender noted.
“As larger financial institutions continue to tighten their lending parameters or slow down execution, we’re seeing more situations where strong projects need a different kind of capital partner,” Steve Corliss, managing partner of Corliss Management Group, and principal of 1892 Capital Partners said. “Our approach is rooted in experience. Through Corliss Management Group, we’ve spent decades as owners and developers, so we understand both the urgency and the realities on the ground. That allows us to structure loans that are not only executable, but aligned with how projects actually get completed.”