Tag Archives: foreclosure

Lender foreclosing on Stetson’s Heights development land

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A lender is foreclosing on more than 100 acres of Port Orchard land slated for residential development.

A notice of trustee’s sale was issued May 25 for the Stetson’s Heights property, which includes four parcels west of the Glenwood Road/Sedgwick Road intersection (see inset image).

According to the notice, Stetson Ridge Partners, LLC. of Tacoma owes more than $1.86 million in principal, interest and fees on a loan issued in 2013 by Fratelli’s LLC. of Auburn.

The combined assessed value for the parcels is $1.67 million.

The sale is scheduled for 10 a.m. Aug. 26 outside Givens Playfield at Tacoma Avenue and Sroufe Street in Port Orchard.

Previous owners of the property submitted a preliminary plat application to the city in 2007 but later requested officials hold off on approval. Stetson Ridge Partners acquired the land in 2013 and submitted a 362-lot, single-family subdivision.

Port Orchard Community Development Director Nick Bond said the city is currently reviewing a new application for the property.

Bank foreclosing on Poulsbo commercial land

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A bank has begun the process of foreclosing on a 13-acre commercial property near Poulsbo’s Central Market.

MUFG Union Bank filed a complaint in Kitsap Superior Court earlier this month seeking to foreclose on the property and appoint a receiver.

The undeveloped land is located on the east side of 10th Avenue, just south of Central Market (see inset image).

The property is owned by the Hern family, former owners of the Courtesy Auto chain of dealerships on Viking Avenue.

According to court documents, the Herns borrowed $10.3 million from Frontier Bank in 2009. Frontier failed a year later and Union Bank acquired its assets. Union Bank is seeking compensation for $11.24 million in unpaid loan principal, interest and other fees.

All of the Courtesy Auto properties were sold off in recent years. The 10th Avenue parcel is the Hern’s last Poulsbo property.

Zoned commercial as part of the city’s Highway 305 Corridor district, the land has an assessed value of $977,000.

Union Bank is the same institution that forced the sale of undeveloped commercial parcels in Poulsbo’s College Marketplace last year. The bank took ownership of the land after no other bids were entered.

Regal Cinemas headlines fall commercial sales

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The $3.1 million sale of the Regal Cinemas in Silverdale to Newlife Church was among the notable commercial transactions closed in Kitsap County during the last three months of 2015.

olhava_1445221426904_25394155_ver1.0_640_480By far the largest, however, was the foreclosure sale for 42 vacant parcels in Poulsbo’s College Marketplace.

MUFG Union Bank, which forced the sale, took ownership of the properties for a recorded sales price of $8.17 million.

A total of 85 commercial parcels changed hands in the fourth quarter of 2015 for a combined $23.6 million, according to county assessor’s records.

Here’s a look at some of the high profile transactions:

College Marketplace parcels, Poulsbo — $8.17 million

1019_OlhavaSale_KSSale date: Oct. 29

Assessed value: About $21 million

Sold by: Hacker & Willig Inc (Trustee) to MUFG Union Bank

Description: 42 tax parcels in the College Marketplace development in Poulsbo, adjacent to Walmart and Home Depot.

Notes:  Previous owner was Olhava Associates Limited Partnership of Edmonds. Olhava defaulted on loans issued by Frontier Bank.

Union Bank was the successor to Frontier Bank, which was closed in 2010. The College Marketplace properties are still listed for sale.

Regal Cinemas, Silverdale — $3.1 million

regal.cinemasSale date: Nov. 12

Assessed value: $2.95 million

Sold by: Eastgate Theatre Inc. to New Life Church on the Peninsula

Description: A 15,000-square-foot cinema on 2.6 acres at 9923 Poplars Ave.

Notes:  Newlife Church plans to turn the building into an education and worship center. The cinema will continue to operate into early 2016. Continue reading

Foreclosure sale looms for College Marketplace properties

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Back in July we reported that much of the vacant land remaining in Poulsbo’s College Marketplace was bound for a trustee’s sale on Oct. 16. 

The public auction is moving ahead, according to a notices of trustee’s sale published Thursday.

The sale will include about 40 tax parcels totaling 60 acres. The properties border the Walmart, Home Depot and Big 5/OfficeMax complexes at the interchange of Highway 3 and Highway 305.

According to the notices, the land owner, Olhava Associates of Edmonds, owes more than $17 million in unpaid loan principal MUFG Union Bank, successor to defunct Frontier Bank. 

The sale won’t include two parcels identified as 3H and 3I, where a car wash and Starbucks are planned. Those parcels recently sold and the notice of trustee’s sale for the Olhava properties was amended to exclude them.

The notices appeared on pages 10B and 11B of the Sept. 17 Kitsap Sun.

Courtesy Ford, American Legion among January commercial sales

The East Bremerton American Legion post, Poulsbo’s Courtesy Ford dealership, a historic Bainbridge house and several industrial properties were among the notable commercial real estate sales of January.

Overall, 17 parcels changed hands for a total of $14.11 million last month, according to assessor’s data. Here’s a look at a few high-profile transactions:

East Bremerton American Legion — $325,000

legion flagSale date: Jan. 7

Assessed value: $637,140

Sold by: 2010 1 CRE WA Retail, LLC., to The Filipino American Association of Kitsap

Description: A 9,000-square-foot building on 0.7 acres off Sheridan Road, just east of Wheaton Way in Bremerton.

Notes: The future of the property has been uncertain since American Legion Post 68 went bankrupt in 2011. Josh Farley will be following up on the Filipino American Association’s plans.

Viking Way Courtesy Ford — $1.98 million

courtsey fordSale date: Jan. 5

Assessed value: About $2.3 million

Sold by: CBRA Inc. Custodial Receiver to Christopher and Laurie Morgan

Description: Three parcels totaling 4 acres, and a 40,000-square-foot former auto showroom on Viking Way in Poulsbo.

Notes: The family that owns American Building and Roofing on Viking Way bought the former Ford dealership from a court appointed receiver. Hudson Auto is leasing a portion of the property to expand its Poulsbo used car dealership. The Hern family closed Courtesy Ford in 2011.

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