Tag Archives: fratelli’s llc

Lender foreclosing on Stetson’s Heights development land

stetson.map
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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.