Tag Archives: trustee’s sale

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.

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.