PORT ORCHARD, Wash. — 1892 Capital Partners, a boutique balance sheet hard money lender, announced the successful closing of a $15,100,000 bridge loan for a newly constructed 58-unit multifamily property located at 1601 and 1621 Plisko Lane in Port Orchard, Washington. The transaction reflects the firm’s continued deployment of capital across the Western United States, with an active focus on similar opportunities in Utah and Idaho.

The 45,907-square-foot asset, built in 2025, is currently in its lease up phase. Structured as a 12-month bridge to permanent financing, the loan provides Cedar Cove Commercial, LLC with the time and flexibility needed to complete lease-up, stabilize operations, and position the asset for a sale or refinance.

Deal Highlights:

Loan Amount: $15,100,000

Property Type: Multifamily (58 Units)

Location: Port Orchard, WA

Square Footage: 45,907

Year Built: 2025

Loan Term: 12 Months

Interest Rate: 9.75%

Loan-to-Value (LTV): 83.20%

Loan-to-Cost (LTC): 80.98%

Exit Strategy: Sale or Refinance

This bridge-refinance execution delivered immediate liquidity and a clear path forward for the borrower, allowing the project to move toward stabilization without the delays or structural constraints often encountered with traditional financing.

“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,” said Steve Corliss, Principal of 1892 Capital Partners. “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.”

He continued, “This is not a new dynamic, but it’s becoming more visible. There’s a growing gap between what deals require and what traditional lenders are willing or able to do. We’re comfortable operating in that space and providing capital that keeps projects moving.”

1892 Capital Partners is actively seeking additional bridge lending opportunities across the Western U.S., with particular interest in Utah and Idaho. The firm focuses on income-producing and transitional assets where speed, flexibility, and certainty of execution are critical to the borrower’s success.

About 1892 Capital Partners

1892 Capital Partners is a family-owned, direct private real estate lending firm built for brokers, builders, and real estate operators who need a lender that understands how deals actually work in the real world. We provide flexible bridge, construction, and transitional financing for income-producing and value-add real estate projects.

With more than 30 years of experience across development, acquisitions, and investing, we have sat on both sides of the table. We know what it takes to move a project from idea to execution and how capital decisions impact outcomes at every stage. Our advantage comes from being independent. We lend our own capital, which allows us to move quickly, stay flexible, and remain aligned with our clients rather than outside committees. Every loan is approached with practical underwriting, creative structuring, and transparent communication.

We specialize in income-producing bridge loans designed to create smoother exits, faster payoffs, and repeat business for brokers and borrowers. When you work with 1892, you get a relationship-driven lending partner who values long-term trust as much as strong assets. For more information about 1892 Capital Partners, please visit: https://www.1892capital.com