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Seattle & Northwest  + Seattle  + Apartments  |  October 15, 2024
Jasmine Kilman
By: Jasmine Kilman

Legacy Partners, Silverpeak Finance $40M University Place MF

Legacy Partners and joint venture partner Silverpeak Real Estate Partners have started construction on Legacy at University Place, a 240-residence apartment community in University Place, Washington.

Legacy and Silverpeak recently closed on the undeveloped site with a $39.8 million construction loan from PNC. Berkadia JV Equity & Structured Capital, led by Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick, is the exclusive equity advisor and Berkadia Mortgage Banker, while Ed Kim is the exclusive debt advisor for the transaction.

Located at 6021 South Orchard Street, Legacy at University Place is Legacy’s first development in Pierce County, and the project will consist of ten three-story garden-style residential buildings and a 5,000-square-foot luxury clubhouse.

The community will feature a mix of 240 studio, one-, two-, and three-bedroom apartment homes. The property is conveniently located in proximity to University Place’s downtown core, along with major grocery stores such as Whole Foods and Trader Joe’s.

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Legacy PartnersSilverpeak

About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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