Ridge View Bank announced last week it has committed to providing financing for the initial phase of the Valleydale development project in Salem. The project will transform the former meat processing and packaging property into 330 new, modern apartments that include a multitude of amenities.
“We are thrilled to partner on a project of this scope and importance,” Ridge View Bank President Carrie McConnell said in a news release from the bank. “This is a significant opportunity for the City of Salem and surrounding communities; communities grow through positive partnerships.”
Local developers Ed Walker and Joe Thompson with Valleydale Catalysts, LLC are partnering on the project.
“It’s an honor for us to work with Ridge View Bank on this transformative Salem project,” said Walker. “I have never had a better, faster, or more enjoyable lending experience, and if Valleydale is a leading indication, Ridge View Bank is going to have a massive, positive impact on this region. I can’t wait to see the other great projects they help make reality.”
The first phase is expected to open in mid-2024.
“We are thrilled to work with Ridge View Bank in the execution of this dynamic project,” Thompson said. “While we are excited about the work on-site, the positive impact to the community will be far more rewarding.”
McConnell noted in the release that Walker and Thompson’s work closely aligns with the culture of her bank.
“We are fortunate to have developers with the foresight and experience of Ed, Joe and their team that reside in the area,” commented McConnell.
-The Salem Times-Register