New company website, logo represent Broadmark’s
ongoing commitment to providing smart, reliable, rapid investment
solutions
$10 million mezzanine loan will finance the
acquisition of retail center in Issaquah, Wash.; reflects evolution
and diversification of company’s product offering
Broadmark also recently provided a nearly $25
million loan for the acquisition of a self-storage portfolio,
including properties across Georgia and Tennessee
Broadmark Realty Capital Inc. (NYSE: BRMK), a specialty real
estate finance company investing in opportunities throughout the
small to middle market, is excited to unveil its new logo, brand
identity and refreshed website at www.broadmark.com. Broadmark’s
revamped branding brings the company into a new era under the
leadership of Chief Executive Officer Brian Ward, who joined the
firm in March 2022. Along with its new brand identity, the company
announced its first-ever mezzanine loan, an approximately $10
million investment that will finance the acquisition of the $57.2
million Town and Country Square, a 16-acre retail center located at
1185 NW Gilman Blvd. in Issaquah, Wash., an affluent suburb of
Seattle. The investment is with sponsor 1170 NW Gilman Holdings,
LLC and carries a term of 24 months.
The new broadmark.com speaks to the company’s ability to provide
smart, reliable and rapid financing solutions across the capital
stack to help clients realize opportunistic real estate
investments. The new website will allow brokers and potential
borrowers to quickly connect with a market expert to start the
discovery phase of their investment opportunities and complete a
request for terms in a matter of minutes. As a trusted real estate
investment partner to middle-market borrowers since 2010, Broadmark
will continue to provide solutions that help its clients generate
attractive returns.
Ward said, “I am thrilled to finally share Broadmark’s new
branding with the world, which I believe more closely reflects
where we are now and what our future holds as a company. As an
internally managed, publicly traded capital provider, we will
continue to employ an efficient, hands-on approach to help our
clients accelerate their businesses and capture value in the
middle-market space. Moreover, in a market that fluctuates daily,
our agility and unlevered balance sheet allows our clients to act
quickly and capture opportunistic investments. These unique traits
are now bolstered by a modern brand identity and reimagined website
that will offer users an intuitive experience to help them
efficiently find the information they need.
“The brand launch also coincides with our first mezzanine
investment, which marks the expansion of our product offering,”
Ward continued. “The Town and Country Square retail center offers
significant potential for mixed-use redevelopment and will
ultimately provide increased optionality for Issaquah
residents.”
Town and Country Square is located near the new Costco
headquarters on Interstate 90. The property is fully leased and has
a mix of tenants including Hobby Lobby, 425 Fitness and Rite Aid.
Broadmark was able to close the mezzanine loan transaction in just
10 days. Dino Christophilis and Daniel Tibeau of CBRE’s National
Retail Partners Group arranged the financing.
In another recent investment, Broadmark provided a nearly $25
million loan to sponsor FreeUp Storage for the acquisition of a
self-storage portfolio across Georgia and Tennessee. The 95.6
percent occupied portfolio consists of eight properties
representing 370,000 square feet of rental space, including 2,709
units of both climate-controlled and non-climate-controlled
storage. Additionally, it includes 12,000 square feet of office and
retail space, 268 parking units and one billboard. The financing
will enable the borrower to acquire a value-add portfolio with
scale and major upside that can be realized through expanding
sites, rate increases, implementing revenue management and added
management efficiency.
According to StorageCafe, the self-storage industry has grown to
more than 1.6 billion square feet in 2022. Additionally, the last
five years saw 258.9 million square feet of storage space built —
the equivalent of 16.1 percent of the sector’s total inventory.
StorageCafe also says that one-third of Americans use a
self-storage facility. People transitioning to new homes or going
off to college often need additional space, while retailers
frequently need it to secure documents, inventory and office
equipment.
Broadmark addresses complex financing requirements associated
with investment, asset repositioning, rehab, acquisition, bridge
financing, construction, and land development loans. The company
invests in a multitude of asset classifications, including
multifamily, condos, larger scaled single-family, townhomes,
multiplexes, mixed-use, hotel, industrial, medical, office, retail,
self-storage, warehouse, senior living, student housing and
more.
About Broadmark Realty Capital Broadmark is a specialty
real estate finance company, providing financing solutions
generally in the $5 to $75 million range per transaction. The
company provides smart, reliable, rapid solutions across the entire
debt capital stack, including senior, subordinate, and
participation investments with fixed and floating rate structures
available. Broadmark invests in a variety of new construction and
existing properties across all asset classes throughout the United
States, including hotel, industrial, medical, mixed-use, office,
retail, self-storage, warehouse, multifamily, senior living,
student housing, condos, larger scaled single-family, townhome, and
multiplex. It has the competitive advantage of being an internally
managed balance sheet lender, and the company’s proactive approach
delivers dedicated in-house underwriting, asset management, loan
servicing, and draw administration.
Forward Looking Statements Certain statements made herein
are not historical facts but are forward-looking statements for
purposes of the safe harbor provisions under The Private Securities
Litigation Reform Act of 1995. Forward-looking statements generally
are accompanied by words such as “may”, “should”, “would”, “plan”,
“intend”, “anticipate”, “believe”, “estimate”, “predict”,
“potential”, “seem”, “seek”, “continue”, “future”, “will”,
“expect”, “outlook” or other similar words, phrases or expressions.
These statements are based on the current expectations and are not
predictions of actual performance. In addition, actual results are
subject to other risks and uncertainties that relate more broadly
to Broadmark’s overall business, including those more fully
described in Broadmark’s filings with the Securities and Exchange
Commission. Forward-looking statements are not guarantees of
performance, and speak only as of the date made, and Broadmark
undertakes no obligation to update or revise any forward-looking
statements except as required by law. Recent loans highlighted
herein are not presented as representative of all new originations
for the current quarter.
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version on businesswire.com: https://www.businesswire.com/news/home/20220915005877/en/
Media Relations Megan Kivlehan & Greg Michaels
broadmark@icrinc.com
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