Broadmark Realty Capital Unveils New Brand Identity, Announces First Mezzanine Loan

Rhea-AI Summary

Broadmark Realty Capital (NYSE: BRMK) has launched its new logo and website, marking a significant branding evolution under CEO Brian Ward. The company announced its first mezzanine loan of $10 million for the acquisition of the Town and Country Square retail center in Issaquah, Wash.. This investment is part of Broadmark's strategy to diversify its product offerings. Additionally, a $25 million loan was provided for a self-storage portfolio across Georgia and Tennessee.

Positive

• Launch of new logo and website indicates brand evolution.
• First mezzanine loan of $10 million for Town and Country Square reflects diversification strategy.
• Recent $25 million loan for self-storage portfolio signifies business growth.

Negative

• None.

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

SEATTLE--(BUSINESS WIRE)-- 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220915005877/en/

Media Relations

Megan Kivlehan & Greg Michaels

broadmark@icrinc.com

Source: Broadmark Realty Capital Inc.

FAQ

What recent loan did Broadmark Realty Capital (BRMK) announce?

Broadmark announced a $10 million mezzanine loan for the acquisition of Town and Country Square in Issaquah, Wash.

What does the new logo and website for Broadmark Realty Capital (BRMK) signify?

The new logo and website reflect Broadmark's commitment to evolving its brand under CEO Brian Ward.

How much did Broadmark Realty Capital (BRMK) provide for self-storage acquisitions?

Broadmark provided nearly $25 million for the acquisition of a self-storage portfolio across Georgia and Tennessee.