August 12, 2019
Seattle-based Broadmark and Trinity Merger Corp. plan to merge and create an internally-managed, mortgage real estate investment trust with an expected equity value of $1.5 billion. The newly-formed Broadmark Realty Capital Inc., will be a new Maryland corporation that will elect to be taxed as a REIT, and seek a NYSE listing.
Founded in 2010, Broadmark provides financing to real estate investors and developers across the U.S. via short term, first deed of trust mortgages. It had roughly $992.2 million in total committed loans.
Jeffrey B. Pyatt will become Broadmark Realty’s CEO, and Joseph L. Schocken will serve as board Chair. The rest of Broadmark’s executive team will continue in their respective roles in the combined company.
Pyatt says “Combining with Trinity allows us to create a formidable platform with access to substantial capital in the public markets, which will position the combined entity to leverage significant growth opportunities to rapidly scale our real estate lending business.”
For comments, questions or concerns, please contact Dennis Kaiser