Broadmark Realty Capital, a Seattle-based real estate finance company, is expanding its lending program via a new focus on mezzanine lending.
The firm, which has recently refreshed its brand identity in its logo and on its website, has already funded one loan through the program, with Brian Ward, chief executive officer saying the re-branding is part of the business’ efforts to accelerate its strategy and build new client relationships.
“Moreover, in a market that fluctuates daily, our agility and unlevered balance sheet allows our clients to act quickly and capture opportunistic investments,” said Ward, who joined the firm in 2022.
Broadmark’s maiden $10 million mezzanine loan will finance a portion of the $57.2 million acquisition of The Town and Country Square, a retail center in Issaquah, Washington. The property is fully leased and the financing was arranged by Dino Christophilis and Daniel Tibeau of CBRE’s National Retail Partners Group. The loan, originated on behalf of sponsor 1170 NW Gilman Holdings, carries a term of 24 months.
In another recent investment, fitting with the Broadmark’s focus on opportunities throughout the small to mid-market, the business provided a nearly $25 million loan for the acquisition of a self-storage portfolio across Georgia and Tennessee.
The nearly fully occupied portfolio consists of eight properties representing a mix of rental space and both climate-controlled and non-climate-controlled storage, as well as additional office and retail space.
The financing will enable the borrower, FreeUp Storage, 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.
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