Broadmark Realty Capital Originates Construction Loan in Fort Collins
Broadmark Realty Capital Inc., an internally managed secured real estate finance company with an office in Denver, has announced the origination of a short-term construction loan totaling $31.5 million to sponsor Castle Rock-based Pacific North Enterprises, LLC (“Pacific North”). The loan will be used to fund the horizontal construction of a mixed-use development located at NEC I-25 and East Prospect Road in Fort Collins, which will include industrial, residential and retail uses.
The mixed-use complex has been carefully planned over the past 10 years, as sponsor Pacific North worked on the development plan and metro district formation while seeking approvals for the eventual development of the site. The capital provided by Broadmark will be used to acquire the entitled land parcels in addition to funding approximately $11.1 million in infrastructure improvements including the demolition and removal of existing roads; the design and construction of the main road; utility installation; and other soft costs.
Upon the completion of vertical construction in future phases, the property will also include 800-plus apartment units; 144 townhome units; 1.2 million square feet of industrial space; and space for retail and hospitality development. What’s more, the structures will be powered by an approximately five-acre solar and hydro parcel.
Fort Collins has seen continuous population growth in recent years and is home to Colorado State University. It ranked number one on Livability.com’s 2020 Top 100 Best Places to Live list.