Broadmark Secures Construction Financing for Two Colorado Projects
Broadmark Realty Capital Inc. (“Broadmark”), an internally managed secured real estate finance company, has announced the origination of three short-term construction loans in the third quarter of 2021 totaling approximately $48.4 million. The loans include:
- $25.7 million to sponsor Alura Vail, LLC to fund the construction of Alura Vail, a 10-unit townhome project located in Vail, Colorado;
- $19.3 million to borrower Kamiak Real Estate LLC (“Kamiak”) to finance the construction of a 92-unit micro-housing property with a retail component, located in the First Hill neighborhood of downtown Seattle, Washington; and
- $3.4 million to sponsor Denver Development Group for the construction of a triplex multifamily property, located in the Cherry Creek neighborhood of Denver.
Jeff Pyatt, president and chief executive officer of Broadmark, stated, “With the end of 2021 fast approaching, we are seeing sustained and robust demand in the nation’s housing market. With a healthy pipeline of new projects on the horizon, Broadmark continues to provide flexibility to well-capitalized borrowers and help them see their business plans through to completion. We look forward to another productive quarter as we evaluate new lending opportunities.”
Alura Vail will reside on just over an acre of land and comprise more than 33,000 square feet, and will be one of the few development sites to be assembled in Vail in recent years. Located off of Westhaven Drive and Matterhorn Circle, the property will provide quick and easy access to Vail’s Cascade Chairlift, and by extension, the entirety of Vail Mountain. The property is located within close proximity to the Grand Hyatt Vail and Donovan Park, as well a numerous retail shops and dining options. Vail is one of the top mountain destinations in the U.S., and is located in a desirable area with limited supply. Broadmark’s loan will finance not only the vertical construction of the townhome project but will refinance existing debt.
Cherry Creek Loan
This triplex multifamily property will be located in Denver’s Cherry Creek neighborhood, and will replace an existing duplex on the site. The new structure will include two end units and one interior unit, all featuring a total of four bedrooms and four and a half bathrooms. Situated immediately east of the downtown core of Denver, Cherry Creek benefits from strong connectivity to the rest of the city and a vibrant economic environment for business.