Broadmark Realty Capital Inc. (“Broadmark”), an internally managed secured real estate finance company, announced that it has granted three short-term home loans in the third quarter of 2021 totaling approximately $ 48.4 million. The loans include:
- Sponsored Alura Vail, LLC to fund construction of Alura Vail, a 10-unit townhouse project in Vail, Colorado;
- $ 19.3 million to borrower Kamiak Real Estate LLC (“Kamiak”) to finance the construction of a 92-unit micro-residential property with retail components in the First Hill neighborhood of downtown Seattle, Washington; and
- $ 3.4 million to fund the Denver Development Group to build a triplex apartment building in the Cherry Creek neighborhood of Denver.
Jeff Pyatt, President and Chief Executive Officer of Broadmark, said, “As the end of 2021 approaches, we see continued and robust demand in the country’s housing market. With a healthy pipeline of new projects on the horizon, Broadmark continues to offer well-funded borrowers the flexibility and help them track their business plans to completion. We look forward to another productive quarter as we evaluate new credit opportunities. ”
Alura Vail will be on just over an acre of land, encompassing more than 33,000 square feet and will be one of the few development sites built in Vail in recent years. The hotel is close to Westhaven Drive and the Matterhorn Circle and offers quick and easy access to Vail’s Cascade Chairlift and thus to the whole of Vail Mountain. The property is in close proximity to Grand Hyatt Vail and Donovan Park, as well as a variety of retail stores and dining options. Vail is one of the top mountain destinations in the United States and is located in a desirable area with limited supply. In addition to funding the vertical construction of the townhome project, the Broadmark loan will refinance existing debt.
Cherry Creek Loan
This triplex apartment building will be located in the Cherry Creek neighborhood of Denver and will replace an existing duplex on the property. The new structure will include two end units and an indoor unit, each with a total of four bedrooms and four and a half bathrooms. Located just east of downtown Denver, Cherry Creek benefits from strong connections to the rest of the city and a vibrant business environment.