Today is an exciting day for us, as we have formally announced that we are combining our business with Trinity Merger Corp., and becoming a public company, listed on the New York Stock Exchange. As of today, we are now Broadmark Realty Capital Inc.
This change will allow us to lend on a national basis for the first time and will also allow our customers across all our markets to access our full range of loan products, as well as loan amounts of up to $50 million.
While our name and website have changed, I want to personally assure you that our lending operations, including originating, underwriting, and funding loans, will remain substantially the same. Our management team will also remain in place. You’ll receive the same industry-leading service, from the same best-in-class team you’ve grown to rely on in the past.
Jeffrey B. Pyatt, CEO
Brian Dubin, EVP, Mid-Atlantic
Interest rates were cut by a quarter of a percentage point, citing concerns over slowing economic growth and the risk of a recession. In Richmond, the regional economy posted steady job growth as the unemployment rate remains near cyclical lows, at 3.0%, according to Cushman & Wakefield. With limited space, landlords are expected to stay firm on rental rates and assist in driving rates higher in the near term. Coworking spaces continue to seek more space in Richmond allowing for more flexible lease alternatives for tenants.
The Philadelphia suburbs continue to flourish. The combination of affordable rents and proximity to suburban offices supports the housing demand in Philadelphia’s western townships. Interest in rentals have been especially strong in King of Prussia and the Norristown/Merion area. Apartments with walkable activities, such as the shopping district, are particularly in high demand.
As demand for multifamily assets remain high among all investor types, the $20 million-plus transaction market is on pace to at least match the volume and velocity posted in 2018. Amazon’s HQ2 announcement at the end of 2018 has played a vital role in the continued high demand for the region. The HQ2 location has buyers’ focused on the Arlington and Alexandria location as they have seen the highest concentration of sales thus far in 2019.