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
Bryan Graf, EVP, Pacific Northwest
Strong desirability of deploying capital into the Seattle market continues as we’ve seen an acceleration of $20 million-plus transaction volume year to date. The cycle’s transaction high reached in 2016 could be eclipsed if the current trend holds. As institutional buyers continue to look for walkable, live-work-play locations with high-tech resident profiles, completed mid-rise and high-rise properties in and near downtown are heavily targeted allowing several properties to close with cap rates close to 4 percent.
Underlying positive apartment fundamentals and higher yields than most West Coast markets, Portland has shown a strong inflow of capital over the past five years. Those positive reasons for investing in Portland remain in place. Additionally, once the rent growth resumes and the supply additions are absorbed, the largest obstacle for investment purchases will be overcome.
The Boise market continues to heat up. Boise Regional Realtors say the median home sales price increased to a record of $354,405 in June – a 10% increase from June 2018. According to an estimate by the U.S Department of Housing and Urban Development, the Boise metro area – which includes Ada, Canyon, Gem, Boise and Owyhee counties – needs to add nearly 20,000 single-family homes and apartment units by 2021 to keep pace with demand.