Construction financing has been secured by Broadmark Realty Capital totaling US$48.4 million for three different projects in Colorado, Denver, and Washington. The financing included three short-term loans: US$25.7 million to sponsor Alura Vail for the construction of Alura Vail, a 10-unit townhome project in Vail, Colorado, US$19.3 million to borrower Kamiak Real Estate for the construction of a 92-unit micro-housing property with a retail component in the First Hill neighborhood of downtown Seattle, Washington, and US$3.4 million to sponsor Denver Development Group for the construction of a triplex.
The Alura Vail Project
Alura Vail will be built on slightly over an acre of ground and will have more than 33,000 square feet of space, making it one of the few new building sites in Vail in recent years. The property, which is located off Westhaven Drive and Matterhorn Circle, will allow quick and simple access to Vail’s Cascade Chairlift and, by extension, the whole Vail Mountain. The resort is adjacent to the Grand Hyatt Vail and Donovan Park, as well as a variety of retail stores and eating alternatives. Vail is one of the top mountain resorts in the United States, and it is in a coveted location with limited supplies.
The Cherry Creek Project
This triplex multifamily home will be built in Denver’s Cherry Creek area, replacing an existing duplex. The new building will include two end apartments and one inner unit, each with four bedrooms and four and a half baths. Cherry Creek, located just east of Denver’s central center, benefits from excellent accessibility to the rest of the city as well as a thriving commercial climate.
Broadmark’s president and CEO, Jeff Pyatt, commented, “With the end of 2021 rapidly approaching, we are witnessing sustained and healthy demand in the nation’s housing market.” Broadmark Realty continues to give flexibility to well-capitalized borrowers and assist them in seeing their business objectives and projects through to completion, with a robust pipeline of new projects on the horizon.”