Broadmark Realty Capital Lends $32M on Colorado Mixed-Use Development
By Andrew Coen August 11, 2021 3:53 pm
reprints
Pacific North Enterprises has nabbed $31.5 million of construction financing to build a mixed-use project in Fort Collins, Colo., Commercial Observer can first report.
Broadmark Realty Capital supplied the loan for Pacific North’s planned horizontal construction of a development that will involve industrial, residential and retail uses. The developer will use the capital to acquire entitled land parcels, along with financing $11.1 million in infrastructure improvements, including the demolition and removal of existing roads.
The mixed-use complex — at NEC I-25 and East Prospect Road — has been in the works for the past 10 years while Pacific North was seeking necessary approvals. The property will eventually feature 800-plus apartments, 144 townhomes, more than 1 million square feet of industrial and retail space, plus a hospitality component.
“As we enter the second half of 2021, we continue to see sustained, pent-up demand for housing in our target markets and across the country.” Jeff Pyatt, president and CEO of Broadmark Realty Capital, said in a statement. “While the overall cost of construction has fluctuated, Broadmark has remained true to its underwriting principles and taken a prudent approach to deploying capital. We look forward to staying on our path of using our capital effectively to fund a wide variety of projects for high-quality borrowers in the latter half of the year.”
Castle Rock, Colo.-based Pacific North did not immediately return a call seeking comment on the transaction.
Seattle-based Broadmark closed two other construction loans totaling $6.8 million during the second quarter, including $5.5 million to Irwin Development Group to finance the construction of 14 attached, high-end townhome units located near Downtown Anacortes, Wash. The publicly traded real estate investment trust also provided $1.3 million to K-Fin One for the vertical construction of a 5,205-square-foot single-family home in Solebury Township, Pa.
