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JPMorgan Chase Agents $135MM Revolving Credit Facility for Broadmark Realty Capital

February 26, 2021, 07:00 AM
Filed Under: Real Estate

Broadmark Realty Capital obtained a new $135 million secured revolving credit facility with a three-year term. JPMorgan Chase Bank acted as administrative agent for the lending group, which included Barclays Bank PLC, Axos Bank, VNB New York, LLC and China CITIC Bank International Limited.

David Schneider, Executive Vice President and Chief Financial Officer of the Company, commented, “We are very pleased to announce another milestone for Broadmark – the closing of our new revolving credit facility, which enhances our access to competitively-priced capital. While we have historically operated without debt, we believe an appropriately sized revolving credit facility will enhance our ability to manage cash and enable us to use a larger percentage of our cash balances for lending activities. The revolving credit facility is consistent with our stated goal to enhance our cash management rather than a change in our funding plans. The support from our banking group has been incredible, and we are excited to work with them in the continued evolution of Broadmark.”

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