Trinity Merger, Broadmark deal to create $1.5b mortgage REIT

Trinity Merger Corp. and the Broadmark real estate lending companies and management companies — specialty commercial real estate finance companies providing construction, land and development financing for commercial and residential properties — have entered into a definitive merger agreement for a business combination transaction to create an internally-managed mortgage REIT with an expected equity value of $1.5 billion.

It is expected that Broadmark will have no debt outstanding at closing. With greater financial strength and additional resources, the combined company will be well-positioned to capitalize on strong nationwide demand for flexible real estate financing solutions.

Under the terms of the merger agreement, Trinity and Broadmark will combine to form Broadmark Realty Capital, a new Maryland corporation that will elect to be taxed as a REIT under the tax code.

Founded in 2010 and headquartered in Seattle, Broadmark is a leading provider of financi