106 Garden-Style Multifamily Units

Vertical Construction

Project Description

Broadmark Realty Capital (NYSE: BRMK) invested $19.9M to construct 106 two-bed, two-bath garden-style multifamily units in Cape Coral, FL. All during being directly hit by a category four hurricane, Broadmark worked with the borrowers and builder through a challenging underwrite and escrow to close the loan despite the broader submarket challenges, taking a hyper-focused approach to understanding the opportunity and value of the project. Cape Coral, FL has been reported to be the 14th fasting growing city in the US (per Wallet Hub). Soaring home prices and rising mortgage rates have outpaced rental costs and have priced people into the multifamily market, drawing developers to the area.  Most new developments are 4- and 5-star properties that have increased rents by 10.8% over the past year, causing a need for more affordable housing. This project will capitalize on high demand in an undersupplied upper-workforce/lower-mid-tier segment in Cape Coral.

As of May 2022, Cape Coral reigned as the hottest housing market in the US, posting a year-over-year gain of 36.9% in median prices, following increases exceeding 30% every month since November 2021 (Fortune, 2022).

Loan Details

Broadmark logo

Cape Coral, FL

Broadmark logo

October 2022

Broadmark logo

$19,900,000

Contact Information

Ryan Good

Ryan Good, Southern Florida

Jacob Wigle

Jacob Wigle, Northern & Central Florida

Jordan Siao, Eastern Region

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