Horizontal + Vertical

Broadmark (NYSE: BRMK) provided our long-standing client with $6M in investment capital for the subsequent horizontal + vertical development of 18 townhome units located in Cedar City, 250 miles south of Salt Lake City, Utah. Cedar City is a growing market with low unemployment, increasing wages, and a surging construction sector. The borrower is bringing in the 2.97-acre land free and clear. This will be the first phase of construction that will include3 finished pads and the first 18 townhome units. The complete project will include 6 pads that hold 6 townhome units each, totaling 36 units. The townhomes will each be three stories and approximately 2,214 – 2,267 square feet. Each unit will have 3 bedrooms and 3.5 bathrooms with a two-car garage and a roof deck.