Last Chance Commons
Investing in Residential Subdivisions
Broadmark (NYSE: BRMK) invests a little over $1.9m for Last Chance Commons, a residential subdivision of 12 homes in Rifle, Colorado. Phase 1 of the project will consist of horizontal improvements and the vertical construction of the first four homes. Each modern farmhouse-style home will be approximately 1,500 square feet with 3 bedrooms and 2.5 bathrooms. Each residence will also have an attached two-car garage. Repeat Broadmark borrower has been studying the real estate market of Rifle, CO for several years when he discovered a piece of land that was zoned commercial and went through the process with the city to rezone to residential, allowing him to take advantage of the demand that Rifle and surrounding Colorado markets are experiencing. Once the borrowers had received the permits, he turned to Broadmark for financing. Broadmark could quickly deliver capital using common sense underwriting to understand the opportunity and housing demand.
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