Alston & Bird acted as counsel to Piper Sandler as the placement agent for a private offering of $100 million in senior unsecured notes by Broadmark Realty Capital Inc.
Broadmark closed the placement of 5.0% senior unsecured notes due 2026 on November 15. The company will use the net proceeds from the offering to originate new investments relating to its business.
Headquartered in Seattle and listed on the New York Stock Exchange, Broadmark is an internally managed commercial real estate finance company that offers short-term, first deed of trust loans secured by real estate to fund the acquisition, renovation, rehabilitation, or development of residential or commercial properties.
Advising Piper Sandler was an Alston & Bird team led by partners Michael Kessler and David E. Brown and associate Joel Jung (Financial Services & Products), partner Shawna Tunnell and senior associate Stefanie Kavanagh (Federal & International Tax), and partner Paul Hespel and senior associate David Rutherford (Finance).