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August 13, 2019
Trinity Merger Corp. is buying Broadmark Capital's real estate lending and management companies to create an internally managed commercial mortgage REIT. The new company will be called Broadmark Realty Capital when the deal is finalized in early November. The buyout is estimated at $1.2 billion, with 92% in newly issued Broadmark Realty stock and 8% in cash. Broadmark's executive team will continue in their respective roles in the new company, with Jeffrey B. Pyatt becoming CEO and Joseph L. Schocken becoming board chair. Trinity is a special purpose acquisition company headquartered in Honolulu. Seattle-based Broadmark provides construction, land and development financing for commercial and residential properties.