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Trinity Merger Closes Merger with Real Estate Lender Broadmark
Friday 15 November 2019

15 November 2019 - US-based special purpose acquisition company Trinity Merger Corp. (NASDAQ: TMCX) and the US-based Broadmark real estate lending companies have closed a business combination, the companies said.
The equity value of the combined company is USD 1.5bn. This deal was announced in August.
In connection with the completion of the business combination, the combined company was renamed Broadmark Realty Capital Inc.
Broadmark Realty's common stock began trading on the New York Stock Exchange on November 15, 2019 under the ticker symbol "BRMK," and its warrants, exercisable for one-quarter of one share at an exercise price of USD 2.875 per one-quarter share (USD 11.50 per whole share), are expected to begin trading on that date on the AMEX under the ticker symbol "BRMK WS."
Broadmark Realty is an internally managed real estate investment trust specializing in short-term financing for the acquisition, renovation and development of residential and commercial properties.
In light of the closing of the business combination, Trinity has cancelled the special meeting of Trinity's stockholders that had been previously scheduled for November 15, 2019 to vote on an amendment to its certificate of incorporation to extend the deadline to complete Trinity's initial business combination.
Broadmark Realty plans to declare a dividend prior to year-end, subject to board approval.
Based in Seattle, Washington, and operating in multiple regions throughout the United States, Broadmark Realty is an internally managed real estate investment trust specialising in short-term, first deed of trust loans secured by real estate to fund the acquisition, renovation, rehabilitation and development of residential and commercial properties.
Since 2010 through June 30, 2019, Broadmark Realty and its predecessors have originated and serviced over 1,000 loans with an aggregate face amount of approximately USD 2bn.
As of June 30, 2019, the total portfolio of active loans comprised approximately USD 1.1bn of principal commitments outstanding across 264 loans to over 200 borrowers in ten states plus the District of Columbia, of which approximately USD 0.7bn was funded.
Trinity Merger Corp. was a special purpose acquisition company formed by HN Investors LLC, an affiliate of Trinity Real Estate Investments LLC, for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
B. Riley FBR, Inc. served as capital markets advisor and private placement agent to Trinity, Gibson, Dunn and Crutcher LLP acted as Trinity's legal advisor, and Raymond James and Associates, Inc. acted as Trinity's financial advisor. Bryan Cave Leighton Paisner LLP served as legal advisor to Broadmark and CS Capital Advisors, LLC acted as financial advisor to Broadmark.
Date Published: 15/11/2019
Target: Broadmark
Country: USA
Deal Size: 1.5bn (USD)
Sector: Construction/Real Estate
Type: Merger
Financing: Stock
Status: Closed
Buyer: Trinity Merger Corp
Buyer Advisor: B. Riley FBR, Gibson, Dunn and Crutcher , Raymond James and Associates