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Broadmark Completes Merger with Ready Capital
Specialty real estate finance company Broadmark Realty Capital Inc., headquartered in Seattle, completed its merger with and into a wholly owned subsidiary of Ready Capital Corporation. Broadmark’s shareholders approved the merger earlier this week, and the company has now ceased trading on the New York Stock Exchange.
First announced this past February, the merger gives New York City-based Ready Capital a pro forma equity capital base of $2.8 billion. Ready Capital shareholders own approximately 64% of the combined company’s stock, while Broadmark stockholders own 36%.
“We are excited about the continued growth of our commercial real estate investment platform with the Broadmark transaction and believe it will provide strategic and financial benefits to all shareholders,” Ready Capital chairman and CEO Thomas Capasse said in February. “We believe our asset management and workout experience, along with the synergies we expect to realize, position us well over the long-term.”
- ◦Sale/Acquisition
