Sidley Represents Broadmark Realty Capital in Definitive Merger Agreement With Ready Capital

Sidley is representing Broadmark Realty Capital Inc., a real estate finance company that focuses on originating and servicing residential and commercial construction loans, in its definitive merger agreement with Ready Capital Corporation, a real estate finance company that originates, acquires, finances, and services small-to-medium balance commercial loans.

The transaction will create the fourth largest commercial mortgage REIT with a capital base of US$2.8 billion, with an expected value at closing of approximately US$787 million. The combined company will operate under the name “Ready Capital Corporation” and its shares will trade on the NYSE under the existing ticker symbol “RC.”

The Sidley team is being led by Scott Williams and Jessica Day (M&A and Private Equity), and includes Chris Abbinante, Emily M. Olivera, and Lisa Holzman (M&A and Private Equity); Christian E. Pilhofer and Sarah K. Recktenwald (Employee Benefits and Executive Compensation); Heather M. Palmer and Sarah A. Jehl (Environmental); Teresa L. Reuter and Katie Sreenan (Labor and Employment); Stephen W. McInerney and Sasha Hondagneu-Messner (Privacy and Cybersecurity); Jim Ducayet (Securities and Shareholder Litigation); Scott Pollock and Mitchell Li (Tax); and Mark L. Kaufmann, Kyle Barnett, and Tomide K. Owolabi (Technology and Life Sciences Transactions).