SEATTLE--(BUSINESS WIRE)--Blueprint Capital, LLC, the leading residential construction lender in Seattle, today announced it has completed its conversion to a real estate investment trust (REIT). Blueprint’s members overwhelmingly approved the conversion and related transactions forming the new company Blueprint Capital REIT, Inc. Blueprint Capital REIT will be externally managed by Blueprint Capital Services, LLC, an affiliate that is wholly-owned by the co-founders of Blueprint, Mark Knoll and Dan Duffus.
“Our conversion to a stock corporation and election of REIT status simplifies our capital structure while maintaining the tax efficiency of a limited liability company. It aligns all economic interests, while providing our shareholders with continued regular distributions and increased liquidity,” said Mark Knoll, Co-Founder and CEO. “Moreover, the REIT structure supports our growth strategy by facilitating access to additional capital sources.”
“We believe the externally-managed REIT structure will enable us serve more builders and meet the growing demand for residential construction financing in our markets,” said Dan Duffus, Co-Founder and Director of Builder Services – Seattle Market.
Blueprint expects to issue a special distribution of accumulated earnings to be paid to shareholders during the fourth quarter 2013. In addition, Blueprint intends to continue to declare regular distributions to its shareholders.
About Blueprint Capital
Blueprint Capital REIT, Inc. is the leading residential construction lender in Seattle, Washington. Blueprint and its affiliates provide loans and development services to local builders for small-scale construction in urban neighborhoods. Using a unique, co-operative business model, Blueprint lends exclusively to member builders who are also stockholders. Members benefit from pre-approved credit lines and access to ready-to-build projects. More information is available at www.blueprintcap.com.
Forward-Looking Statements
This press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Blueprint. We caution you that these statements are based on management’s current expectations and assumptions regarding Blueprint’s business and performance, the economy and other future conditions and forecasts of future events, circumstances and results and that actual events or results may differ materially. As with any projection or forecast, they are inherently susceptible to uncertainty and changes in circumstances. Blueprint’s actual results may differ materially from those set forth in its forward-looking statements. Blueprint assumes no obligation to update these forward-looking statements.