Redwood Trust, a company that invests in, finances, and manages real estate assets, will establish its new financial services operations center in Douglas County, Colorado, creating 550 jobs over the next five years.
“Redwood Trust is a significant and welcome addition to Colorado’s financial services industry,” Gov. John Hickenlooper said. “Companies like Redwood that are expanding in Colorado help us to improve access to capital, attract investments and fuel the economy across every industry. We are committed to supporting business growth and will do all we can to fuel their success.”
“We’re excited about the potential to grow in the Denver area,” said Brett Nicholas, President of Redwood Trust. “We’ve looked at a number of locations outside California and determined that Colorado’s pro-business environment and the deep mortgage-lending and financial talent pool in Denver would best support the growth of Redwood’s business.”
The Governor’s office said a number of economic development organizations collaborated with the state to recruit Redwood’s expansion including the Metro Denver Economic Development Corporation and the Denver South Economic Development Partnership.
“We want to thank and acknowledge the State and our local elected officials for the for their partnership and support in welcoming this outstanding company to the Denver South region and we look forward to Redwood Trust’s success in Colorado,” said Mike Fitzgerald, President and Chief Executive Officer of Denver South Economic Development Partnership.
As an incentive, the company will receive tax credits from Colorado’s Job Growth Incentive Tax Credit for the creation of 552 new jobs over five years. The state’s Economic Development Commission allocated up to $5.39 million in performance-based tax credits to assist the firm. Positions that will be hired include managers, residential loan origination and servicing specialists, as well as quality control, human resources, information technology, and other administrative employees.