Dec 17, 2021

NuScale Power

Hackett

NuScale announced that James Hackett will become the non-executive chairman of the board of managers for NuScale Power. Hackett has served on the board of NuScale since November 2021 and as a director on Fluor Corporation's board since 2016. Hackett has several decades of executive and board experience in the energy sector, including three current public boards. He has held major civic leadership roles including chairman of the board of the Federal Reserve Bank of Dallas during the financial crisis of 2008. He currently serves as the president of Tessellation Services, a privately held consulting services firm. Previously, Hackett served as executive chairman of Alta Mesa Resources, a partner of Riverstone Holdings and chairman and CEO of Anadarko Petroleum. Additionally, Kent Kresa was named to the board in January 2020. Kresa served as chairman of the board and chief executive officer of Northrop Grumman, and on the boards of Fluor Corporation and General Motors, as well as several non-profit organizations and universities. NuScale is headquartered in Portland, and has offices in Corvallis, OR; Rockville, MD; Charlotte, NC; Richland, WA; and London, UK.

Accelalpha

Bellevue-based Accelalpha, a portfolio company of Century Park Capital Partners, announced that it has completed its acquisition of LogistiChange to expand its Oracle cloud application consulting services to South America. This is a major step in the company's drive to expand its capability to deliver Oracle cloud solutions for its customers, globally. The acquisition also strengthens Accelalpha's post implementation services for Oracle cloud applications. LogistiChange is known across South America for its expertise and experience working with all aspects of logistics and warehouse management. Together, Accelalpha and LogistiChange will deliver integrated solutions including Oracle ERP, EPM, WMS, OTM, and GTM to support Oracle's full range of cloud applications. Accelalpha is recognized by Fortune as a best small and medium workplace and certified as a great place to work. Century Park Capital Partners is a Los Angeles-based private equity group established in 2000 that invests in family businesses, owner-operated firms and corporate divestitures.

NW Natural Water

NW Natural Water, a wholly-owned subsidiary of Northwest Natural Holding, has agreed to purchase an ownership stake in Avion Water, the largest investor-owned water utility in Oregon. Avion Water operates in Bend and the surrounding communities, serving approximately 15,000 customer connections and employing 35 people. Avion Water's existing management team, including president Jason Wick and CFO Rick Bailey, will continue to lead the company and manage day-to-day operations. The transaction is expected to close in December 2021. Northwest Natural Holding is headquartered in Portland, and has been doing business for over 160 years in the Pacific Northwest. It owns NW Natural Gas, NW Natural Water, and NW Natural Renewables Holdings. NW Natural is a local distribution company that currently provides natural gas service to approximately 2.5 million people in more than 140 communities in Oregon and Southwest Washington.

Dec 16, 2021

Tacoma Creates

Tacoma Creates issued its Annual Report to the Development Committee of the Tacoma City Council. Fifty-seven organizations whose missions are to advance arts, culture, heritage and/or science were funded in the inaugural year in Washington's first and only cultural access program. Designed to support and nurture Tacoma's cultural sector, Tacoma Creates distributed $4.7 million of voter-approved tax revenues to organizations through a competitive funding cycle in early 2020 just as the pandemic forced cultural organizations to reinvent regular programming. Funding during the 2020-2021 program year provided essential support for organizations to develop engaging programming, continue to serve and uplift the community, and keep creatives and cultural workers employed in Tacoma. The funded organizations produced a total of 412 programs, approximately two-thirds of which were produced for the general public and the remaining one-third were youth education programs. With a focus on equity and access as a guiding principle, the vast majority of programming was free for participants. More information is available at http://www.tacomacreates.org.

Itron

Itron, headquartered in Liberty Lake, announced that it is collaborating with EQUANS to bring smart city capabilities to cities in Belgium. Sibelga, distribution network operator in Brussels, will deploy Itron's intelligent street lighting solution as a service to meet their energy savings goals and improve citizen safety. Beyond the energy savings of the LED streetlight, smart street lighting offers improved network resiliency, enhanced safety and increased customer satisfaction. Sibelga is the only distribution network operator for electricity in the 19 municipalities of the Brussels Capital Region. EQUANS is ENGIE Solutions' new name in Belgium. Created in July 2021, EQUANS operates as a new separate entity within ENGIE worldwide. EQUANS is a global leader in multi-technical services with an international presence and a strong position in key European markets. Itron enables utilities and cities to safely and securely deliver critical infrastructure solutions to communities in more than 100 countries.

Columbia Pacific

CI Financial and Columbia Pacific of Seattle announced a strategic relationship in which CI will invest in the continued growth of Columbia Pacific's wealth management and alternative asset management firms. Under the agreements, CI will acquire Columbia Pacific Wealth Management (CPWM), which provides a full range of wealth management solutions to high-net-worth and ultra-high-net-worth clients. Additionally, CI will acquire a minority stake in Columbia Pacific Advisors (CPA), an alternative asset management firm that manages assets across a broad selection of institutional-caliber real estate private equity, direct lending, opportunistic and hedged strategies. CPWM has offices in Seattle and San Francisco and is led by managing partners Alex Washburn and Peder Schmitz, president Derek Crump, and Tyler Gaspard. The company was founded by Washburn, Schmitz, Stan Baty, and Dan Baty. As part of the transaction, CPWM owners will become equity partners in CI Private Wealth, the private partnership that holds CI's broader U.S. wealth management business. CPA was founded in 2006 by Alex Washburn, Stan Baty and Dan Baty. Following the completion of the Columbia Pacific transactions, the leadership teams at CPWM and CPA will remain in place. Berkshire Global Advisors served as exclusive financial advisor to CPWM and CPA, and Stradley Ronon Stevens & Young acted as legal advisor. CI's legal advisor was Hogan Lovells US. The transactions are expected to close later this month. Financial terms were not disclosed.

StoryBuilt gains $1B in backing

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StoryBuilt, of Austin, has a number of residential projects underway in our market. Those will be supported, along with its national multifamily and single-family development portfolio, with $1 billion real estate joint venture, which the company just announced. It's joining forces with Swiss firm Partners Group, which also has past experience as an investor here. Seventeen projects in the pipeline will initially benefit from the fund. StoryBuilt's Anthony Siela said in a statement, “This joint venture propels StoryBuilt forward in its goal of serving the current and future residents of the most dynamic neighborhoods and cities in the United States.” He further cited the goal of “becoming a leading national infill developer, owner, and operator of residential and mixed-use communities.” Partners Group's Scott Egarian added, “Growth cities, such as Austin, Dallas, Denver and Seattle, are often characterized by rising populations and vibrant economies. The lack of housing in these cities, especially in the infill market close to urban cores, should underpin demand in the years ahead.” Down in Columbia City, StoryBuilt is planning 215 units in its two-building Felix development.

Amazon gives $21M to foster real estate equity

Buell

Amazon's $2 billion Housing Equity Fund was announced in January, and has many components. The fund has already deployed millions this year to help affordable housing specialists acquire and preserve old apartment complexes, with special emphasis on the Eastside. Now the fund has committed $21 million for a professional training, mentorship and capital funding program to help promote real estate developers of color. It's partnering in the effort with the Local Initiative Support Corporation, a 42-year-old community development organization that's been active in Tacoma's Hilltop neighborhood. LISC Puget Sound is its local branch, which was relaunched this summer. LISC says that, in past decades, it's helped to create or preserve 33,000 affordable units in our state. The new Housing Equity Accelerator will be centered in the three regions Amazon calls its home: here, Nashville and Arlington, Virginia. The fund's Catherine Buell said in a statement, “It is so important that we support emerging real estate developers of color who can offer different perspectives to community building and help come up with lasting, impactful solutions. Brian Surratt now leads LISC Puget Sound. “Historical barriers have made it very difficult for Black and other developers of color to get a foothold in the development business,” he said. “With Amazon's support, our hope is to bridge that knowledge gap and build a bench of developers of color who are trusted in their communities, and who are likely to hire contractors and other workers of color, some of whom may live in those same neighborhoods.” For more details and info: lisc.org/puget-sound.

Berkadia arranges $25M loan for affordable units

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Construction is expected to begin soon on the eight-story, 126-unit Heartwood, an affordable housing project by Community Roots Housing at 1323 E. Union St. The mass timber project, designed by Atelier Jones, will be built by Swinerton Construction. And Berkadia just announced that it's secured a $25.6 million loan for the project. In the firm's Portland office, Fred Dockweiler led the effort. He said in a statement, “The development project will ultimately be financed with a $25.6 million Freddie Mac loan, and equity funding stemming from the project's location in an Opportunity Zone. The sponsor, Freddie Mac, and the financing partners persevered for nearly 12 months to bring a one-of-a-kind project together.” Rents will be affordable to those earning 60% to 100% percent of area median income. The construction loan carries a 10-year term and 35-year amortization schedule. Community Roots hopes to open the building in early 2023. Pinnacle Opportunity Zone Fund is a partner.

Alki condos selling nicely

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Walsh Group broke ground on a 37-unit West Seattle condominium project in January of last year. Realogics Sotheby's International Realty is marketing the project at 1250 Alki Ave. S.W. for developer Vibrant Cities. Dean Jones of Realogics recently announced that occupancy is expected next spring, and that the firm has closed $18 million in presales. Nine units have been claimed thus far, and hard-hat tours are now available. Said Jones, “We all recognized this is a first-of-its-kind offering for Alki Beach. Infinity Shore Club is effectively a horizontal high-rise that delivers penthouse quality on every level.” Jones and Vibrant Cities CEO James Wong also both cited the anticipated reopening of the West Seattle Bridge by the middle of next year. Tiscareno Associates designed the six-story project.