Jan 27, 2023

PacificSource Health Plans

Espinola

PacificSource Health Plans appointed John Espinola as the organization's new president and CEO, effective April 3, 2023. In this role, Espinola will provide leadership, strategic guidance, and direction for PacificSource's overall operations and will hold primary responsibility for profit and loss and fulfilling the organization's commitment to its mission, vision and values. Espinola comes to PacificSource with more than 20 years of leadership experience in healthcare. He most recently served in a dual role as executive vice president, chief strategy and product officer with Premera Blue Cross and as CEO of Kinwell Physician Network, a wholly owned subsidiary of Premera. Prior to his 12 years spent with Premera, he served as the national medical director for Essence Healthcare and before that as executive director and medical director of Evercare, a division of UnitedHealth Group. Espinola received his bachelor's degree from the College of the Holy Cross, his medical degree and master of public health from Tufts University School of Medicine, and his master of business administration from the University of Washington. Espinola will replace Ken Provencher, who has served as PacificSource's president and CEO for 21 years. Provencher announced his retirement in late 2022 after a total of 28 years dedicated to PacificSource. He will continue to serve as president and CEO until March 31, 2023. PacificSource Health Plans is an independent, not-for-profit community health plan serving the Northwest. Founded in 1933, PacificSource has local offices throughout Idaho, Oregon, Montana, and Washington.

Emerald Heights

Emerald Heights, a Life Plan Community in Redmond, promoted Alexandra Clark to wellness programs manager, a new position in the company. Clark has been working with Emerald Heights for over five years and previously supervised both the trips/events department and the life enrichment activities department for independent living and the Corwin Center. In her new role, Clark will still oversee these two areas of service but she will also be overseeing the fitness program. Prior to joining Emerald Heights, Clark taught theater and Zumba classes to senior living communities. She earned her degree in theater from California State University, Northridge. The fitness department consists of three fitness specialists: current team member Talisa Wibmer and two new hires at Emerald Heights, Katharine Manter and Tanner Bostian. Manter earned her bachelor's degree in physical education with a kinesiology concentration followed by a master's degree in clinical exercise physiology. She is also a certified clinical exercise physiologist by the American College of Sports Medicine. Bostian is currently pursuing a bachelor's degree in exercise science from St. John University. Bostian has a personal training certification though the National Strength and Conditioning Association and earned an aging specialist certification though the American Council on Exercise.

Strong Tower Consulting

Strong Tower Consulting, a Bellevue-based management-consulting firm, named Rebeca Dawn as vice president of organization development & change management. Dawn has more than two decades of experience designing and delivering change through strategic business and technology initiatives. Strong Tower's new Organization Development & Change Management practice leverages proprietary change management methodology for organizational transformation and infuses the human element in training programs to create stability and improve effectiveness of employee learning. Prior to joining Strong Tower's leadership team, Dawn developed and executed Prosci-based Change Management training tailored for global teams made up of thousands of client employees. Additionally, she held executive level positions with the city of Seattle's IT Department. Previously, Dawn led global project management for Goldman Sachs. Dawn is a Prosci certified Change Management Professional and is a member of the Association of Change Management Professionals and Organization Development Network.

Jan 26, 2023

Northmarq arranges $50M for Auburn units

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The seven-story, 226-unit Verge, at Auburn Town Center, opened about two years ago at 109 S. Division St. Pillar Properties, Teutsch Partners, Urbal Architecture and Compass General Construction were behind that effort, which earned an award at the 2021 NAIOP Night of the Starts gala. Now Northmarq has announced a new $50 million financing package, which retires the old loan. That company's Stuart Oswald worked with Russ Cree of Glacier Real Estate Finance on the new loan, which carries a 10-year fixed rate term with 30-year amortization. The lender wasn't named, but public records indicate BECU. The project is a short walk to Auburn Station and its Sounder rail service.

Unico Properties

Penney

A longtime fixture at Unico Properties, Robert Penney has been elevated to chief investment officer, the company just announced. CEO Quentin Kuhrau said in a statement, “He has a long tenure within the company, he has played a lead role in the formation of several funds and capital programs for Unico, and as a valued member of our investment committee, we have been eying him for a C-level position for some time.” Penney will succeed current CIO Ned Carner, who'll exit the firm at the end of March after 15 years at Unico. He will, however, remain involved as a partner in some ongoing Unico projects.

Wright Runstad & Co.

Bench

Wright Runstad & Co. announced the recent promotion of Andy Bench, who becomes an owner and managing director with the firm. Jon Runstad said in a statement, “Andy joined us in 2017, rising to vice president and development manager for the Rainier Square block. In his new role, he will be responsible for identifying future projects and leading development efforts for the company.” The developer says it currently has 850,000 square feet under construction, including the latter phases at the Spring District in Bellevue.

JLL arranged $24M for fall SEDU deal

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Back in October, as the DJC then reported, SRM Development and the Urban League of Metropolitan Seattle acquired a six-building, 354-unit affordable housing portfolio from Blueprint Capital, paying a little over $96 million. At the time, backing came from the city's Office of Housing, with $38 million, and Amazon's Housing Equity Fund, with $37.9 million. Now JLL has disclosed $24.3 million in acquisition financing from Fannie Mae. The broker's Anson Snyder, C.W. Early and Kaden Eichmeier secured that loan, and arranged the mezzanine financing from the Amazon fund. Snyder said in a statement, “Fannie Mae is an excellent partner in understanding the transaction's requirements and timing. JLL is fortunate to work with a committed team to deliver affordable housing in the Seattle market.” Rents are to be affordable to households earning in a range from 50% to 80% of area median income. Most of the apartments are SEDUs (small efficiency dwelling units).

Capstone

Hardman

McLeod

Two brokers have moved from CPX to Capstone Cos. (not to be confused with Capstone Partners). Those would be multifamily specialists Evan McLeod and Chris Hardman, who'll open the new Seattle office for Capstone, which has its headquarters in Charlotte, North Carolina. The firm's George Chmiel said in a statement, “The Seattle expansion is a landmark achievement cementing Capstone's status as a national, bi-coastal firm for the first time in our 15-year history. We could not be more excited about our future growth in the Pacific Northwest under Evan and Chris' leadership.” Capstone bills itself as the nation's largest privately owned multifamily brokerage. Including our new location and Charlotte, it now has 16 offices.

Kidder Mathews

Wolk

Also departing CPX is Maggie Wolk, who makes the move to Kidder Mathews, that firm recently announced. She's a retail specialist who'll join the firm as vice president. She said in a statement, “I've always had a high level of respect for Kidder Mathews and its brokers. When the opportunity aligned to join, it was an easy and exciting decision.”

New tenant at Gayteway

Broderick Group announced that it signed a new tenant at Gayteway Business Park, in Arlington, on behalf of owner/developer GS Venture Partners. Broderick's Al Hodge and Rawley Holmberg worked that side of the deal. For Quantum Windows and Doors, which is taking all 117,060 square feet at Building F (now under construction), its brokers were Brent Jackson, Sam Dommer and Chris Hughes at JLL. Terms were not announced. Quantum will relocate this summer from Everett to its new headquarters and manufacturing facility. Developer Chris Gayte said of Quantum, “We are excited to see them in their new showcase space. They will be a great addition to the park.” Two more speculative buildings are planned at Gayteway, which could end up with 1 million square feet in nine buildings. The industrial development is steadily filling the 54-acre former Weyerhaeuser mill property.

Pacific Partners RE/MAX Gateway

Michael Lindberg

Maria Lindberg

It's a mouthful, but Pacific Partners RE/MAX Gateway announced its formation earlier this month. The multidisciplinary brokerage will be owned and led by veterans Lori Reece on the residential side and Maria Lindberg on the commercial side. The company calls itself the first female-owned and managed major commercial real estate brokerage in Seattle. Also part of the executive team is Michael Lindberg, who specializes in life-science deals.

LeoStella

Kienberger

LeoStella, a Tukwila-based specialized satellite design and manufacturing company, appointed Tim Kienberger to succeed Mike Hettich as CEO. Kienberger has three decades of aerospace and defense technology experience, leading market strategy, operations management, program execution and business growth in small spacecraft emerging markets at companies including Boeing and L3Harris. Hettich retired after leading the company since 2019. LeoStella is a 50-50 joint venture between Thales Alenia Space, a French-Italian aerospace company, and BlackSky, a provider of real-time geospatial intelligence.

Outbound AI

Greenhaw

Health care automation veteran Ryan Greenhaw joined Seattle-based startup Outbound AI as chief revenue officer. In his new role, Greenhaw will guide efforts to transform how the industry tackles administrative burdens, supporting the company's mission of elevating the human work experience in health care. Prior to joining Outbound AI, Greenhaw served in leadership positions at several companies in the revenue cycle management space, including WhiteSpace Health and Recondo Technology, the latter acquired by Waystar during his tenure. Outbound AI's inaugural offering, PayerVA Console, designed to perform phone-based tasks associated with claims work, is live at multiple sites throughout the country. Founded in 2021 as a spinout from Madrona Venture Labs, Outbound AI is Conversation AI built for health care.

Dorsey & Whitney

Hardesty

International law firm Dorsey & Whitney added Steve Hardesty to its Boise office as a partner in the firm's corporate and M&A practice. Hardesty is a veteran attorney in the Boise market with over 35 years of experience across a wide spectrum of corporate transactional work. He represents private equity and venture capital funds and their portfolio companies in a full range of mergers, acquisitions, financings, growth transactions, and general corporate matters. He also represents emerging growth companies and specialty finance lenders on a national basis, including corporate aircraft finance and commercial real estate finance. Hardesty joins Boise colleagues Nick Taylor, office head, and Richard Hall, leading mining partner, who established the Dorsey & Whitney Boise office earlier this month. Hardesty comes from Perkins Coie's Boise office. Dorsey has locations across the U.S., and in Canada, Europe and the Asia-Pacific region.

State of Washington

The state Department of Veterans Affairs appointed Dan Smith as the administrator of Washington Soldiers Home in Orting. Smith assumed responsibility of the facility last month. He is pursuing a master's degree in public health at Pennsylvania State University. Smith served as a nurse in the U.S. Army Reserve for 12 years. As a civilian, he worked in a federal VA-accredited longterm care facility for more than 20 years. Washington Soldiers Home is on 174 acres in the Puyallup Valley. Established in 1891, this was the first of four homes built for Washington state veterans.