Jul 23, 2024

Business Accelerator Program

The Port of Seattle announced that the 2024 Business Accelerator Program is now open for applications. In partnership with Business Impact NW, the Port encourages women- and minority-owned small businesses to participate in the 13-week program. The Business Accelerator Program supports entrepreneurs in key Port industries like construction, architecture, and engineering, helping them to scale their businesses and achieve long-term sustainability. The program offers participants access to a network of resources, funding, and commercialization expertise. Each participant receives personalized guidance tailored to their goals and benefits from training sessions led by industry leaders and experienced mentors. Additionally, the program fosters community partnerships among like-minded entrepreneurs. The Port of Seattle Business Accelerator Program will be accepting applications through August 12, 2024. Interested entrepreneurs and start-ups can obtain additional information and submit their applications at businessimpactnw.org/port-of-seattle-accelerator. Business Impact NW is a Nonprofit Community Development Financial Institution dedicated to serving BIPOC, women, Veteran, immigrant, refugee, LGBTQ+, and low-income entrepreneurs in the Pacific Northwest through financial services, free business coaching, and trainings.

Clearwater Paper

Spokane-based Clearwater Paper, a supplier of consumer tissue and bleached paperboard, has entered into a definitive agreement to sell its tissue business to Sofidel America, a subsidiary of Sofidel S.p.A., a manufacturer of paper for hygienic and domestic use, for $1.06 billion, subject to adjustments for debt, cash, transaction expenses and net working capital. “Clearwater Paper is transforming into a premier paper supplier in North America. Upon completion of this transaction, we intend to deleverage our balance sheet while scaling and diversifying our paperboard business to meet the needs of our customers,” said Arsen Kitch, president and chief executive officer. The transaction is expected to close in the latter part of 2024, subject to customary closing conditions. Goldman Sachs & Co. is serving as financial advisor to Clearwater Paper, and Pillsbury Winthrop Shaw Pittman is serving as legal advisor.

Jul 19, 2024

Shockey Planning Group

Anderson

Everett-based Shockey Planning Group (SPG) announced a change in company ownership. Camie Anderson, an employee of the firm for the past 24 years, has purchased SPG from its original founder, Reid H. Shockey. Anderson joined SPG in 2000 after receiving a degree in planning and environmental policy from Western Washington University. During her years with SPG, she has played a key role in all aspects of land use and environmental planning for both private and public sector clients.“It is with great pleasure and confidence that I have been able to hand over to Camie the reins of the company I founded in 1980.” said Shockey. “I will remain on staff to support the organization, but the management will be completely in Camie's capable hands. We have been thoughtfully approaching this ownership change over the past few years to ensure a seamless transition.”

Lasher Holzapfel Sperry & Ebberson

Lasher Holzapfel Sperry & Ebberson announced that four of their attorneys were included in the 2024 Chambers High Net Worth (HNW) Guide. Recognized in the Family/Matrimonial category are Linda Kelley Ebberson, Lisa Ann Sharpe, and Jamie Polito Johnston. Recognized in the Private Wealth Law category is George Holzapfel. Ebberson's practice focuses exclusively on complex divorces. She is an original founder of Lasher Holzapfel Sperry & Ebberson. Ebberson has more than 40 years of experience in commercial, construction and dissolution cases. Sharpe counsels high net worth individuals from both the private and public sectors, across a wide variety of industries including technology, sports, entertainment, finance, healthcare, and professional services. She is skilled in financial and custody litigation, prenuptial agreements, custody evaluations, mediation and trial practice. Polito Johnston's practice focuses on complex marital dissolutions, representing high net worth individuals involving the valuation and division of closely-held companies, stock options and awards, family trusts and partnerships, separate property tracing, as well as custody matters and prenuptial agreements. Holzapfel serves as general legal counsel to hundreds of private and family companies and also serves as estate planning counsel to the owners of virtually all of these businesses. In addition, he acts as estate planning counsel to executives of publicly held corporations and their families. The Chambers HNW guide covers global private wealth management work and features in-depth editorial about leading lawyers and law firms providing wealth preservation and estate planning. Lasher Holzapfel Sperry & Ebberson was founded over 50 years ago in Seattle.

Jul 18, 2024

Digimarc

Digimarc appointed Katie Kool as the new chairperson of the company's board of directors. Kool succeeds Alicia Syrett, who has served as chairperson since 2020. Kool has served on the Digimarc board since 2022. While serving as CEO of Tide Cleaners, Kool grew the business from 35 dry cleaning and laundry service stores to 191 stores. As chief financial officer of North America Fabric Care, she partnered with the company's leadership team to profitably grow the business by $1.5 billion in sales. Kool was a co-founder and is currently president of Impact100 Genesee County, which empowers women as philanthropists to make grants to non-profit organizations within local communities. Kool earned a bachelor's degree in economics from Kalamazoo College, and an MBA in finance from Washington University in St. Louis. Digimarc is a digital watermarking company headquartered in Beaverton, Oregon.

Washington Secretary of State

Secretary of State Steve Hobbs has been elected the treasurer of the National Association of Secretaries of State (NASS), the nation's oldest nonpartisan professional organization for elected officials. Founded in 1904, NASS includes secretaries of state, lieutenant governors, and chief state election officials from all 50 states, the District of Columbia, and U.S. territories. Hobbs previously served on the NASS Executive Board as the Western Region vice president and was co-chair of the State Heritage Committee. He is a member of the NASS Elections, Cybersecurity, State Records and Archives, International Relations, and Business Services committees. He will serve as the treasurer for a one-year term. Washington's Office of the Secretary of State oversees areas within state government including managing state elections, registering corporations and charities, and governing the use of the state flag and state seal.

Clarion joins ACG effort in Lynnwood

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Earlier this month, the DJC reported the land sale and imminent start on Enso, a seven-story, 316-unit apartment project near Lynnwood City Center Station. American Capital Group is both the architect and contractor for the project, which should take about two years to complete. Now Clarion Partners has joined the effort, as the two announced this week. B.J. Kuula leads ACG, and said in a statement, “Enso could not come at a more critical time, as home ownership has become too costly for many and capital market dynamics have slowed new multifamily housing starts.” Rick Schaupp of Clarion added, “Clarion is excited to develop our first multifamily project in Lynnwood, particularly in such a prime location.” At the same time, they named Pacific Life Insurance as the provider of a recent $67.6 million construction loan.

JLL arranges $17M loan in Wenatchee

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Over in Wenatchee, the Landing at Saddlerock is an 84-unit garden apartment complex that was completed in December. Graystoke Capital Partners recently acquired the property from the original developer, Eider Construction, for an undisclosed price. (Mason Fiascone at Paragon Group was the seller's broker; Chelan County recorded the late May sale at just under $26 million.) Graystoke is based in Boise, and worked with the JLL office in Denver to secure a Fannie Mae loan worth nearly $16.9 million. Leading the acquisition financing effort were JLL's Brock Knapp and Tony Nargi. The latter said in a statement, “Graystoke uncovered a terrific buy of a brand-new property at well below current replacement cost. The strong sponsorship, market fundamentals and acquisition financing allowed for Fannie Mae to utilize their near stabilization program and close the loan at 82% occupancy.” Graystoke invests in the Mountain West region, with about 2,000 units in a portfolio it values at $400 million. The firm's Graye Parnell said in a statement, “We are excited about Wenatchee and the recent economic developments within the market.”

Walsh tops out on Tacoma apartments

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The Low Income Housing Institute announced this week that Walsh Construction has topped out on its six-story, 77-unit Patsy Surh Place in Tacoma. Work began in December on the affordable housing project, which is intended for seniors. Weber Thompson is the architect. Completion is expected around April of next year in the Lincoln District of the city, south of Interstate 5. LIHI is partnering on the project with the Asia Pacific Cultural Center, which was founded by Surh. Financial backers include various public sources and Banner Bank.