Press Releases

Green Canopy Reaches First Close on Cedar Fund

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For Immediate Release

SEATTLE, WASHINGTON & PORTLAND, OREGON (October 4, 2018) – Green Canopy Inc., a deep green urban residential developer, general contractor and fund manager, today announced the first closing of Cedar Fund providing $12 million in development capacity. Cedar Fund is the Company’s fourth single-family real estate fund designed to build resilient net zero ready micro-communities in Seattle, WA and Portland, OR. With the first close complete, Cedar Fund intends to acquire three initial properties currently in pre-development, and construct 25 homes.

As a mission-driven Certified B Corp, Green Canopy is compelled to create market-driven solutions to the challenges facing the high-growth cities of Seattle and Portland, including resource scarcity and global warming, urban sprawl, and limited access to neighborhoods of opportunity. In response, Cedar Fund will acquire, develop, manage and market third-party certified green built, net zero ready residential homes over the course of a 5-year fund cycle.

Cedar Fund will focus on efficient land use through infill development, multiplying the number of homes in established, walkable neighborhoods. With an emphasis on access to essential services including schools, grocery stores and transportation. By building more resource efficient homes on less land, Cedar Fund will help preserve the Pacific Northwest identity which is interwoven with farms, forests, wild lands, and salmon streams.

“I am excited and inspired by the commitment of our initial 18 Cedar Fund Limited Partners who have expressed deep faith in our mission and potential to transform the real estate market towards more regenerative and inclusive communities and environments,” says Aaron Fairchild, CEO.  

About Green Canopy
Green Canopy, Inc. and wholly owned subsidiaries Green Canopy Homes, LLC and Green Canopy Capital, LLC have offices and teams in Seattle and Portland. Green Canopy Homes began building in 2009 and has successfully sold over 140 third-party certified, green homes earning over $100 million in gross revenues.

Green Canopy has successfully developed a disruptive and specialized business model for urban infill homebuilding at scale. Development projects are built on small, medium and large, non-contiguous lots in walkable urban neighborhoods. The Company has an integrated process and established systems for feasibility, design, estimating, construction project management, sales, owner services and fund management. Since inception the Green Canopy Team has focused on creating an authentic, disruptive and widely recognized brand. 

The Company’s mission is to build homes, relationships and businesses that help regenerate communities and environments. By committing to the deep work of its missionGreen Canopy believes a future is possible where net zero energy homes are the norm, these good homes are affordable, wildlands are preserved, communities are resilient and vibrant because they are inclusive, and people who want to invest in that future earn profits.

For more information contact: 
Susan Fairchild, Director, Investor Relations & Impact
206.792.7280
susan@greencanopy.com

GREEN CANOPY CREATES A COMPANY TO HELP BUILD RESILIENT AND INCLUSIVE COMMUNITIES

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SEATTLE, Washington & PORTLAND, Oregon (October 4, 2017) – Green Canopy, Inc., a proven urban infill deep green homebuilder, announced the launch of its newest affiliate company, Cedar.

“Meeting the challenges of global warming and the housing crisis in our high growth cities requires us to develop disruptive, integrated, and inclusive solutions. We are proud to offer a for-profit model for building resilient, inclusive and sustainable net-zero energy micro-communities without reliance on direct government subsidies” says Aaron Fairchild, CEO of Green Canopy.

The Company will acquire, develop, manage and market third-party certified green built, net-zero energy residential homes over the course of a 7-to-10-year period in Seattle, WA and Portland, OR. A minimum of 25% of the homes in every project site will be reserved as affordable rentals to households earning 80% of area median income (AMI) over the life of the Company. A final disposition process will result in selling a minimum of 25% of the remaining portfolio into community land trusts, or similar model, to be held permanently affordable to households earning 80% of area median income.

“Ecotrust is delighted to be a shareholder in Green Canopy, Inc. The Team has been terrific and we look forward to seeing where they take walkable residential infill development in the years to come. Green building, along with regenerative farming and forestry, are promising potential ‘drawdown’ technologies that pull CO2 out of the atmosphere and help reverse the devastating trends of the Anthropocene,” says Spencer Beebe, Founder & Executive Chair of Ecotrust.

Green Canopy's Cedar is poised to act on this opportunity. The urban infill home-building market is a highly fragmented marketplace with hundreds of small, independent homebuilders in both the Seattle and Portland markets. The February 2017 McKinsey Global Institute report, Reinventing Construction: A Route to Higher Productivity, found that “$10 trillion (is) spent on construction-related goods and services every year. But the industry has an intractable productivity problem and ... an opportunity to boost value added by $1.6 trillion.” “Fragmented markets and inefficiency go hand in hand. Our team at Green Canopy has long been aware of these inefficiencies and has spent considerable amount of time developing the processes and systems to contain costs and scale,” says Aaron Fairchild, CEO of Green Canopy. He further adds, “This ability allows us to lean in further to our mission and bring to the market net-zero energy homes alongside affordable home ownership. As a for-profit company, this puts us in a unique position to not only drawdown carbon, but to also lift up our communities.”

Samantha Lamb, of Lake and Company Real Estate sees the company as an innovative leader.  “Green Canopy is indisputably one of the leaders in the Green Home movement in Seattle and beyond. It is founded by passionate people who truly want to make a difference in the world. They don't just go for minimal standards in Green Construction; they are actively educating the market and realtors about the benefits of building and buying Green,” says Lamb. As evidence of this, Green Canopy will amplify Cedar’s impact through an 18-member stakeholder group, calling it the Impact Collaborative. The Collaborative will bring greater transparency to Cedar – its processes, best practices and outcomes – then conduct research and broadly promote their findings and advocate for new and better approaches.  


About Green Canopy
Green Canopy, Inc. runs a homebuilder, Green Canopy Homes, in Seattle and Portland whose mission is to inspire resource efficiency in residential markets. Green Canopy Homes began building in 2009 and has successfully sold over 125 third-party certified, green homes with over $80 million in gross revenues. Green Canopy Homes has highly developed home designs, project management processes, checklists, and systems of cost containment specific to the challenges and needs of building attractive, resource-efficient, micro-communities in walkable, urban places.
 
Contact: 
Aaron Fairchild, CEO
206.792.7281
aaron@greencanopy.com
 
Andy Wolverton, CFO
206.792.7287
andy@greencanopy.com

Mission Aligned and Market Driven

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IMPACT INVESTING IN GREEN HOME DEVELOPMENT AIMS FOR PROFITABILITY ON A TRIPLE BOTTOM LINE

FOR IMMEDIATE RELEASE:

SEATTLE, Washington (December 22, 2015) – Green Canopy is excited to announce that we have eclipsed a major milestone with our second Impact Debt Fund. The Alder Fund is a Real Estate Impact Investment Fund that is managed by Green Canopy and designed to lend on the development of certified green and guaranteed efficient homes. It has now issued its last loan and will begin winding down – issuing distributions as loans repay over the next 6-9 months.

With the help of the Fund and all of its participants, Green Canopy completed 50 high efficiency homes across Seattle, reaping a total energy savings of 532,000 kWh per year.  “We have mitigated over a million pounds of carbon in the last two years by building Green Canopy homes. That’s the equivalent of planting nearly 30,000 trees every year,” says Sam Lai, the CMO of Green Canopy. “These are metrics that our investors look at when they consider putting their capital to work for a cause. Of course it is also about returns, but not just so.”

The Alder Fund launched in October of 2013 with $7.7MM. Of the 50 Green Canopy homes that were built, nearly 25% of them were sold at price points below $450k in an effort to attract middle and lower income buyers in the Seattle market. These pricing targets were set by Washington State Housing Finance Commission, who partnered on several projects with Green Canopy with the hopes of providing green and energy efficient homes to buyers who also qualify for the Commission’s down payment assistance programs.

“This Fund, which eventually lent over $29MM for the completion of 50 homes, has been especially prosperous, and is an indicator of what mission aligned and market driven capital can accomplish,” said Andy Wolverton, the Fund’s manager and CFO of Green Canopy Homes. “The Alder Fund’s success is certainly reflected in our triple bottom line – and brings more than just monetary returns to our investors.”

The return profile for the Alder Fund is 9-12% annualized - and so far it is on target to achieve that goal. Over 50% of the investors have reinvested in the Birch Fund, Green Canopy’s third Impact Investment Fund which began raising capital this summer. The Birch Fund is targeting a total raise of $20MM and hopes to increase the number of affordable homes for sale here in Seattle and in Portland.

FOR MORE INFORMATION PLEASE CONTACT:
Andy Wolverton
andy@greencanopy.com
O) 206.792.7283