Three former executives of the climate friendly housing technology company Green Canopy NODE have left to create Cambia Capital, a sustainability-focused real estate investment firm.
Aaron Fairchild, Andy Wolverton and Susan Weingartner are now managing members of the firm, which will invest in residential developments in the Pacific Northwest and nationally, with a focus on mass timber projects. The Cambia Capital is launching with a $20 million investment dubbed the Douglas Fir Fund that it plans to grow significantly.
As part of Green Canopy NODE, the trio previously raised four funds totaling more than $100 million in corporate and project-related debt and equity that they invested in sustainable housing developments.
One of the biggest constraints to constructing climate friendly housing has been a lack of capital, said Susan Weingartner. Few real estate firms are specifically targeting these projects, she said, which could make Cambia Capital an attractive option for investors who are concerned about the planet.
“People don’t just want a return,” she said, “they want to make sure what they’re doing is adding to some positivity.”
Washington is a leader in its sustainable building requirements. The state’s Building Code Council last month approved rules mandating strict energy performance standards for new residential and commercial construction. The regulations don’t include the controversial requirement of installing highly efficient heat pumps — but developers and builders still need to reach that level of performance even if they’re using gas or oil powered devices. The city of Seattle this month signed into law energy rules for existing buildings over 20,000 square feet.
The Cambia Capital team, which is based in Seattle and Portland, expects to work with Green Canopy NODE for future projects, but also wants to partner with other housing companies.
In 2021, Green Canopy CEO Aaron Fairchild and NODE CEO Bec Wilder merged their businesses. The new partnership raised $10 million in seed funding to kick off the merger. Up until now, Fairchild and Wilder served as joint CEOs.
Wilder will continue leading Green Canopy NODE as sole CEO and board director, and Fairchild will keep his seat on the company’s board. Fellow executive Chief Development Officer Sam Lai will stay in his role with the company as well.
Editor’s note: This story was updated May 14, 2024 to change Susan Weingartner’s last name from Fairchild, at her request.
