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byline: Beth JoJack

Harbor Group International closes $558M loan obligation

Norfolk-based real estate investment and management firm Harbor Group International LLC has closed a $558 million commercial real estate collateralized loan obligation (CRE CLO), the company announced Wednesday.

The deal, HGI 2021-FL1, is the firm’s first CRE CLO, which is a security backed by commercial real estate loans. HGI’s CRE CLO consists exclusively of bridge loans on multifamily assets across the United States.

“The close of our initial CLO marks a significant progression for Harbor Group International as we grow our debt and alternatives investment platform and adapt our business to meet changing market needs,” President Richard Litton said in a statement. “We intend to continue to leverage our deep multifamily expertise to be a CLO manager and bridge lender on a long-term basis.”

In 2020, HGI established a whole loan bridge-lending platform, originating senior mortgage loans for multifamily borrowers seeking short-term financing for new construction and value-add assets. For more than a decade, HGI has been sourcing and managing debt investments. The firm currently manages approximately $2.3 billion of real estate debt investments, including whole loans, Freddie Mac structured debt products, preferred equity investments and mezzanine loans.

“The CLO offering further establishes Harbor Group International’s strong national reputation as a debt investor and reliable source of financing to multifamily borrowers,” Litton said. “Our deep industry relationships and broad market penetration across the U.S. continue to allow us to generate strong transaction pipelines across the capital stack for our investors.”

The Goldman Sachs Group Inc. acted as the sole structuring agent and co-lead manager for the CLO offering. JPMorgan Chase & Co. and Amherst Pierpont Securities LLC served as co-managers.

HGI controls a portfolio of worldwide assets valued at $13.5 billion. The company’s real estate holdings include 4.3 million square feet of commercial properties and 48,000 apartment units.

Colonial Williamsburg Foundation hires educational travel and conferences director

The Colonial Williamsburg Foundation announced Friday that J. Thomas Savage will become its director of educational travel and conferences, effective July 12.

Currently, Savage serves as director of external affairs for Winterthur Museum, Gardens and Library in Delaware.

“Tom Savage is an internationally known and respected expert who will bring new vigor and creative energy to our venerable conference and travel programs,” said Ronald Hurst, the foundation’s chief curator and vice president for museums, preservation and historic resources.  “A frequent collaborator with members of the Colonial Williamsburg team, his new position will in many ways be a homecoming.”

Previously, Savage worked as senior vice president and director of Sotheby’s Institute of Art for North and South America and as curator and director of museums for the Historic Charleston Foundation.

Savage holds a bachelor’s degree in art history from William & Mary and a master’s degree in history museum studies from the Cooperstown Graduate Program of the State University of New York.

He serves on the Board of Governors of the Decorative Arts Trust and is a member of the Furniture History Society.

An expert on the British country house, Savage plans to expand the foundation’s popular educational symposia and conference series, which includes programming featuring topics like historic woodwork, ales and gardens.

“I am honored and humbled to join the extraordinary team at Colonial Williamsburg, a place that has inspired me since earliest childhood,” said Savage. “Colonial Williamsburg fostered my education and career path. It is a privilege to serve a cherished institution to which I owe so much.”

Parsons names chief communications officer

Centreville-based defense contractor Parsons Corp. has named Jason Yaley as the company’s new chief communications officer, effective May 17.

Previously, Yaley worked for Arlington-based Advanced Concepts and Technologies International (ACT I), where he served as chief management officer. Earlier in his career, Yaley served as vice president of membership and strategic development and assistant vice president of communications with the Aerospace Industries Association, where he led communication programming and supply chain initiatives on behalf of the aerospace and defense industries. He also worked as a career civilian at the Department of Defense, most recently as the special assistant to the Air Force chief of staff and on the staff of the vice chairman of the Joint Chiefs of Staff.

“Jason’s experience as a public and private sector communications leader with proven results in executing global corporate communications and employee engagement programs will continue elevating Parsons’ brand awareness and advance our role as an employer of choice,” said Carey Smith, Parsons’ president and chief operating officer, in a statement. “His leadership, strategic thinking and mission-focused approach is invaluable as we continue the company’s growth.”

Yaley holds a master’s degree of public administration and a certificate of advanced study in security studies, both from the Maxwell School of Citizenship and Public Affairs at Syracuse University, along with bachelor’s degrees in international relations and political science from Syracuse.

“I’m thrilled to be joining Parsons,” Yaley said in a statement. “Every day, over 15,000 Parsons’ employees go to work in 30 countries with one goal: delivering a better world. Together with the award-winning Parsons communications team, I look forward to highlighting all that our incredible workforce does to deliver innovative solutions in defense, intelligence and critical infrastructure, and to make the world safer, healthier and more connected.”

Established in 1944, Parsons specializes in defense, intelligence security and infrastructure engineering. It employs more than 16,000 workers in 24 nations.

The company announced in March that it had  won a 10-year information technology contract from the Defense Intelligence Agency worth a potential $12.6 billion.

Suffolk names new city manager

Suffolk City Council unanimously agreed to hire Albert Moor as city manager during its regularly scheduled meeting on Wednesday.

Council members appointed Moor to serve as interim city manager in September, following the resignation of Patrick Roberts, who held the post since 2015. Roberts had previously served as deputy city manager and assistant director in the department of planning and community development for the city of Suffolk.

With more than 37 years in local government, Moor previously worked as interim deputy city manager and director of public utilities for Suffolk. He earned a bachelor’s degree in engineering technology from Old Dominion University.

Moor’s annual salary as city manager will be $200,000.

Virginia Credit Union League names new president

The Virginia Credit Union League has named Carrie Hunt as its next president, effective June 1 , the state trade association for not-for-profit, member-owned credit unions announced Thursday. Hunt replaces the league’s longtime leader, Richard Pillow, who will retire in June after 40 years with the association.

Currently, Hunt serves as the executive vice president of government affairs and general counsel for the National Association of Federally-Insured Credit Unions (NAFCU). In that position, she manages the Arlington-based association’s legislative, political, regulatory, compliance and research divisions and acts as staff liaison to federal regulatory agencies, including the Consumer Financial Protection Bureau and the National Credit Union Administration.

Hunt was named a top lobbyist in 2019 and 2020 listings compiled by The Hill.

“The League Board entered the selection process focused on the interests, welfare and success of our member credit unions,” said Patsy Stuard, chairperson of the Virginia Credit Union League’s board of directors and president and CEO of Fort Lee Federal Credit Union in Prince George, in a statement. “The search framework and process brought us a number of highly qualified candidates, but Carrie truly shined because she possesses an outstanding record of leadership, she is a respected and trusted advocate for credit unions and she has a deep understanding of the opportunities and challenges facing credit unions. She is the right leader for the industry today and for the future we’re working toward.”

NAFCU President and CEO Dan Berger said, “Carrie has been a rock not only to NAFCU but also to me. I was fortunate to work closely with her for 15 years and watched her advocate tirelessly on behalf of our members. Throughout her 17 years of service at NAFCU, Carrie always was energized and found innovative ways to approach issues to effectively inform policymakers on the credit union difference. We wish her much success in her new role as CEO.”

The bulk of Hunt’s career has been dedicated to consumer finance and financial services law, the regulatory landscape for credit unions and lobbying lawmakers. Previously, Hunt worked as a law clerk at the U.S. Court of Appeals for Veterans Claims and as legal counsel to Massachusetts state Sen. Andrea Nuciforo Jr., who chaired of that state’s Joint Committee on Banks and Banking.

She is a graduate of the University of Maryland at College Park and William & Mary School of Law.

“I look forward to representing Virginia’s credit unions and ensuring they have the right environment to thrive,” Hunt said in a statement. “Credit unions truly provide the best in financial services and I will engage with all stakeholders and policymakers to ensure their success now and into the future.”

The Virginia Credit Union League has offices in Richmond and Lynchburg.

AT&T Public Sector wins $175M transportation contract

AT&T Inc. announced Tuesday it has been awarded a $175 million contract from the U.S. Department of Transportation (DOT) to modernize its voice and data networks. AT&T’s Public Sector organization, which is based in Oakton, landed the deal.

The 12-year contract was awarded through the General Service Administration’s Enterprise Infrastructure Solutions technology procurement program. Dallas-based AT&T will modernize network services supporting approximately 55,000 DOT workers.

AT&T plans to deliver an IP-based communications platform which will provide the DOT with secure cloud technology that will support the agency’s increased demand for employees to be able to work remotely and will allow the agency to create IP-based apps.

“DOT’s vital mission to deliver the safest, most efficient and modern transportation system in the world requires a reliable, fast and highly secure communications platform,” Chris Smith, vice president of civilian and shared services for AT&T Public Sector and FirstNet, said in a statement. “We’re honored to have this opportunity to transform and modernize DOT’s voice network.”

Well acquainted with working with the federal sector, AT&T announced in March it had won a $231 million contract from the U.S. Department of Treasury to modernize its voice and data networks.

ABC stores return to pre-pandemic hours Friday

Officials with the Virginia Alcoholic Beverage Control Authority announced Tuesday that all ABC stores will return to pre-pandemic operating hours on Friday.

For more than a year, Virginia’s ABC stores have operated at reduced hours due to the COVID-19 pandemic. Officials decided to limit hours the stores were open to allow time for staff to thoroughly disinfect store surfaces and to allow flexibility in staffing.

All stores will open by 10 a.m. each day, except for some stores that regularly open later on Sundays. Closing times vary at the state’s 393 ABC stores.

“With COVID-19 case numbers falling in Virginia and vaccinations increasing, we feel it is now safe to return to our normal operating hours,” CEO Travis Hill said in a statement. “We truly appreciate our retail team’s dedication and flexibility throughout this pandemic, and we look forward to serving our customers with expanded hours soon.”

The stores will continue to follow safety measures recommended for retailers by the Virginia Department of Health (VDH) and the Centers for Disease Control and Prevention (CDC). Those include: requiring customers and employees to wear face masks, floor markers to ensure customers stand at least six feet apart and hand sanitizer pumps placed at registers for customer and employee use. Curbside pickup and home delivery are also available at most stores.

In fiscal year 2020, Virginia ABC hit a record in gross revenue, reporting $1.2 billion, including $212.1 million in profits from retail sales.

Roanoke County, Va. Tech team up for strategic plan

In a first for the locality, Roanoke County has partnered with Virginia Tech to develop a five-year county economic development strategic plan.

“We want to benchmark where we are today with goals that we hope to achieve in five years and then revisit it to see if we’re keeping up with what we said we wanted to do,” explains Jill Loope, director of economic development for Roanoke County.

Last summer, Loope approached Virginia Tech’s Office of Economic Development for help developing the plan, now dubbed Elevate 2026.

A grant from Appalachian Power and federal CARES Act funds received by Virginia Tech covered the $30,000 cost of creating the plan. “So, I’m getting this plan done with no local financial participation from the county coffers,” Loope says. “I’m particularly proud of that.”

Early in the process, officials from the county and Tech worked to build a survey designed to gauge how area business and government leaders, as well as members of the public, felt about the county’s business climate and other matters.

As of the survey’s April 2 deadline, Ashley Posthumus, an economic development specialist at Virginia Tech who is helping with the project, said she had received about 200 completed surveys from stakeholders in the region and another 150 from the public.

A 12-person steering team also meets regularly to help guide the creation of the plan. “It’s not just Virginia Tech. It’s not just me,” says Loope. “It’s members of the business community and leaders in the community that are helping steer the course.”

The Virginia Tech team is also scheduling interviews with Roanoke County industry leaders as well as education, workforce initiatives and tourism stakeholders. “This is just our initial round of interviews that we’re doing to kind of gain what kind of perspectives they have on the region and what they think are strengths,” Posthumus explains.

Late last year in the county, Mack Trucks Inc. opened its new medium-duty truck plant, which is expected to produce 250 direct jobs and 600 spinoff jobs. Tanglewood Mall also is active, with a $30 million Carilion Clinic children’s outpatient center set to produce 300 jobs.

This is the first time Roanoke County’s economic development office has developed a formal strategic plan since Loope joined the office in 2000. A public presentation is scheduled for November.

Danville renders unto Caesars new zoning rules

Danville officials plan to create a new zoning district for the Caesars Virginia casino and resort, an option likely to speed up construction.

Designated as an industrial manufacturing zone, the site in Danville’s Schoolfield neighborhood is governed by preexisting land-use rules that could lead to delays in building the $400 million resort, which is scheduled to open in 2023. Currently, regulations limit building heights and signage that are part of the Caesars plan.

“We thought, ‘What’s the best way to both have a constructive conversation with Caesars about realistic zoning rules and meet our aggressive timetable?’” explains Doug Plachcinski, the city’s planning director. “So, the most expedient method was creating its own zoning district.”

In March, Plachcinski met with Danville City Council members during a work session to get an idea of what they hope to see written into an ordinance forming the new zoning district. The district would set policy regarding buildings, open space, parking, signage, entrances, landscaping, lighting and buffers.

For Councilman Lee Vogler, it’s imperative that Caesars Virginia not be hamstrung with unnecessary restrictions.

“I think the phrase we kind of kept saying is, ‘We don’t want to handcuff them,’” Vogler says. “Give them the opportunity to do what they feel is best for them and what would be best for Danville, rather than right off the bat telling them what they can and can’t do.”

Plachcinski was open to the feedback.

“My takeaway from City Council is: Make sure that if we have regulations, we have them for a reason,” Plachcinski says. “Make sure that the development respects neighbors, and I think that kind of encapsulates the philosophy with writing the ordinance.”

Although Caesars has received a draft of the proposed zoning amendment, a spokesman declined to comment on the text. Up next is a May 4 public hearing and a vote by City Council on whether to adopt the amendment, followed by a public hearing by the city Planning Commission at its June meeting.

If all goes to plan, city councilors will vote in July on whether to rezone the site.

“This process is providing four different public hearings for comment,” Plachcinski points out. “It’s not rushed. It’s not secretive. It’s very deliberative.”

A rising tide

When it comes to Old Dominion University’s role in the maritime industry, Nancy Grden has high aspirations.

“We’re not globally recognized today,” says Grden, associate vice president of ODU’s Institute for Innovation & Entrepreneurship, “but that’s our goal.”

ODU’s leaders decided on that target following the 2019 efforts of an economic development catalyst task force that Grden co-chaired. The group’s members, she explains, came out “with a very strong recommendation” that the region and the university focus on the maritime industry as a key sector for growth.

Work on that task force led ODU to create the Hampton Roads Maritime Collaborative for Growth & Innovation (HRMC) last year with Grden named as its inaugural executive director. Leaders from local business, the U.S. Navy and economic development make up the collaborative, which has the mission of prioritizing and pursuing long-term maritime economic development and innovation opportunities in Hampton Roads.

One of eight initiatives set by the collaborative is raising ODU’s prominence in the industry.

In addition to her other roles, Grden serves as special assistant to ODU’s president for maritime initiatives and as the co-chair in the ODU Maritime Initiative Leadership Work Group. “It looks like a lot of jobs, but they also connect,” she says.

The work group includes 14 representatives drawn from ODU’s different colleges, its graduate school and its Office of Research. “Our job is to recommend to [the university president] and our university leadership what specific things ODU can do today, but also going forward, to be globally recognized as an institution focused on maritime,” Grden says.

The group’s first order of business was to take inventory of what ODU already offers the maritime world. The answer: more than 60 undergraduate, graduate, certificate programs or academic centers related to the industry.

While some of ODU’s offerings include the word maritime in their name, casual observers would be harder pressed to identify other programs that work closely with the industry, such as ODU’s School of Cybersecurity. Even so, the maritime industry has a gargantuan need to protect its systems and networks, such as the security of ports, transatlantic cables, unmanned vehicles and supply chains.

The Coastal Virginia Center for Cyber Innovation (COVA CCI) at Old Dominion University, which opened in 2019, is one of four nodes of the larger state-funded Commonwealth Cyber Initiative. Its mission is to close the cybersecurity workforce gap and to spur the commercialization of cybersecurity research, with a particular focus on the defense, transportation and maritime industries.

In February, COVA CCI announced it had awarded nearly $1 million in grants to cybersecurity research projects. One of those projects is led by Rafael Diaz. A research associate professor in ODU’s Virginia Modeling, Analysis & Simulation Center, he’s examining cybersecurity at the Port of Virginia.

At ODU’s Strome College of Business, scholars are also working to raise the university’s profile within the maritime industry. Last year, the American Association of Port Authorities invited ManWo Ng, associate professor of maritime management, to form a strategic partnership designed to increase industry awareness of academic research.

“Disseminating our research to
130-plus port authorities in the Western Hemisphere has really helped strengthen ODU’s maritime reputation among industry professionals,” Ng says.

Moving forward, Grden says, ODU leaders will build upon the university’s existing maritime industry work: “A lot of the reason for doing this is to connect the dots.”

There are numerous avenues where ODU can bring innovation to the maritime industry, Grden says, including shipbuilding, the Navy, the development of offshore wind farms, transatlantic cables and adapting to climate change.

“When you add this all up,” she says, “there’s a lot of capacity and a lot of opportunity in this region.”