Blueprint was founded in 2009 by Seattle real estate veterans Mark Knoll and Dan Duffus to help local builders develop and finance small-scale residential housing. The simple idea was to create a better lending model—along with a technology platform and trusted brand—to serve the Seattle market.
The first (and obvious) part of our thesis was clear: That community banks have significant challenges lending to small-scale builders due in large part to new constraints under Dodd-Frank legislation and stricter FDIC regulations—a trend that is likely to continue. The second part of our thesis was that helping local builders with more than just financing would produce better results for them as well as our investors. This new “value-added” approach, applied to the entire project lifecycle, is the differentiating feature of Blueprint.
Building on our early success, we converted the company to a real estate investment trust (REIT) in 2013 to facilitate loan growth and develop rental property for our portfolio. Today, we are proud to have become Seattle’s leading REIT with the lowest loan default rate (zero) among our peer banking competitors.
Seattle is one of the most active real estate markets in the country. It provides key requirements for housing demand such as strong population, job and income growth. Within the Seattle market, we focus on urban “in-fill” development rather than suburban “tract” development. Urban housing is in high demand and more resilient to market cycles. And, recycling land in established neighborhoods reduces suburban sprawl—a much more environmentally-sustainable solution to growth.
Urban “In-Fill” Development
Urban “In-Fill” Development
Suburban “Tract” Development
In-fill development is dominated by small-scale, local builders. Blueprint’s innovative lending model serves this market by combining construction financing—which by itself is a commodity product—with value-added development services for an end-to-end builder solution.
Specifically, we support our customers through all four phases of the project lifecycle: Blueprint sources projects through our agent referral network, provides competitive financing, completes the plans and permits and helps market the project during construction. This integrated, co-operative approach increases builder productivity and, in turn, reduces risk for our shareholders.
OUR REAL ESTATE HOLDINGS
In addition to lending, Blueprint develops residential income property for the REIT portfolio. Our relationship network produces many excellent opportunities for “build and hold” projects in the same urban in-fill neighborhoods that are close to transit, shopping and entertainment. Currently, we are focusing on studio apartment homes that are affordable for residents making 60-80% of the median area income. Key drivers for acquiring rental real estate are: Income diversity, capital appreciation and building a rental infrastructure in the event that we acquire and hold real estate through a loan foreclosure. Blueprint currently has over $100 million of apartment projects in its pipeline representing over 500 residential units.
Blueprint is owned by a large and diverse group of individual shareholders made up of our builder customers, management and individuals who value community investing. Our shareholders invest in the thriving Seattle real estate market through the leading real estate investment trust.Shareholder Info
the blueprint team
Blueprint is externally managed by Blueprint Capital Services, LLC. The founders, senior management and key support personnel average over two decades of experience in construction lending, real estate development and financial management.
CEO CloseMark Knoll
Mark is the chief architect of Blueprint’s business model and drives corporate strategy, marketing and software development. He has over 25 years of real estate lending, development and marketing experience.
In 2009 he co-founded Blueprint, directing over $900 million in construction loans and Blueprint’s 500-unit apartment pipeline. In 2003 Mark founded Knoll Development, a leading Seattle development and construction firm specializing in urban in-fill development. In 1992 he co-founded Bismark Mortgage Company, a private, construction lending firm. Mark graduated in 1988 from the University of Washington with a B.A. in mathematics.
Managing Director - Acquisitions Closedan duffus
Managing Director - Acquisitions206.933.7514
Dan leads Blueprint’s business development, including the acquisition, design and permitting of new projects. Dan has been in the real estate industry for over 30 years and has developed thousands of residential units.
In 2009 he co-founded Blueprint and has underwritten over 1,900 units for Blueprint builders and over 500 units for Blueprint’s portfolio. In 1997 he founded Soleil Development, a leading developer of over 1,000 residential units in Seattle. Prior to development, Dan spent 11 years in the title insurance business, including starting and growing Fidelity National Title Company’s Washington operation. Dan served on the Master Builders Association / Seattle Builder Council board of directors for 7 years.
Finance and Accounting
CFO and General Counsel CloseEric Graham
CFO and General Counsel206.933.7514
Eric is Blueprint’s chief financial officer and general counsel. He has more than 16 years of experience representing real estate investment trusts.
From 2009 to 2012, he was on the board of directors of EOS Preferred Corporation, a publicly-traded mortgage REIT. From 1997 to 2010, Eric represented REITs and other real estate companies in securities and corporate finance transactions as a partner with the law firm Goodwin Procter LLP. From 1991 to 1994, he practiced as a certified public accountant with KPMG LLP. Eric has a B.S. in accounting from Providence College and a J.D. from the Boston University School of Law.
Controller CloseTrina Mills
Trina leads the company’s day-to-day financial operations including all general ledger accounting, accounts payable, accounts receivable, payroll, reconciliation and reporting.
She is a long-time employee of the founders of Blueprint, having served since 2003 as the accounting manager and controller of various Blueprint affiliates. Trina has over 30 years’ experience in construction industry accounting including 10 years providing training and support for Budgetrac Systems, an enterprise accounting software program
Accountant ClosePamela Carpinelli
Pam provides bookkeeping and administrative services for Blueprint member builders including invoice processing, job cost coding, accounts payable and insurance certificate tracking.
She has over 14 years’ experience in administrative roles for local construction companies.
- Megan Bennett Accountant
Senior Manager - Loan Operations CloseJeanne Petershagen
Senior Manager - Loan Operations206.933.7514
Jeanne has managed Blueprint’s loan processing, funding and servicing since joining the Company in 2010. She has over 22 years of experience as a senior construction loan administrator.
From 1984 to 2000 she held senior processing and servicing positions at US Bank, West One Bank, Security Pacific Bank and Bank of America. Jeanne also has 9 years in the residential construction industry as a general contractor. From 2000—2009 she was a principal in Alexander Reed Construction, Inc., a closely held residential homebuilder in Snohomish County, WA.
Office and Event Coordinator CloseDebra Clang
Office and Event Coordinator206.933.7514
Deb manages Blueprint’s office administration. She coordinates company events and assists with special marketing projects.
Prior to joining Blueprint she spent 10 years in the culinary arts field and 10 years in a specialty dentistry office.
Construction Inspector CloseGary Petershagen
Gary performs monthly site inspections and progress reports on all Blueprint funded projects.
He has over 26 years’ experience in the construction industry with Belmark Industries, Alexander Reed Construction and CD2IS. Gary is a licensed real estate broker.
Acquisition, Design and Permitting
Director of Acquisitions CloseDarin Granger
Director of Acquisitions206.933.7514
Darin is responsible for new business development in Seattle and Kirkland including sourcing and underwriting new development opportunities for member builders.
Darin is a second generation homebuilder born and raised in the Kirkland area. He has over 19 years of in-fill development and construction experience and has built over 400 homes. The Granger family is well-known and well-respected in the Puget Sound homebuilding community. Darin was one of the founding builder members of Blueprint Capital.
- Caleb Walters Financial Analyst
Senior Manager - Design and Permitting CloseDave Biddle
Senior Manager - Design and Permitting206.933.7514
Dave is the team lead providing architectural design and permitting services for Blueprint member builders.
Inspired by a family history of residential construction, Dave studied Architecture and Structural Engineering at Lehigh University before completing the University of Washington’s Master of Architecture program. In 2004 he co-founded the award-winning design/development firm Pb Elemental and now brings over 15 years of design, construction and permitting experience to Blueprint.
Manager - Land Use and Permitting CloseLucas DeHerrera
Manager - Land Use and Permitting206.933.7514
Lucas provides project feasibility studies and permitting services for Blueprint member builders.
Prior to Blueprint, he spent 14 years at Seattle’s Department of Planning and Development including 7 years as a Senior Land Use Plan Reviewer. Lucas holds a B.A. in Community, Environment & Planning from the University of Washington.
- Taylor Straton Permitting Associate
- Derry Betts Design Associate
- Marc Divina Design Associate
- Erik Laag Design Associate
- Anthony Smith Design Associate
Portfolio Real Estate
Director of Construction CloseMike Burdo
Director of Construction206.933.7514
Mike manages construction of Blueprint portfolio projects. He has over 30 years’ experience in the Seattle construction industry including commercial, mixed use, condominium and retail projects.
From 2001 to 2015 Mike was a Vice President and Senior Project Manager of Compass Construction Management. From 1999 to 2001 he was a construction manager at Intracorp RE. Prior to that he had roles in multiple construction and development companies from 1974 to 1999. Mike has built over 25 multifamily buildings totaling 1,720 units.
Asset Manager CloseMatt Campbell
Matt is responsible for marketing, leasing and management of Blueprint portfolio real estate. He has been involved in multifamily real estate acquisition and management since 1989.
Matt’s experience includes working for Security Properties, Marcus and Millichap and HSC Real Estate Inc. While at HSC, he directed the acquisition of over 1,400 units with a market value in excess of $70 million and managed a portfolio of 30 market rate and affordable projects totaling over 3,000 units. He currently holds an ownership interest in over 1,900 residential units throughout the Western US. Matt has a degree in Finance and Marketing from the University of Denver and is a licensed real estate broker in Washington.
Project Manager CloseAndrew Withnell
Andrew coordinates and manages construction of Blueprint portfolio projects.
He has been in the construction industry since 2010, most recently with Holland Partner Group in Seattle as an associate project manager of two apartment buildings totaling 702 units. Andrew holds a B.A. in Economics from University of Maryland and Certificate in Construction Management from the University of Washington.
- Scott McSpadden Project Superintendent
- Mike Sanderson Project Superintendent
- John Dickinson Project Superintendent
- Kyle Stenson Project Engineer