Tonkon Torp is proud to help Friends of the Children unwrap its transformative $33 million gift from philanthropists Gary and Christine Rood. The Roods, based in Vancouver, WA, presented Friends of the Children with a three-year gift in the form of five debt-free commercial properties that Friends of the Children will resell in phases.
Friends of the Children was founded in Portland in 1993 by timberland investment pioneer Duncan Campbell and his wife Cindy. It has since grown into a national organization and works to break the cycle of generational poverty through its signature program of pairing paid, professional mentors with youth for 12+ years.
Tonkon Torp has enjoyed a decades-long relationship with Duncan, beginning with founding partner Terry Baker who helped incorporate the Campbell Group, Duncan’s forest management and timberland investing company. After Terry retired, Max Miller took over the relationship and Tonkon Torp continued to provide legal services to both Friends of the Children, and for the Campbell Group prior to it becoming Campbell Global. Max, who still works with Duncan and Cindy on legal matters, forged Tonkon Torp’s ties to the Campbell’s philanthropic work with at-risk children by joining the endowment committee for Friends of the Children in the 2000s.
When Terri Sorensen, CEO of Friends of the Children, was ready to actuate the Rood’s exceptional gift, she reached out to Max for guidance. Having just retired, Max introduced her to David Petersen, Chair of Tonkon Torp’s Real Estate & Land Use Practice Group. David will work with Terri over the next three years to ensure that the transfer of titles and resales of the five nationally-situated properties proceeds smoothly. Tonkon Torp is providing their services to Friends of the Children at a discounted rate to minimize the related transaction costs.
Yalda Bahramian, a Business Department associate, helped Friends of the Children form a new entity to receive title of the gifted properties. Jeanette Schuster, Chair of Tonkon Torp’s Environmental & Natural Resources Practice Group, handled the environmental due diligence on the first two properties prior to the title transfer to Friends of the Children, and David led the transactions which closed in mid-May 2023. The two properties were subsequently resold, generating over $8 million to fund Friends of the Children’s important work in our communities. The parties expect that the next two properties will be donated and sold in the third quarter of 2024, and the final property will be donated and sold in the first quarter of 2025.
Tonkon Torp is honored to support the work of visionary philanthropists like the Roods and the Campbells who are working to make our region and our country brighter for our youth.
Filed under Nonprofit Organizations, Community, Real Estate & Land Use