Lafayette, CO—Colorado C-PACE announced today that Centre Point Properties, a Denver-based portfolio owner/investor, will install multiple energy-efficiency improvements throughout their 83,018 sq. ft. high-rise building known as The Forum, located at 425 South Cherry Street in Glendale, CO. The project includes capital-intensive upgrades such as a new roof and elevator modernization, as well as LED lighting and controls optimization.
“Working with Keirstin Beck, Founder and Principal at Integro, made financing our project through Colorado C-PACE easy,” said Tucker Manion, President and Founder of Centre Point Properties. “Thanks to this innovative program we were able to install a new roof and other energy efficiency upgrades with no money down and a 20-year financing term. What could have been a financial burden became an affordable investment. Better yet, should we decide to sell the property, the repayment obligation can pass to the new owner. C-PACE was definitely created with building owners and investors in mind.”
The project is expected to save more than $1.26 million in energy costs over the useful life of the equipment and, once installed, is estimated to increase the value of the building by more than $780,000.
Bellco Credit Union, one of the largest credit unions in Colorado, provided the $1.2 million in C-PACE financing. Susan Rice, Senior Director of Business Services at Bellco, said, “This is our third financing effort for a Colorado C-PACE project. Once again, we are impressed with how well C-PACE projects come together. We were able to offer Centre Point a low-rate, long-term loan, allowing them to make energy-efficiency improvements that will, over the life of the project, reduce greenhouse gas emissions by over 7,900 tons, a significant benefit to our community.”
About Colorado C-PACE
A program of the New Energy Improvement District (NEID) administered by Sustainable Real Estate Solutions, Colorado C-PACE facilitates financing for energy and water improvements in new and existing commercial buildings, including new heating/cooling systems, lighting, water pumps, insulation, and renewable energy projects. C-PACE offers long-term financing that covers 100 percent of the project cost and is repaid over a period of up to 25 years. The payments are structured as a regular line item on the property tax bill. When a property is sold, the C-PACE assessment can stay with the property and transfer to the new owner, who enjoys the ongoing utility cost savings associated with the project.
Sustainable Real Estate Solutions (SRS) partners with state and local governments to administer commercial property assessed clean energy (C-PACE) programs. Founded in 2010 by experienced commercial real estate and energy efficiency professionals, the company’s proprietary technology-enabled PACEworx™ Platform streamlines the management of the data-intensive C-PACE technical and financial underwriting process. SRS’s Investor Confidence Project-credentialed quality assurance methodology has facilitated more than $175 million in C-PACE financing nationwide—a level unmatched in the industry. SRS empowers C-PACE public-private partnerships across the country. The company is based in Trumbull, Connecticut.