Lafayette, CO—Colorado C-PACE announced today that Chief Cornerstone Properties will replace its electric reheat system with a new high-efficiency gas boiler at their 15,817 sq. ft. building located at 4650 Royal Vista Circle in Windsor. This is the first C-PACE financed project located in Larimer County.
Ryan Behm, managing member of Chief Cornerstone Properties, said, “We had been wanting to switch from electric to gas at this property for some time, but traditional financing options simply did not provide an adequate return on investment. Then Mark Shadowen of Air Comfort, Inc. introduced us to Colorado C-PACE. We realized C-PACE financing could enable us to move ahead with an energy-efficient, environmentally beneficial and much-needed upgrade. What’s more,” Behm added, “Colorado’s C-PACE program offers open-market access to a deep roster of prequalified financial institutions, meaning that we could be confident that we would move ahead with the most attractive financing option.”
Because of his long-standing relationship with the Bank of Colorado, a family-owned community bank and the current mortgage holder for this property, Behm approached his loan officer, James McGrath, about financing the project through the C-PACE program. As it turned out, he learned that the Bank had recently financed a C-PACE project for another customer, understood the program’s benefits, and promptly agreed to finance the $223,000 project.
McGrath said, “This is the second C-PACE project we’ve financed, and we’re delighted to once again help a long-time client pursue energy-efficient upgrades that increase their asset’s value and, at the same time, benefit the community. Colorado C-PACE is a community-centric financing program that is in lock-step with our commitment to assisting local businesses to thrive.”
Shadowen, of Air Comfort, Inc. said, “We know from experience that even though this project will generate savings of $362,312, most owners are reluctant to make the large, upfront capital outlay required to move ahead. But thanks to C-PACE, energy savings from this project, financed over 20 years at such an attractive rate, will cover the project cost. C-PACE financing benefits all interested parties, and we will definitely promote the use of this great financing tool in projects to come.”
Sean Carpenter, Climate Economy Advisor in the Economic Health Office at the City of Fort Collins said; “The C-PACE program provides an incentive for investments that lower greenhouse gas emissions, increase property values, promote energy efficiency, and create local jobs.” He added, “Having an active C-PACE program provides an incentive for businesses to locate or expand their business in Larimer County. Given all the benefits to owners of commercial real estate, we encourage any local business looking at energy-related upgrades to discover what the C-PACE program can do for them.”
Colorado New Energy Improvement District Chairman Andrew Sand said, “It’s always gratifying to see a new county not only opt into the C-PACE program, but then have a shovel-ready project that demonstrates the value proposition that results from low-cost, long-term financing for energy improvements. We hope to support many more Larimer County C-PACE projects in the future.”
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.