Lafayette, CO—Colorado C-PACE announced today that LCP Development for the second time this year will leverage C-PACE to finance major energy-efficient upgrades, this time for their recently acquired 73,197 sq. ft. office building located at 777 Grant Street in downtown Denver. The project includes capital-intensive improvements such as HVAC unit and water heater replacement, LED interior lighting installation, and plumbing upgrades.
LCP Development CFO Gail Quan noted, “The building, built in 1959, offers distinctive architecture, but needed an extensive overhaul of its environmental systems. Including C-PACE financing in our capital stack allowed us to complete these necessary upgrades and reposition the building as an integral part of this vibrant district.”
Group14 Engineering supported LCP with engineering and energy savings analysis, and Greenwood Village-based Integro, PACE specialists for commercial property owners, provided LCP with project development and consulting services.
The $1.1 million C-PACE portion of the capital stack for this project is being provided by Citywide Banks, a Denver-based community bank that also funds C-PACE projects in Colorado. Mark Job, Senior Vice President, Commercial Banking at Citywide, said, “As a community bank, we are highly motivated to assist local developers and owners in their new construction and rehab projects.” He added, “Colorado’s C-PACE program encourages energy efficiency building upgrades through long-term, low-rate financing, which, in turn, improves their communities. It’s a perfect partnership for us, and we look forward to more 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 $180 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.