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tweetLafayette, CO—Colorado C-PACE announced today that Palisade Partners will construct a new 159,819 sq. ft. building at 2600 Welton Street in Denver. The mixed-use building will contain multi-family, office and retail space. Palisade Partners, which focuses on central locations, environmental sustainability, community-centered developments, and high-quality design will use C-PACE financing in the capital stack for this new building.
Tim Welland, Partner and Director of Finance & Development at Palisade Partners said, “As developers with a long-time horizon, we are always looking for smart investments to reduce operating costs in our buildings over the long-term. In particular, we look for ways to create sustainable buildings, which has the added benefit of reducing those operating costs.” He added, “Adding C-PACE financing to our capital stack helped us to make these investments and realize these goals. It’s a tool we hope to use again in the future.”
Denver based Group14 Engineering provided the technical support and analysis necessary to qualify the project for C-PACE financing. Susan Reilly, President of Group 14, said, “The C-PACE financing will significantly reduce the building’s energy consumption and lower greenhouse gas emissions. It’s exactly the type of project that Group 14 likes to develop and promote.” She added, “This is a great project for the owner, the tenants, the City of Denver, and the environment.”
Taylor Roberts, building performance engineer for Group14 said, “Our mission is to inspire better buildings where people thrive—a sentiment that everyone working on this project shares.” Moreover, he added, “the design concepts and engineering we incorporated in this project will save energy and reduce costs. It’s a win for everyone involved.”
FirstBank, a privately held institution based in Colorado, provided $4 million in financing for the project. “FirstBank has been fortunate enough to finance seven C-PACE projects to date, and we continue to be impressed with the everybody-wins structure of these loans,” said Jarrod Schleiger, EVP of FirstBank. “Owners win by increasing their building’s asset value while reducing their utility costs and capital outlay. The community wins by reducing its carbon footprint. And we win by offering our customers low-risk financing and supporting FirstBank’s commitment to our home state’s growth.”
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 20 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.
About SRS
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.