Lafayette, CO—Colorado C-PACE announced today that Kinseth Hospitality and the Frew Development Group has secured additional CO C-PACE financing for the development of a 117-unit, 106,642 SF hotel located at 122 Lake Dillon Drive in Dillon, CO.
Stonehill PACE, a C-PACE lender headquartered in Georgia that specializes in hospitality financing, in partnership with Peachtree Hotel Group provided $6 million in C-PACE financing for the project. This is the largest single-property project financed by CO C-PACE to date.
Denver-based Group 14 Engineering was responsible for the energy savings analysis, which projects energy consumption savings 11 percent higher than the IECC 2015 energy code baseline. Susan Reilly, President of Group 14 Engineering said, “The beauty of Colorado’s C-PACE program is that it drives developers and design teams to consider cost-effective, state-of-the-art energy efficiency measures in their initial design so that they can realize substantial cost savings from the get-go.”
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 $390 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Trumbull, Connecticut.