“When it comes to leasing office space in Denver, businesses have many options,” said Stuart Ogilvie, the founder of Ogilvie Properties. “Updating our buildings to make them energy efficient makes sense, since sustainable buildings are more comfortable and therefore more attractive to tenants. I’ve tapped the program five times, and will continue to do so whenever I can. It has saved Ogilvie thousands of dollars in out-of-pocket expense, improved the comfort of our tenants and reduced energy bills.”

Denver-based Integro partnered with Ambient Energy to develop and manage the project for Ogilvie Properties. Built in 1975, the building will be retrofitted with a full array of energy efficiency improvements including new HVAC equipment, boilers, pumps, variable frequency drives, a new building automation system, elevator modernization, water efficient plumbing fixtures, LED lighting, and other high efficiency building system improvements.

“C-PACE is a great program for property owners. It encourages them to use energy efficiency cost savings to help pay for improved building systems,” said Keirstin Beck, a principal with Integro. She added, “The improvements planned for this building will save energy, reduce costs, extend the life of the building, and ensure tenant comfort. It’s a win for everyone involved.”

Linda Morrison, Building Performance Engineering Team Leader at Ambient Energy, said, “Our mission is to inspire better buildings where people thrive—a sentiment that everyone working on this project shares.”

Community Banks of Colorado provided the financing for his project. Ryan Lee of Community Banks said, “C-PACE is a relatively new offering for our bank, but it’s easy to see why it is so popular. Along with the tremendous benefits it offers to building owners it create jobs and provides cleaner air for the 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.

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 Energy Performance Improvement Calculator (EPIC) 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 $388 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Trumbull, Connecticut.

The post Ogilvie Properties of Denver to Utilize C-PACE Financing to Upgrade the Energy Efficiency of its Quebec Street Property appeared first on RI C-PACE.

Rohit Dand, President of Cimarron Hospitality, who pursued C-PACE financing during the construction phase of the project, said, “Utilizing innovative sources of financing like C-PACE to offset the economic impacts of COVID-19 made terrific sense to us.” He added, “While building green is the right thing to do environmentally, including efficient design features has the added benefit of slashing thousands of dollars off of utility bills for years to come.”

Architectural Engineering (AE) Design Group of Denver, Colorado, was tasked with the design and compliance reporting required by the C-PACE program. Eric Reitan of AE Design said, “The high efficiency HVAC and lighting systems we incorporated into the design not only made the project eligible for C-PACE financing but will also provide the owners with a truly impressive bottom line.”

Stonehill PACE, a direct lender headquartered in Atlanta, Georgia, provided $1.6 million in C-PACE financing for the hotel. Jared Schlosser, Vice President of Stonehill PACE, said, “Cimarron Hospitality, already aware of the long-term, low-interest financing provided by CO C-PACE, was highly motivated to secure this attractive financing through us.” He added, “This was another excellent project for our PACE-lending program and we look forward to many more 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.

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 Energy Performance Improvement Calculator (EPIC) 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 $380 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Trumbull, Connecticut.

The post Longmont’s New Hilton Garden Inn to Utilize Colorado C-PACE Financing Program appeared first on RI C-PACE.

The Hotel Indigo, which will have 115 guest rooms on four levels, will be located on Blue River Parkway in Silverthorne. The 70,000 square-foot building will include a restaurant, indoor pool, fitness area, guest laundry, and meeting rooms.

Owner/developer Mike Works said, “The combination of recent wild-fires and Covid-19 has made some capital partners wary of new construction investments. CO C-PACE was perfect for us as it offers long-term, low-interest financing and it was the perfect solution for this project. PACE Equity provided project development services, the savings analysis required by C-PACE, and the funding for us. Based on that work, they forecast energy savings of 13.8% over the baseline design – which is a win for us and for the environment.”

Milwaukee-based PACE Equity funded the project and utilized their Fast Track^TM process, which provides owners and real estate developers an end-to-end solution for utilizing C-PACE financing. Mike Harris, PACE Equity Managing Director for Nebraska, said, “This was a great project to be a part of and we appreciate our collaboration with the REV Development team.” Harris continued, “PACE Equity financing is a fantastic tool for developers and building owners who may be finding access to capital more difficult given the impact of COVID-19. Our solution is an alternative source of long-term, fixed-rate, non-recourse financing that helps developers and owners preserve their equity and increase their returns. PACE Equity prides ourselves on our holistic process that keeps things simple for our clients and provides certainty around financing terms and funding.”

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.

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 $375 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Trumbull, Connecticut.

The post New Boutique Hotel in Summit County to Utilize Colorado C-PACE Financing Program appeared first on RI C-PACE.

Barr said, “Agriculture today is all about using technology to enhance sustainability and reduce environmental impact.” He added, “That’s what makes C-PACE financing, with its focus on energy efficiency, a natural fit for those of us pursuing state-of-the-art agriculture. CO C-PACE made it possible for our project to qualify for a long term, low interest loan that will fund 20 percent of the total project construction cost. We pursued C-PACE financing from the start and without a second thought, and it did not disappoint.”

Barr collaborated with Musik Built LTD for the development, design, and analysis support. The project was brought to the program by San Francisco-based Dividend Finance, who subsequently partnered with Greenworks Lending for the financing.

Lucas Nagy, Vice President of Business Development with Dividend Finance, said, “When C-PACE programs were first developed, only retrofit projects were eligible. That’s changed so now we’re seeing new construction projects of all types tapping into C-PACE financing.” He added, “The bottom line is this: if you want your building, whether existing or new, to minimize energy consumption with energy efficient heating, cooling, lighting, then C-PACE is the way to go.”

According to Sean Ribble, Director of Business Development with Greenworks Lending, “C-PACE programs nationwide are growing by leaps and bounds. These programs have proven themselves to be versatile and adaptive opportunities for our clients, in addition to being a major asset to local businesses and their communities, time and time again. We look forward to C-PACE’s continued expansion and benefits that these programs provide to the global sustainability effort.”

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.

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 $375 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Trumbull, Connecticut.

The post Spring Born Will Utilize Colorado C-PACE to Fund Energy Efficiency Measures at its new Greenhouse in Silt, Colorado appeared first on RI C-PACE.

Shane contracted Nebraska-based Panhandle Solar to install the equipment. Roger Bacon, the owner of Panhandle Solar, said that this project was their first to utilize C-PACE financing. “Over the past few years, we’ve heard a lot about C-PACE and really wanted to learn more. When Shane approached us and suggested using C-PACE to finance the project, we were all in.” He added, “We expected there to be something of a learning curve, but Colorado’s program is mature and well-run. As a result, it was smooth sailing all the way. When our customer is happy, we’re happy – and we are very pleased with the way this project turned out.”

Adams Bank & Trust provided the financing needed to install the improvements. This project was also the first time Adams Bank has provided financing for a C-PACE project. “We are excited to have our team experience the tremendous benefits of C-PACE financing first-hand,” said Drew Krab, President of Commercial Banking at Adams Bank & Trust. Tim Kraich, Senior VP of Adams Bank & Trust in Sterling, added, “Shane wanted to install a solar array, and with C-PACE’s long-term, low-interest rate financing, he was able to both achieve this  goal and make other energy-efficient improvements in one fell swoop, with no out-of-pocket expense.  Moreover, at Adams, we are already engaged in other potential C-PACE projects and are looking forward to working with the program for many years to help better serve our customers.”

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.

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 $375 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Trumbull, Connecticut.

The post Horizon Motorsports Installs Solar Array and Energy Efficient Measures Using Colorado’s C-PACE Program appeared first on RI C-PACE.

Owner Rob Baer said, “While we were exploring funding options for this project, we learned of the CO C-PACE program which provides both attractive rates and long-term financing for energy efficient buildings. By incorporating C-PACE financing, we were able to improve the building’s energy performance and reduce the hostel’s greenhouse gas emissions by over 465 tons – a feature we are proud to promote to our prospective guests and the community.”

The Baer’s partnered with Energetics Consulting Engineers LLC (ECE) for project development and the savings analysis. Elizabeth Gillmor, principal and founder of ECE, said, “The design is forecast to exceed the baseline code compliant model by 5.1 percent, which exceeds Colorado’s C-PACE program requirements for new construction. This means we can tap C-PACE financing for up to 20 percent of the total construction costs.” She added, “This is ECE’s first C-PACE project and we are delighted with the financial and environmental benefits provided by this innovative financing program.”

The Baers contracted Colorado-based Himmelman Construction to build the hostel. Justin Black, Project Manager at Himmelman, said, “In spite of the pandemic, this project is moving full steam ahead and demonstrates that innovative growth and development are alive and well in Colorado.”  He added, “We have been interested in learning more about the C-PACE program and now, with the experience of this first project, we have learned first-hand what an amazing program Colorado has brought to benefit the state’s economy.”

Lever Real Estate Capital LLC, a provider of C-PACE financing nationwide, provided the $2.8 million financing. “Colorado is our backyard and we are always pleased to fund Colorado C-PACE projects,” said Mark Boyer of Lever Real Estate Capital. He added, “More and more developers are seeking C-PACE financing for new construction projects. The many benefits, including a lower weighted average cost of capital and the ability to cover both hard and soft costs, make it a compelling financial option while encouraging energy-efficient design.”

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.

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 $325 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Trumbull, Connecticut.

The post New Hostel in Summit County to Utilize Colorado C-PACE Financing Program appeared first on RI C-PACE.

Mr. Steven, CEO of Genesis Health Clubs, said; “Watching expenses has always been important, but Covid-19 has made cost control even more important to us. While the new roof was necessary after having been damaged in a storm, the timing for such a substantial cash outlay was not ideal. By combining the roofing project with an efficient new HVAC system, which will improve indoor air quality for our members, and using C-PACE to finance the project, we transformed an unwelcome expense into a long-term investment. CO C-PACE with its 100 percent, 25-year financing was the key to making this project work.” He added: “Using this program to support these needs was a no-brainer for us.”

Genesis Health Clubs partnered with Pure, Ltd. for the project development. Kacey Parker, owner of Pure, Ltd., said; “We are seeing more and more of these projects where new high efficiency HVAC equipment can benefit from the added cash savings, which, when combined with the benefits of C-PACE financing, makes it possible for our customer to sign off on a much-needed project.”

Pure, Ltd. worked closely with ECO Roof & Solar on the development of the project scope and related cost savings analysis.

Financing is being provided by Minnesota-based PACE Loan Group. Rafi Golberstein, CEO of PACE Loan Group, and his team have been working hard to finance their first project in the Colorado C-PACE market. Golberstein said; “We are excited to be a part of the Colorado C-PACE program, particularly during the trying times imposed by Covid-19. Programs like this can provide a unique solution for building owners looking to fill a gap in their lending options. We look forward to funding many more projects in our Colorado pipeline using C-PACE over the coming months and years.”

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.

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 $315 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Trumbull, Connecticut.

The post Fort Collins Health Club Installs New Roof and HVAC Units through Colorado’s C-PACE Program appeared first on RI C-PACE.

Read the full article in the New England Real Estate Journal.

The post Rhode Island Infrastructure Bank’s Commercial Property Assessed Clean Energy provides valuable financing for new construction appeared first on RI C-PACE.

“RI C-PACE financing has helped twenty-six buildings make upgrades and offset their energy costs,” said Jeffrey Diehl, CEO of Rhode Island Infrastructure Bank. “The Providence Marriott project is one of the C-PACE program’s largest loans to-date.”

The energy efficiency upgrades will offset the facility’s energy consumption. Over the 18-year financing term, the hotel is expected to reduce its carbon footprint by 12,945 metric carbon tons, a figure equivalent to the annual energy output of 1,500 Rhode Island homes.

Read the full article in the New England Real Estate Journal.

The post Infrastructure Bank closes $2.5m loan with Providence Marriott Downtown appeared first on RI C-PACE.

Read the full article of how Rhode Island Infrastructure Bank’s C-PACE program helps Rhode Island businesses make critical building upgrades while providing the financial flexibility to hire additional staff and pursue new opportunities.

The post Record growth demonstrates value of C-PACE funding appeared first on RI C-PACE.