Lafayette, CO—Colorado C-PACE announced today that Lakeside Office Park LLC is leveraging C-PACE financing for a major rehabilitation of their 115,719 sq. ft. Harlan Street office building known as Lakeside Office Park. The project includes the installation of chiller plant upgrades, HVAC upgrades, an energy management system, an LED lighting retrofit, and elevator modernization.
Richard Latham, company representative, said, “This building is almost 50 years old, it’s time for our environmental systems to be upgraded in energy efficiency and reliability for the tenants. At first, I struggled with how to finance the necessary upgrades without negatively impacting our bottom line. Colorado’s C-PACE program gave us access to long-term, low-rate financing for these energy efficient measures without any out-of-pocket expense. It’s the easiest decision I’ve ever made.”
Group14 Engineering provided engineering and energy savings analysis for this comprehensive project. Greenwood Village-based Integro Strategic Finance, PACE project specialists, coordinated all C-PACE related efforts on behalf of Lakeside Office Park LLC and advised them throughout the process. Grant Nelson, Principal at Integro Strategic Finance, said, “Our team worked with the owner for over a year to solve a number of issues. We were able to work with the owner through their refinance and get their CMBS lender to give a pre-approval on the C-PACE transaction. This project represents our 14th project in the Colorado market, and we appreciate the hard work that both Group 14, and Citywide Banks did to get the deal done.”
Celeste Cizik from Group 14, said, “We appreciate the opportunity to contribute to the development of these energy efficiency projects financed through the Colorado C-PACE program in terms of energy consulting, engineering and commissioning services. These projects provide tremendous value to building owners and their tenants and continues our mission to improve the built environment.”
Citywide Banks, a Denver-based community bank that has funded multiple C-PACE projects, provided the $1.35 million in C-PACE financing. Mark Job, Senior Vice President at Citywide Banks, said, “We are thrilled to once again assist a local owner to install environmentally-sound upgrades. Colorado C-PACE is a boon to both local businesses and communities, and we look forward to many more projects down the line.”
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 $255 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Trumbull, Connecticut.