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tweetLafayette, CO—Lodging Dynamics Hospitality Group, a hotel developer based in Provo, Utah, is building an energy-efficient hotel in Lakewood, Colo., with help from the Colorado C-PACE program. The $1.18 million in C-PACE financing will be used to incorporate various energy efficiency design features into the 67,500-square-foot, 128‐room Fairfield Inn and Suites.
This is the fourth ground-up new construction project in Colorado to use the state’s C-PACE program, which enables commercial property developers to secure affordable, long-term, non-recourse financing for up to 20 percent of their construction cost. To be eligible for C-PACE financing, the developer must design the building to meet or exceed IECC 2015, an international energy conservation code that fosters energy conservation through efficient building design.
CleanFund, a C-PACE lender located in Sausalito, Calif., originated and funded the project, which totaled $1.18 Million. Since the C-PACE improvements were complete upon closing of the C‐PACE financing, one lump sum reimbursement was made to the property owner. The project is expected to generate $41,400 in annual energy savings and annual CO2 reduction of 1,180 tons.
“We were pleased to fund the energy-efficiency portion of this new construction project in Lakewood,” said Chris Robbins, managing director at CleanFund. “Incorporating efficiencies into the building is a smart move, since high-performing buildings are less costly to run and more valuable than their inefficient peers. The C-PACE program makes it economically attractive to build efficient buildings, so it’s a win for everyone involved.”
“C-PACE financing was a critical component in our effort to develop a more environmentally friendly hotel,” said Cory Turner, Dynamic City Capital’s co-founder, and a managing partner. “A more efficient hotel is better for the environment, our guests, and our bottom-line. We love knowing our guests can stay rest assured that we are trying care for the environment. C-PACE financing makes that a reality.”
About Colorado C-PACE
A program of the Colorado New Energy Improvement District (NEID) administered by Sustainable Real Estate Solutions, Colorado C-PACE provides financing for energy and water improvements, including new heating/cooling systems, lighting, water pumps, insulation, and renewable energy projects for commercial properties. 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. Visit copace.com for more information.