Lafayette, CO—LN Hospitality Denver, a premiere hospitality company, is building an energy-efficient hotel in Aurora with help from the Colorado C-PACE program. The company will use C-PACE financing to install an energy-efficient HVAC system, water-heating system, and indoor and outdoor lighting at its new 82,398-square-foot Courtyard by Marriott, located at 255 North Blackhawk Street.
This is the third 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.
Twain Financial Partners, an investment management firm and C-PACE lender located in St. Louis, Mo., originated and funded the project, which totaled $3,913,475.
“We were pleased to fund this Colorado C-PACE project,” said Andy Meyer, director of PACE financing at Twain Financial Partners. “High-performance buildings are more competitive and more comfortable than their inefficient peers, and it’s far easier to build efficiencies into a project from the outset, rather than retrofit the building later. We encourage all developers to look into C-PACE for new construction. There are so many benefits, including the ability to include both hard and soft costs, that make it a compelling option.”
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.