Colorado C-PACE announced today that the real estate asset management team for BOK Financial has engaged the CO C-PACE program to support financing of a comprehensive energy efficiency retrofit for the property at 3300 South Parker Road in Aurora. Energy efficiency upgrades will include a new chiller, cooling tower, air handling unit damper controls, HVAC controls, a bathroom plumbing overhaul, a new roof, a roof-mounted solar PV system, and LED Lighting.
Integro Strategic Finance and Bolder Energy Engineers worked with Brad Nelson, Senior Asset Manager for BOK Financial, to obtain $3.1 million in project financing from Community Banks of Colorado to complete the project. Nelson said, “We are excited about addressing the much-needed building improvements that will annually reduce greenhouse gas emissions by 835 metric tons. To put this in perspective, 835 metric tons are emitted by 182 cars that, on average, drive 2,099,169 miles per year. Over the next 30 years, the improvements will result in a reduction of 25,050 metric tons of greenhouse gas emissions.”
Jessica Lorentz, Senior Energy Engineer and Principal at Bolder Energy Engineers, said, “The cost savings over the useful life of the upgrades almost equals the cost of their installation, which is often the case when engaging in such a comprehensive energy project. We were able to help BOK Financial and the team realize that this was more of an investment opportunity than just a typical equipment replacement project.”
Grant Nelson, Principal at Integro Strategic Finance, added, “Given the tremendous energy savings that will flow from this project, the underwriting decision by Brad and his team to move ahead with the energy efficiency upgrades was very straightforward and financially sound. C-PACE financing provides building and business owners a compelling reason to improve their asset value, while providing highly efficient new equipment that solves tenant comfort concerns. We were thrilled to have been able to work with BOK Financial and bring such great value to the team on this project.”
Community Banks of Colorado provided the $3.1 million in financing for the project. Ryan Lee, Vice President of Commercial Banking with Community Banks, said, “C-PACE financing speaks to our guiding principles of common-sense banking. We are pleased to provide financing solutions for property owners’ and developers’ specific needs that may not be met by traditional loan products. It is also important to us that we help enable projects that benefit our local economy and the environment while safeguarding our natural resources for future generations.”
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 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 $475 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Trumbull, Connecticut.