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tweetLafayette, CO—Colorado C-PACE today announced that B&R Plastics, a precision plastic design manufacturer, will use C-PACE financing to replace the aging roof of its 168,000 sq. ft. facility located at 4550 Kingston Street in Denver.
B&R Plastics considered a number of options to pay for the $1.4 million roof replacement. Darrell Kulzer, Vice President of B&R, said “At the end of the day, the 20-year, fixed-rate term available through C-PACE provided maximum flexibility for our business moving forward.”
Building Energy Performance, a C-PACE Project Developer based in Boulder, CO, worked with B&R to quickly and successfully secure the project financing. “C-PACE capital offers truly unique and attractive terms for building owners that have to handle necessary capital improvements,” said John Bernhardt of Building Energy Performance. “Given the low-risk, long-term, and transferrable nature of C-PACE financing, every building owner should be exploring this mechanism.”
Citywide Banks, a Denver-based community bank that has funded several C-PACE projects in Colorado, provided the 100 percent, 20-year financing to B&R Plastics. Terry NeSmith of Citywide Banks said “the owner truly leveraged all that C-PACE offers. We are thrilled to once again offer C-PACE financing to a local business in need of a new roof, and to do so in a timely manner and with competitive terms.”
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 $175 million in C-PACE financing nationwide—a level unmatched in the industry. SRS empowers C-PACE public-private partnerships across the country. The company is based in Trumbull, Connecticut.