Business owner projected to save more than $113,000 in annual energy costs
Lafayette, CO, February 5, 2018—Brian McCarter, CEO of Sustainable Real Estate Solutions, which administers the Colorado commercial property assessed clean energy (C-PACE) program on behalf of the New Energy Improvement District (NEID), today announced that two new projects have been financed through the program. Ogilvie Properties, a Denver-based commercial real estate investment company, will use C-PACE to upgrade two of its commercial properties in Denver with equipment that is projected to save the company more than $113,000 in energy costs each year.
Denver-based Integro originated the projects, secured the financing, and will manage the projects for both properties, which were built in the 1970s. The first, a 97,395-square-foot office building located at 3300 East First Avenue, will be retrofitted with new variable speed drives, new energy-efficient lighting, a new energy management system, and roof insulation. The second, a 127,715-square-foot office building located at 1720 South Bellaire Street, will receive a new HVAC system and controls, high-efficiency lighting, envelope insulation, and window glazing.
ANB Bank, a regional bank with locations in Colorado, Wyoming, and the Kansas City metro area, funded the investments, which total $626,466 and $1,664,631, respectively, and include all hard and soft costs, through Colorado C-PACE. A public-private partnership designed to help building owners and real estate developers finance energy efficiency projects with affordable, long-term, non-recourse financing, C-PACE relies on private capital providers, and not taxpayer dollars, to fund projects.
“C-PACE is a great program for property owners to leverage potential energy efficiency savings and redirect the same dollars to improving building systems,” said Keirstin Beck, a principal with Integro. “The program is designed to incentivize commercial property owners to proceed with more efficient measures when replacing aging building systems.”
“When it comes to leasing office space in Denver, businesses have many options,” said Stuart Ogilvie, the founder of Ogilvie Properties. “Updating our buildings to make them energy efficient made sense, since sustainable buildings are more comfortable and therefore more attractive to tenants. Because the state’s C-PACE program is designed to make these types of projects affordable, financing the project through the program was an easy decision. The fact that we reduced our energy bill and are making the air in Denver that much cleaner is icing on the cake.”
“It feels good to add another product to the financing options we can offer the commercial real estate community,” said Matt Baldner, a senior vice president with ANB Bank. “Too, we like that these projects end up really providing some great community benefits. We all benefit from a reduction in greenhouse gas emissions; both of these projects collectively offset annually more than 19,000 tons over the 20-year finance term, which is equivalent to removing 3,693 cars from the road for one year. That’s incredible.”
About Colorado C-PACE
Colorado C-PACE facilitates 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 20 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.
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 $130 million in C-PACE financing nationwide—a level unmatched in the industry. SRS empowers C-PACE public-private partnerships across the country, including programs in California, Colorado, Connecticut, Ohio, Oregon, Rhode Island, Utah, and Virginia. The company is based in Trumbull, Connecticut.