Lafayette, CO—Colorado C-PACE announced today that Urban Green Development (UGD) will use C-PACE financing to incorporate energy-efficiency design features at Parkview Residences, a new 45-unit residential condominium community located on South Reed Street in Lakewood, Colorado. The C-PACE program encourages developers to build energy-efficient buildings by facilitating access to long-term, non-recourse financing for up to 20 percent of their construction budget.
Denver-based UGD which creates, designs, and develops environmentally responsible real estate projects, has several C-PACE-financed projects under its belt. “We strive to develop properties in partnership with the environment and community,” said Scott Kiere, principal of UGD. “We specialize in building modern, attainable and energy-efficient residential units and mixed-use projects. The Colorado C-PACE program is vital to the development of our projects.”
Nate Sandberg, Project Manager for UGD, added “Developers are always searching for better ways to raise and deploy capital. The C-PACE program allowed us the opportunity to finance increasingly important sustainability measures into our project. It was the mechanism that allowed us to blend capital efficiencies with doing the right thing. It’s very cost-effective to build energy efficiencies into new buildings with C-PACE financing. This is a great program that definitely motivates developers to build green from the get-go.”
Lever Energy Capital, a provider of C-PACE financing nationwide, provided the $2 million C-PACE financing for this project. “Colorado is our backyard and we are always pleased to fund Colorado C-PACE projects,” said Mark Boyer of Lever Energy Capital. “More and more developers are seeking C-PACE financing for new construction projects. The many benefits, including a lower cost of capital and the ability to cover both hard and soft costs, make it a compelling financial option while encouraging energy-efficient development.”
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 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 $200 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Trumbull, Connecticut.