Lafayette, CO—A local real estate developer will soon begin construction of a new 54,950-square-foot energy-efficient building that includes 25,588 square feet of office space, a 5,000-square-foot café, and 24,362-square-foot parking structure. FirstBank will provide $1.63 million in C-PACE financing to fund multiple high-performance design features, including high efficiency HVAC, envelope and lighting systems, incorporated in the new building.
The new building is owned by developers Fred and Jerry Glick of Denver. Fred Glick said, “The C-PACE financing provided by FirstBank made it possible to construct a very energy-efficient building with an attractive financing plan. Every step of the way,” he added, “the state’s staff, program administrator and FirstBank did a great job helping us navigate the end to end process.”
Jeremy Behm-Meyer, Senior Vice President of FirstBank, said, “This is the second project for which FirstBank has provided financing via Colorado’s C-PACE program. Our first project, which we closed last October, utilized C-PACE financing to replace aging equipment with new high efficiency equipment that is expected to save the property owner $1.2 million over the life of the equipment.” He added, “This most recent project offered us a unique opportunity to help one of our developer customers add C-PACE financing to the project’s capital stack and reduce their weighted average cost of capital. To be eligible for new construction 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. This project incorporates energy-efficiency measures that yield significant utility savings, create a more comfortable environment for the tenants, and increase the owners’ return on investment.” He noted, “at FirstBank we are very pleased to be a part of this program and we have several other deals in our pipeline.”
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 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.
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 $150 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.