Lafayette, CO—Colorado C-PACE announced today that Palmer Properties used C-PACE financing for the second time this year. For this project, the group is using the financing to fund a roof and HVAC system upgrade on their Fort Collins retail facility located at 111 South Meldrum Street in Fort Collins.
Palmer Properties is a full service commercial real estate firm headquartered in Fort Collins, Colorado. The company has over 40 years of experience owning, investing, developing, and managing real estate in Northern Colorado and Wyoming. Palmer Properties engaged with FirstBank, one of the largest privately held banks in the US, which provided $85,000 in financing for the project through the C-PACE program.
James Wedding, Vice President of FirstBank, said, “As a community bank, the ability to offer C-PACE financing to our customers checks all the boxes for us. It has the potential to reduce the overall utility costs, improve energy efficiency and is a great tool for environmentally sound development. It is a win for everyone.”
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 $445 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Trumbull, Connecticut.