Lafayette, CO—Colorado C-PACE announced today that Kinseth Hospitality and the Frew Development Group leveraged C-PACE financing provided by Stonehill PACE to develop a 117-unit, 106,642 SF hotel located at 122 Lake Dillon Drive in Dillon, CO. This is the first C-PACE project in Summit County.
Denver-based Group 14 Engineering was responsible for the energy savings analysis, which shows the proposed design for the hotel is predicted to have energy consumption reduction of greater than 11 percent as compared to the IECC 2015 energy code baseline. Celeste Cizik of Group 14 Engineering said, “The beauty of Colorado’s C-PACE program is that it drives developers to consider the most cost-effective, state-of-the-art energy efficiency measures in their initial designs so that they can realize the cost savings from the get-go.”
Stonehill PACE, a direct lender headquartered in Georgia, provided $2.4 million in C-PACE financing towards the construction of the hotel. “Kinseth Hospitality, a proven leader in hotel development, had extensive knowledge of C-PACE financing and was highly motivated to secure it,” said Connor Murch, Director of Business Development for Stonehill PACE. Murch added, “This was an excellent project for our PACE-lending program and we look forward to many more in the future.”
Michael Wurzel, Sustainability Coordinator for Summit County Government, said, “We are thrilled to have this first C-PACE financed project in our community. C-PACE represents a tremendous financing option for building owners and developers in Summit County, and we anticipate many more projects like Homewood Suites will emerge in the coming months and years.”
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 $265 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Trumbull, Connecticut.