Lafayette, CO—Colorado C-PACE today announced that Ken Fukayama of BHS properties, in partnership with Richard Snyder of Snyder Building Construction, will use the CO C-PACE program to finance construction of a multi-measure upgrade to the retail building located at 3400 South Broadway in Englewood. The building owners, Benjamin Schuessler and Jacob Cohlely, will use the financing to install LED lighting, energy efficient windows, new HVAC rooftop units and a high efficiency hot water heater.
Building owner representative Ken Fukayama of BHS Properties led the effort to develop the efficiency project through his partnership with Richard Snyder of Snyder Building Construction. At Fukayama’s request, Snyder became registered as a contractor with the program. Once the scope of work and cost of the project had been nailed down, Ken collaborated with PACE Equity to lock in C-PACE financing to fund the project.
“My focus is to increase the value of our real estate investments,” Fukayama said. “An obvious way to do that is by cutting costs and increasing operating income. C-PACE is an excellent tool to meet those goals. Once we were introduced to the program, we saw the benefits.”
Richard Snyder said, “My company caters to smaller-scale commercial construction with an eye toward timely and on-budget craftsmanship. With C-PACE, our clients no longer need put off energy-saving upgrades because of a poor return on investment or a lack of capital on hand. I will definitely be suggesting C-PACE financing for more of our projects in the future.”
PACE Equity provided over $592,000 financing for the project, which is estimated to reduce the building’s energy use by 17 percent and save the owners more than $143,000 in energy costs. Michael Leahey of PACE Equity said, “We are involved in nearly every active C-PACE market across the country, and we see more and more contractors, property owners, and developers realizing that economic benefits go hand-in-hand with environmental benefits when C-PACE financing is involved. For PACE Equity,” he added, “we anticipate financing many more projects with Colorado’s flourishing program.”
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 $175 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.