Lafayette, CO—Colorado C-PACE announced today that Clark Broadway Building, LLC closed on the first C-PACE loan in Prowers County. The property, located at 201 South Main Street in Lamar, CO, engaged the program to help finance major renovations to their recently acquired, 84-year-old Max Hotel building. Funded upgrades include new windows, new HVAC equipment, electrical upgrades, new LED lighting, and an overhaul of the plumbing system. Clark Broadway engaged Group 14 Engineering to perform energy analysis for the project. C-PACE financing was provided by Greenworks Lending from Nuveen.
Jarod Clark of Clark Broadway said, “When you acquire a building this old you know that major renovations to its mechanical and electrical systems and building envelope will be required. My goal as an investor is to maximize efficiency and visitor comfort. Colorado’s C-PACE program allows a property owner to achieve that goal, while turning the pent-up demand into an investment opportunity.”
Celeste Cizik, Principal of Group14 Engineering, said, “The energy-efficient design will reduce operating costs and meet the energy performance requirements of C-PACE financing. Over the life of the improvements, the forecasted energy savings are expected to exceed $200,000.”
Sean Ribble, Senior Director at Greenworks Lending from Nuveen which provided the $452,000 in C-PACE financing for the project, said, “This exciting historical rehabilitation is exactly what C-PACE was designed for. These improvements will create a vibrant mixed-use property for the community to enjoy.”
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 Energy Performance Improvement Calculator (EPIC™) tool 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 over $500 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Newtown, Connecticut.
About Greenworks Lending from Nuveen
Greenworks Lending from Nuveen is the leading provider of Commercial Property Assessed Clean Energy (C-PACE) financing in the country. Led by several of the industry’s founding policy developers and standard-setters, Greenworks Lending is a private capital provider uniquely dedicated to funding commercial real estate through C-PACE. Greenworks has provided financing to hundreds of commercial properties and is active in more than 25 states, making clean energy a smart financial decision for commercial property owners and developers nationwide. For more information, visit www.greenworkslending.com.