Commercial Office Condominium Finances Energy Efficiency Measures through Colorado’s C-PACE Program

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Lafayette, CO—Colorado C-PACE today announced that the Commons at Inverness, located in Centennial, will utilize C-PACE financing to install multiple energy-efficient measures throughout the building. Improvements to the 51,148 sq. ft., two-story office building include a new boiler, new rooftop air conditioning units, new air handling units with variable air volume controls, an energy management system, LED lighting, window film, and a new insulated roof.

Building Energy Performance (BEP), a C-PACE Project Developer based in Boulder, CO, worked with the building’s multiple office condominium owners to design the project and successfully secure the project financing. “These projects can be a challenge to any contractor because of the need to balance the needs and constraints of all of the owners involved,” said Ian Harrison of BEP. “But Colorado’s C-PACE program showed us once again why it’s one of the leading C-PACE programs nationwide. They worked diligently to help us find a solution for each challenge that we faced.”

Once again BEP partnered with Long Building Technologies and DMA Engineering to develop the solution and solve engineering design challenges inherent to older buildings. “Complimentary skills and a commitment to working as a team in the best interests of our clients are essential to the development of a sound project,” added Harrison.

These comprehensive energy efficiency improvements were developed for the 5 individual owners of the business condominium block with the support of the RISE Property Management team. “RISE Property Manager, Sam Gerlach, provided outstanding stakeholder management over the 9 months this project took to develop, and Jim White’s huge experience ensured a smooth handover to RISE, as they pick up the project management,” said BEP’s Ian Harrison.

The project is expected to save more than $1 million in energy costs over the average 20-year useful life of the equipment and, once installed, are estimated to increase the value of the building by more than $500,000.

Berkley Bank, a family-owned and operated community bank based in Englewood, provided the 20-year C-PACE financing. Mark Nelson, Senior Vice President of Berkley Bank said; “As a community bank, we are committed to finding quick and creative solutions for our clients. So, when Building Energy Performance came to us with this C-PACE project, we were thrilled to have the opportunity to learn about C-PACE and be able to offer it to the Commons at Inverness. Looking ahead we see this as a great option we can offer our growing customer base and anticipate many more projects will qualify for C-PACE financing in the future.”

 

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.

About SRS

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.