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tweetLafayette, CO—Colorado C-PACE today announced that the York 38, LLC team of Fred and Jerry Glick and partner Ben Valore-Caplan, Denver real estate developers and owners, will use C-PACE financing to install energy efficiency upgrades to their office building at 3840 North York Street, Denver. This will be the Glick’s second C-PACE project. Upgrades to this 21,731 square-foot office building will include new energy-efficient HVAC equipment, LED lighting, and double-pane windows. These improvements will result in a projected 35% reduction in the building’s annual energy use.
Having recently used C-PACE financing for construction of a new 54,950 sq. ft. mixed use project, the Glicks knew that C-PACE was the way to go when addressing energy-efficiency concerns they have with their aging building on North York Street. Fred Glick noted, “We needed to replace our windows, but our analysis suggested new windows would have a 242-year simple payback, which is a very poor return on investment. However, by adding lighting and new HVAC equipment and using 100%, 20-year C-PACE financing, the project became much more attractive.”
The $490,000 project is one of several C-PACE projects to be financed recently by FirstBank. “Colorado’s C-PACE program has grown by leaps and bounds over the last few years,” Jeremy Behm-Meyer, Senior Vice President of FirstBank, said. “As a community bank, we are thrilled to be able to offer C-PACE financing to our customers because it checks off so many boxes for us. It increases the building’s asset value, reduces the owner’s utility costs, improves tenant comfort, and encourages environmentally sound development. It’s 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 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.
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.