Lafayette, CO—Colorado C-PACE announced today that the Hotel Indigo in Silverthorne, Colorado, developed by Mike Works of REV Development, will use C-PACE financing to fund a portion of the capital stack required to construct this new boutique hotel. This is the second new construction hotel project for the Town of Silverthorne to leverage the CO C-PACE program.
The Hotel Indigo, which will have 115 guest rooms on four levels, will be located on Blue River Parkway in Silverthorne. The 70,000 square-foot building will include a restaurant, indoor pool, fitness area, guest laundry, and meeting rooms.
Owner/developer Mike Works said, “The combination of recent wild-fires and Covid-19 has made some capital partners wary of new construction investments. CO C-PACE was perfect for us as it offers long-term, low-interest financing and it was the perfect solution for this project. PACE Equity provided project development services, the savings analysis required by C-PACE, and the funding for us. Based on that work, they forecast energy savings of 13.8% over the baseline design – which is a win for us and for the environment.”
Milwaukee-based PACE Equity funded the project and utilized their Fast TrackTM process, which provides owners and real estate developers an end-to-end solution for utilizing C-PACE financing. Mike Harris, PACE Equity Managing Director for Nebraska, said, “This was a great project to be a part of and we appreciate our collaboration with the REV Development team.” Harris continued, “PACE Equity financing is a fantastic tool for developers and building owners who may be finding access to capital more difficult given the impact of COVID-19. Our solution is an alternative source of long-term, fixed-rate, non-recourse financing that helps developers and owners preserve their equity and increase their returns. PACE Equity prides ourselves on our holistic process that keeps things simple for our clients and provides certainty around financing terms and funding.”
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 $375 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Trumbull, Connecticut.