Lafayette, CO—Colorado C-PACE today announced that BlackRidge Companies will use C-PACE financing to construct a new Homes2 Suites by Hilton® extended-stay hotel near Denver International Airport. The financing will be used to incorporate various energy-efficiency design features into the 71,065 square-foot facility located at 9193 E. 47th Avenue.
Montana-based BlackRidge, which specializes in the development of hotels and multifamily properties, is the project developer. Tim Wilson of BlackRidge said, “Blackridge is excited about our first C-PACE project in Colorado.” He added, “C-PACE financing allowed us to maximize energy-efficient measures and systems throughout the design of the hotel, resulting in a high-performing building that will be efficient to operate which in turn adds value to the asset.”
PCD Engineering, in collaboration with Blackridge, provided the technical support and analysis necessary to qualify the project for C-PACE financing. Jacob Goodman of PCD Engineering said, “We are happy to have assisted the BlackRidge team in developing an energy efficient, quality product that will deliver low operating costs for years to come.”
Andrew Meyer of Twain Financial Partners, who provided the C-PACE financing for the project, said, “Twain’s financial services combined with the Colorado C-PACE program continues to offer our clients well-structured and financially sound projects, and we look forward to working together on many more projects 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 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.