Denver Office Building to Install Major Energy Efficiency Upgrades Using C-PACE Financing
Lafayette, CO—Colorado C-PACE announced today that CentrePoint Properties, a leading commercial real estate investment firm, engaged the program to leverage $1.5 million for the upgrades on a 95,952 square foot office building located at 789 Sherman Street in Denver. Improvements include a new makeup air unit, cooling tower, boiler, domestic hot water pump, building automation system upgrade, garage sensors, roof coating, window joint sealing and LED lighting.
Alan Bruno, vice president of CentrePoint Properties, said, “As the building is almost 50 years old, it’s not surprising that it needed so many system upgrades. Thanks to Colorado’s C-PACE program, what could have been a major capital budget investment, turned into an asset improvement opportunity through a major building overhaul that benefits the environment, our tenants and our bottom line.”
Integro Strategic Finance developed the project in partnership with Group14 Engineering, which conducted the project savings analysis. Sue Reilly, president of Group14 Engineering, said, “Efficient buildings go a long way toward boosting net operating income for building owners. In this case, she added, “the building is projected to save over $1.5 million in utility costs over the useful life of the energy efficiency improvements.”
Bellco Credit Union, one of the largest credit unions in Colorado, provided the $1.5 million in C-PACE financing. Susan Rice, vice president of Business Services at Bellco, said, “We continue to be impressed with how well C-PACE projects come together. We were thrilled to be able to offer CentrePoint this long-term financing option, allowing them to make energy efficiency improvements, which reduces operating costs for the building and gives new life to an outdated building, a significant added benefit to our customer and our community.”
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 $400 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Trumbull, Connecticut.