Major Rehabilitation of Thornton Office Building Funded by Colorado’s C-PACE Program

Lafayette, CO—Colorado C-PACE announced today that NAS Properties, a development and property management company based in Arapahoe County, has leveraged Colorado C-PACE financing for a major rehabilitation of their 96,190 sq. ft. office building located at 9351 Grant Street in Thornton. The project includes the installation of new rooftop HVAC units, an energy management system, and LED lighting.

Group14 Engineering provided engineering and energy savings analysis for this project. Greenwood Village-based Integro, PACE specialists for commercial property owners, supported NAS Properties with project development and consulting services.

Nate Schnabel, principle of NAS Properties, said, “We have been hearing good things from owners and developers that used C-PACE to upgrade their buildings. When we decided it was time to address the old and inefficient HVAC and lighting at our Thornton building, we felt confident that C-PACE could give us a way forward without tying up our capital.” Schnabel added, “Partnering with Integro, with their vast experience with Colorado C-PACE projects, streamlined the whole process for us.”

The $1.8 million in C-PACE financing was provided by FirstBank, a privately held institution based in Colorado. Jarrod Schleiger, Executive Vice President of FirstBank, said, “As a community bank, we are committed to helping our customers’ businesses thrive. Colorado C-PACE helps us support that by encouraging owners to invest in energy-efficient upgrades for their aging buildings.”

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 $180 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.