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tweetLafayette, CO—Colorado C-PACE announced today that Summit Capital, in partnership with Twain Financial Partners, will leverage almost $2.2 million in C-PACE financing to retrofit the Days Inn Hotel located at 5397 South Boulder Road in Boulder, CO. Major system upgrades will include new rooftop HVAC units, improved insulation, high efficiency windows and doors, a new roof, and LED lighting.
Summit Capital is rehabilitating the former Days Inn location, originally built in 1974, transforming, and rebranding the property as a new state-of-the art Fairfield Inn & Suites.
PCD Engineering was tasked with modeling the energy savings analysis associated with the building improvements. Jacob Goodman of PCD Engineering said, “We are happy to have assisted the Summit Capital team in seeing what elements of their building were having the most impact on achieving C-PACE energy saving goals. Highly efficient lighting, heat pump heating in each room and adding continuous insulation to uninsulated portions of the envelope combined to save almost 33% in utility costs as compared to status quo for the building.”
Andy Weber of Twain Financial Partners said, “We are thrilled to provide long term, fixed rate financing, at low interest rates, to fund energy efficient improvements that also help reduce operating costs. A large renovation project converting a functionally obsolete structure back to its highest and best use is a great example of how versatile PACE can be as a financing tool.”
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 EPIC™ application 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.