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tweetLafayette, CO—Colorado C-PACE announced today that StoneCreek Real Estate Partners will leverage the program’s retroactive financing option to fund construction of its 74,000-square-foot assisted living and memory care community.
Texas-based StoneCreek Real Estate Partners is a collaboration of seasoned real estate professionals with over 70 years of combined experience in capitalizing, developing, and delivering successful senior living, long term care projects. Partners Joe Geer and Nick Craig said, “Once we heard that Colorado C-PACE provided retroactive financing for eligible projects, we moved to take advantage of this financially attractive option[1].” They added, “At StoneCreek we strive to provide the highest quality of care for our residents, and that includes energy-efficient systems that ensure a better living experience. C-PACE financing motivates and rewards developers to do the right thing for our residents and the environment.”
StoneCreek worked with Edison Energy in the analysis of the new facility. Farhan Khatri, Director of Client Solutions at Edison Energy, said, “We were thrilled to work with StoneCreek’s design and engineering team and find ways to optimize and evaluate the energy efficiency for this facility. The energy efficient measures resulted in enabling the C-PACE financing that made the project successful.”
Counterpointe Sustainable Real Estate, a nationwide provider of C-PACE financing, funded the $3.8 million for the project. Douglas P. Harmon, Managing Director at Counterpointe Sustainable Real Estate, said, “Colorado has built one of most successful and innovative C-PACE programs in the nation, so it’s not surprising that their forward thinking encourages owners and developers to retroactively apply for construction financing on gut rehab projects. We are thrilled to assist StoneCreek and participate in Colorado’s program.”
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 $410 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Trumbull, Connecticut.
[1] Retroactive financing is available through CO C-PACE for new construction and gut rehab projects completed within two years of submission of the applicant’s prequalification form.