Project provides case study on the challenges developers of small and mid-size buildings are facing in low-income and disadvantaged rural communities to cost-effectively finance energy efficient buildings.
Lafayette, CO, November 15, 2023—Colorado C-PACE today announced the financing for the construction of the Cobblestone Inn & Suites in Julesburg, Colorado. The 31,450 sq. ft. three-story hotel will feature 58 guestrooms, conference spaces, fitness room and guest laundry.
The project is a welcome development in rural Sedgwick County (population 2,336) which is designated as a low-income and disadvantaged community.
Michael Benson, Owner of Benson Realty, said, “The Cobblestone brand is dedicated to serving rural, low-income, and disadvantaged communities. The new Cobblestone Inn & Suites in Julesburg combines big city quality and amenities with small town values.” He added, “We wanted the building to serve as a model for energy efficiency and sustainability in this rural setting and, thanks to CO C-PACE financing, we will build to a much higher energy efficiency code than the local jurisdiction requires.”
The project, which is designed to the 2021 International Energy Conservation Code (IECC), qualified for up to 35% of the total eligible construction costs under Colorado C-PACE new construction guidelines. PACE Equity, a Milwaukee-based C-PACE specialty capital provider, funded the $1.64 million in C-PACE financing needed to construct this energy efficient new hotel.
David Oliverio, Managing Director with PACE Equity, said, “PACE Equity works with a variety of asset classes in a variety of locations. We were delighted to be able to work with the developer, providing end-to-end support for the funding of this efficient building in rural northeast Colorado.”
BriMark Builders, a Wisconsin-based hotel development and renovation firm, worked with the owners to ensure that the design met or exceeded 2021 IECC. The energy efficient design included high efficiency windows, insulation, heating and cooling equipment, domestic hot water systems and low lighting power densities.
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 efficiency, water efficiency and resiliency 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 cost of energy efficiency upgrades to an existing building or, in new construction, up to 35 percent of eligible construction costs. These loans can be repaid over a period of up to 25 years and 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 will enjoy 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 Energy Performance Improvement Calculator (EPIC™) tool 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 over $650 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Monroe, Connecticut.