Lafayette, CO, August 24, 2020—Colorado C-PACE announced today that Rodney Steven II of Genesis Health Clubs is using Colorado C-PACE for $1 million in financing to install a new roof with improved insulation and new packaged rooftop units on his 54,286 sq. foot building located at 1307 East Prospect Road in Fort Collins. This project represents the 70th project closing for the Colorado C-PACE program.
Mr. Steven, CEO of Genesis Health Clubs, said; “Watching expenses has always been important, but Covid-19 has made cost control even more important to us. While the new roof was necessary after having been damaged in a storm, the timing for such a substantial cash outlay was not ideal. By combining the roofing project with an efficient new HVAC system, which will improve indoor air quality for our members, and using C-PACE to finance the project, we transformed an unwelcome expense into a long-term investment. CO C-PACE with its 100 percent, 25-year financing was the key to making this project work.” He added: “Using this program to support these needs was a no-brainer for us.”
Genesis Health Clubs partnered with Pure, Ltd. for the project development. Kacey Parker, owner of Pure, Ltd., said; “We are seeing more and more of these projects where new high efficiency HVAC equipment can benefit from the added cash savings, which, when combined with the benefits of C-PACE financing, makes it possible for our customer to sign off on a much-needed project.”
Pure, Ltd. worked closely with ECO Roof & Solar on the development of the project scope and related cost savings analysis.
Financing is being provided by Minnesota-based PACE Loan Group. Rafi Golberstein, CEO of PACE Loan Group, and his team have been working hard to finance their first project in the Colorado C-PACE market. Golberstein said; “We are excited to be a part of the Colorado C-PACE program, particularly during the trying times imposed by Covid-19. Programs like this can provide a unique solution for building owners looking to fill a gap in their lending options. We look forward to funding many more projects in our Colorado pipeline using C-PACE over the coming months and years.”
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 $315 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Trumbull, Connecticut.