Lafayette, CO, January 4, 2021—Colorado C-PACE announced today that Myles Bruckal and Brook Swientisky, managing partners of 851 Helena LLC, will leverage C-PACE financing to support a multifamily project development totaling 43,178 square feet. Located at 1850 South Helena Street in Aurora, Colorado, the project marks an increasing trend in the use of C-PACE financing for sustainable and efficient new construction projects in the multi-family segment of commercial real estate.
Bruckal said, “We strive to develop modern, energy-efficient properties that are in harmony with the environment and the community. The low-interest, long-term financing available through Colorado’s C-PACE program has become a vital financing tool for us to realize these types of sustainable properties.”
Swientisky, who tasked GJ Gardner Homes with the analysis of the building’s energy performance as compared to energy code requirements, said, “By incorporating high-efficiency HVAC and lighting systems into the design, the project’s energy efficiency will exceed the IECC 2015 energy code by at least 21 percent.” He added, “These energy savings far exceed the minimum five percent energy code exceedance required by Colorado’s C-PACE program.”
Boulder-based Lever Real Estate Capital, which is active in C-PACE programs nationwide, provided just over $2 million in C-PACE financing for this project.
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 $390 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Trumbull, Connecticut.