Lafayette, CO—Colorado C-PACE announced today that Monfort Companies, a community-minded investment and development company, has engaged Integro and Bolder Energy Engineers to make major energy efficiency improvements to its 22,246-square-foot retail property at 1946 Market St. in Denver. Monfort, in partnership with Iconic Investments and Riot Hospitality, is in the process of renovating the building into a Dierks Bentley’s Whiskey Row entertainment destination. Upgrades will include highly efficient wall and roof insulation, HVAC system upgrades and new LED lighting. Community Banks of Colorado will provide financing for this project.
“As we continue the revitalization of the Ballpark neighborhood, we are committed to preserving the character of these older buildings while ensuring they meet modern energy standards,” said Kenneth Monfort, Executive Vice President of Monfort Companies. He added, “With C-PACE financing, we can make these needed upgrades with no out-of-pocket expense and see an immediate return on our investment, while ensuring our project stays on track and ultimately better serves the community and environment.”
Community Banks of Colorado provided the $1 million in C-PACE funds for the project. Ryan Lee, SVP of Commercial Banking said, “The energy efficiency overhaul of this classic building will benefit all parties – owners, tenants, the community and the environment – and was a perfect candidate for Colorado’s C-PACE program.”
Jessica Lorentz, owner and Senior Energy Engineer with Bolder Energy Engineers, said that the project was “The perfect C-PACE project: motivated owners of an older building located in a desirable neighborhood needing extensive energy efficiency upgrades. We were thrilled to assist Monfort Companies in bringing their property into the 21st century.”
Grant Nelson, a principal with Integro said, “We are really glad we could help add a slice of C-PACE into the capital stack for this very unique project”. He added, “It was a pleasure working with Kenny and his team and appreciate the hard work Ryan and the Community Banks of Colorado team put into this deal closed.”
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 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 $500 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Newtown, Connecticut.