Lafayette, CO—Colorado C-PACE announced today that Cimarron Hospitality of Arlington, Texas, will use C-PACE financing to fund a portion of the capital stack required to complete the construction on a new 69,000 SF Hilton Garden Inn at 470 South Main Street in Longmont, Colorado. The four-story hotel includes 105 guest rooms, a dining area, a pool and fitness center, meeting rooms, and laundry services.
Rohit Dand, President of Cimarron Hospitality, who pursued C-PACE financing during the construction phase of the project, said, “Utilizing innovative sources of financing like C-PACE to offset the economic impacts of COVID-19 made terrific sense to us.” He added, “While building green is the right thing to do environmentally, including efficient design features has the added benefit of slashing thousands of dollars off of utility bills for years to come.”
Architectural Engineering (AE) Design Group of Denver, Colorado, was tasked with the design and compliance reporting required by the C-PACE program. Eric Reitan of AE Design said, “The high efficiency HVAC and lighting systems we incorporated into the design not only made the project eligible for C-PACE financing but will also provide the owners with a truly impressive bottom line.”
Stonehill PACE, a direct lender headquartered in Atlanta, Georgia, provided $1.6 million in C-PACE financing for the hotel. Jared Schlosser, Vice President of Stonehill PACE, said, “Cimarron Hospitality, already aware of the long-term, low-interest financing provided by CO C-PACE, was highly motivated to secure this attractive financing through us.” He added, “This was another excellent project for our PACE-lending program and we look forward to many more in the future.”
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™) 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 $380 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Trumbull, Connecticut.