Lafayette, CO—Colorado C-PACE announced today that the developers of the Academy on Mapleton Hill project in Boulder, in partnership with Imperial Ridge Real Estate Capital, will leverage $29.7 million in financing for a new 331,000 sq. ft. senior living facility campus. To date, this is the largest financing amount for the program and represents one of the largest C-PACE financing amounts in the country.
Located at 311 Mapleton Avenue in Boulder, Colorado, the development is a unique continuing care retirement community (CCRC) which includes 92 limited-edition independent living residences with curated amenities in an extraordinary urban infill setting. Additional facilities on the development include an underground parking garage, short-term rehabilitation center and memory care facility, dining halls, a pool/spa, as well as a chapel.
“The C-PACE financing for this project allowed us to achieve the appropriate leverage levels while focusing on quality and sustainability in a way that will serve both our residents and the greater Boulder community for years to come,” said Don Altman, a member of Mapleton Hill Investments. “We’re grateful to the team at Imperial Ridge for their partnership and we look forward to bringing this project to life.”
Imperial Ridge Real Estate Capital LLC, a national provider of commercial real estate debt solutions, provided the nearly $30 million in C-PACE financing for the project.
“Imperial Ridge is proud to have provided the C-PACE capital for this record-setting development,” said Mark Boyer, President and CEO of Imperial Ridge Real Estate Capital. “This was a highly complex project to execute, but from start to finish, it was a pleasure working with the Mapleton Hill Investments’ team. This is a great example of how C-PACE funding can play an accretive role in our communities as we strive to create a better, more sustainable built environment.”
Denver-based Energetics Consulting Engineers provided energy analysis and modeling of the design. Elizabeth Gilmor of Energetics said, “We are thrilled to have worked with Imperial Ridge Real Estate Capital and Mapleton Hill Investments to model their artful design of this visually stunning and thoughtfully laid-out community development.”
Construction will be managed by AGR Building, Inc., in partnership with Saunders Construction. Michael Bosma, Construction Administrator at AGR Building and Yates Osborn, Senior Project Manager at Saunders Construction LLC, agree, “We are delighted to be involved in the construction of this exemplary sustainable community that has been designed with an eye toward the surrounding mountains and natural beauty.”
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 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 more than $475 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Trumbull, Connecticut.
About Imperial Ridge Real Estate Capital
Imperial Ridge Real Estate Capital is a private commercial real estate capital provider based in Colorado. The firm acts as a single source for a full suite of commercial real estate debt products including C-PACE all designed to maximize the value of assets for commercial real estate owners, developers, and asset managers throughout the United States. Imperial Ridge is able to provide combined mortgage loan products aimed at meeting the unique needs of each transaction and better addressing an ever-changing marketplace. Guided by the principal that every day, we must find a way to provide value to our clients, Imperial Ridge’s expert team, with proven execution, provides tailored solutions for each transaction. To learn more, please visit www.imperialridgecap.com.