Lafayette, CO, January 9, 2024—Colorado C-PACE today announced the financing for the construction of the Mesa Verde Estates Assisted Living & Memory Care facility in Durango, Colorado.
This 105,100 square-foot, two-story building will include 92 assisted living units and 32 memory care units, in one and two-bedroom studio configurations. The facility will also include indoor amenities such as a game room, laundry services, computer/living areas, cafe/dining services, a library and fireside room, a salon, exercise facilities, a theater and activity space.
This $6.1 million new construction project in La Plata County provides an excellent case study of both a) the challenges developers face when seeking financing in today’s difficult lending market and b) how the recently updated C-PACE guidelines provide an attractive “gap filling” solution that encourages high efficiency building design.
Under Colorado’s new C-PACE guidelines the project qualified for up to $7.8 million in C-PACE financing which was more than enough to close the $6.1 million gap in the developer’s financing plan.
Mike Deines, Manager at Durango Assisted Living LLC, said “We are thrilled to bring these much-needed care services to the senior residents in southwest Colorado. Thanks to C-PACE funding we have the capital necessary to realize this beautiful facility and ensure that its energy efficient design will provide a healthy resident environment, reduce operating costs and promote long-term sustainability.”
The facility’s design, which exceeds 2018 International Energy Conservation Code (IECC) by 38%, qualified for up to 30% of the total eligible construction costs under Colorado C-PACE new construction guidelines. The energy and water efficiency design features include heat pumps, high efficiency rooftop units, low lighting power density, improved roof insulation, and low-flow plumbing fixtures.
Bayview PACE, a Florida-based C-PACE specialty capital provider, funded the $6.1 million in C-PACE financing needed to construct this energy efficient new facility. Anne Hill, Senior Vice President at Bayview, said “Bayview is committed to providing financing for energy efficient design and facilities like this one that provide critical services in a beautiful setting. We are excited to see this project come together and look forward to many more C-PACE financed projects like this one in Colorado.”
This project marks the fourth C-PACE financed project in La Plata County.
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 efficiency, water efficiency and resiliency 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 cost of energy efficiency upgrades to an existing building or, in new construction, up to 35 percent of eligible construction costs. These loans can be repaid over a period of up to 25 years and 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 will enjoy 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 $710 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Monroe, Connecticut.
About Bayview PACE
Bayview PACE offers creative financing solutions that combine construction, bridge and CPACE lending. Unlike most PACE-only providers, Bayview PACE works with commercial property owners and developers to provide a full capital stack solution. Bayview PACE is a division of Silver Hill Funding, LLC. NMLS# 1564077 www.nmlsconsumeraccess.org Please visit www.bayviewpace.com.