COMMERCIAL LOAN
C-PACE Spotlight: Highlands Place II
What CCEF
Financed
LED Lighting
HVAC System Controls
About the Project
Project investment: $700,000
Locations: Centennial, Colorado
Key terms:
- C-PACE: Commercial Property-Assessed Clean Energy (CPACE) is a financing structure in which building owners borrow money for energy efficiency, renewable energy, or other projects and make repayments via an assessment on their property tax bill
“CCEF was able to accommodate and work with us to do these improvements; otherwise, it wasn’t going to happen. We’re very grateful and thankful.”
– Alan Bruno, Vice President and Managing Partner of CentrePoint Properties
The Story
Highlands Place II is a three-story, mixed-use office building built in 1984, consisting of almost 150,000 square feet. Centrepoint Properties bought the building in Centennial, Colorado just over a year ago.
“We wanted to make some energy improvements to modernize and lease up the building,” said Alan Bruno, Vice President and Managing Partner of CentrePoint. “[We knew] that this would be a great candidate for C-PACE.”
However, Centrepoint learned through early discussions that their primary lender wasn’t very familiar with the C-PACE model. “They put a lot of constraints around what we could do, the amount, and the loan terms,” Bruno said. “That’s where you guys came in.”
CCEF is funding the installation of LED lighting for the building’s three stories as well as the garage. The C-PACE loan will also fund an HVAC system overhaul that will allow the existing pneumatic control system to be digitized and automated to increase efficiency.
For the Highlands Place II building, these improvements will reduce operating costs, resulting in a direct reduction for tenants and creating more affordable office space for small to mid-size companies in the area.
“It was a long process, and we’re grateful that CCEF stuck with us,” Bruno said.
Total project completion will take about 8-10 months.
