3840 North York Street
Denver Business Owner Funds Energy Efficiency Upgrades after New Construction Project
Energy Efficiency Improvements will result in 35% energy savings
The Challenge
The York 38, LLC team of Fred and Jerry Glick and partner Ben Valore-Caplan, Denver real estate developers and owners, needed a way to finance improvements at their 21,731 square-foot office building located at 3840 North York Street in Denver.
Fred Glick noted “We needed to replace our windows, but our analysis suggested new windows would have a 242-year simple payback, which is a very poor return on investment.”
“The improvement project, financed through C-PACE, increases the building’s asset value, reduces the owner’s utility costs, improves tenant comfort, and encourages environmentally sound development. It’s a win for everyone.”
—Jeremy Behm-Meyer, Senior Vice President of FirstBank
The Solution
Having recently used C-PACE financing for construction of a new 54,950 square-foot mixed use project, the Glicks knew that C-PACE was the way to go when addressing energyefficiency concerns they had with their aging building on North York Street. According to Fred Glick, “By adding lighting and new HVAC equipment to the window replacement scope of work, and using 100%, 20-year CPACE financing, the project became much more attractive.”
The Impact
The $490,000 improvement project will result in a projected 35% reduction in the building’s annual energy use, and provide upgrades that have been on the owner’s to do list for quite some time.
The project is one of several C-PACE projects to be financed by FirstBank. “Colorado’s CPACE program has grown by leaps and bounds over the last few years,” Jeremy Behm-Meyer, Senior Vice President of FirstBank, said. “As a community bank, we are thrilled to be able to offer C-PACE financing to our customers because it checks off so many boxes for us.”
About Colorado C-PACE
Colorado C-PACE provides financing for energy efficiency, renewable energy and water efficiency improvements, including new heating/cooling systems, lighting, water pumps, insulation, and renewable energy projects for commercial properties. 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 as a line item on the existing property tax bill. Because the loan runs with the property, if the building is sold, the repayment obligation cantransfer to the new owner, who enjoys the ongoing utility cost savings associated with the project.
By the Numbers
Project Type:
Energy Efficiency
Building Type:
Office
Building Size:
21,731 square feet
C-PACE Project Cost:
$489,539
Percent Financed:
100%
Finance Term:
20 Years
Reduction in Energy Use: