New Construction Project Completes Financing Through Colorado C-PACE Program
C-PACE financing supports energy efficiency improvements for a 71-unit mixed-use hospitality development in Summit County
The Challenge
Foote’s Rest at Frisco, a mixed-use hospitality property under construction in the heart of Summit County, needed a financing partner to complete the project. Completing construction required a new capital provider to step in and carry the transaction forward.
“We're pleased to support the progress of the Foote's Rest project through C-PACE financing. The program provided a flexible, long-term financing solution that helped advance a complex transaction while supporting the project's continued development."
—Twain Capital Partners
The Solution
Twain Capital Partners was onboarded in its new capacity as Qualified Capital Provider during diligence, to refinance the project and fund completion of construction. The $65 million financing was structured in two tranches: $49 million and $16 million, with American Lending Center remaining in place as senior mortgage holder.
Located in the heart of downtown Frisco, Foote’s Rest is a mixed-use hospitality development designed to fit seamlessly into the town’s historic Main Street character. The financed scope includes energy efficiency improvements across the building envelope, lighting, plumbing, and HVAC systems, each engineered to exceed Colorado’s current energy code baseline.
The Impact
“We’re pleased to support the progress of the Foote’s Rest project through C-PACE financing,” said Twain Capital Partners. “The program provided a flexible, long-term financing solution that helped advance a complex transaction while supporting the project’s continued development.”
Over its financed term, the project is projected to generate $3,357,472 in lifetime cost savings, save 737,760 kBtu in lifetime energy use, and reduce greenhouse gas emissions by 132 tons annually.
About Colorado C-PACE
Colorado C-PACE is a state-enabled program administered by the Colorado New Energy Improvement District (NEID), with oversight from the Colorado Energy Office, helps building owners and property developers access private-sector financing for the installation of energy efficiency, water conservation, renewable energy, resiliency, and embodied carbon improvements. C-PACE is economically attractive because it offers up to 100 percent financing for existing building retrofit projects and financing for new construction projects not to exceed the lesser of the Total Finance Amount (TFA) or the applicable Total Assessment-to-Value (TATV) tier, with finance terms that extend up to 25 years. In addition, since the financing is tied to the property, the owner is typically not required to sign a personal guarantee. Best of all, well-designed projects are often cash- flow positive, meaning the energy cost savings outweigh the C-PACE payments.
By the Numbers
Project Type:
New Construction
Building Type:
Mixed-Use / Hospitality
Building Size:
144,597 square feet
C-PACE Project Cost:
$65,000,000
Finance Term:
25 Years
Lifetime Cost Savings:
$3,357,472
Lifetime Energy Savings:
737,760 kBtu
GHG Emissions Reduction: