Boulder Retirement Community Receives Largest C-PACE Financing in Colorado History
Mapleton Hill Investments LLC has received $29.7 million in commercial property-assessed clean energy (C-PACE) financing for its continuing care retirement community Academy Mapleton Hill, located at 311 Mapleton Ave. in Boulder. Imperial Ridge Real Estate Capital, a national private commercial real estate capital provider based in Colorado, provided the financing—one of the largest C-PACE financings in Colorado as well as one of largest C-PACE financings in the U.S.
“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.”
Located in one of Boulder’s most desirable neighborhoods, the new 331,000-square-foot Academy Mapleton Hill Residences will include 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. Importantly, with the C-PACE funding, the development team was able to optimize the design to exceed the International Energy Conservation Code by more the 30 percent.
Denver-based Energetics Consulting Engineers provided energy analysis and modeling on the design for Academy Mapleton Hill. Clean Energy Council, LLC provided legal counsel. Construction will be managed by AGR Building, Inc., in partnership with Saunders Construction.
“Working with Imperial Ridge to secure 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 look forward to bringing this project to life.”
Using C-PACE financing on projects can reduce the need for conventional debt, equity and/or capital expenditure reserves to obtain a balanced capital stack at a lower weighted average cost of capital while at the same time creating a more efficient built environment.
Rendering courtesy of Imperial Ridge Real Estate Capital