Denver Seminary Secures $1.6M for Energy Improvements
Petros PACE Finance, LLC has closed a $1.6 million Commercial Property Assessed Clean Energy (C-PACE) transaction to finance energy efficiency upgrades for the Denver Seminary campus located at 6399 South Santa Fe Drive.
Denver Seminary is an accredited, graduate-level theological seminary with an enrollment of about 900 students. The C-PACE financing will allow the seminary to save more than $1.3 million dollars in energy costs and see a 48 percent reduction in electricity consumption on the main campus in Littleton, over the 18-year life of the loan. Additionally, the project is expected to remove more than 10,000 tons of CO2 emissions and create close to 20 jobs for the Denver area.
“This C-PACE financing will help the Denver Seminary maintain an outstanding learning environment for its students while keeping costs low,” said Mansoor Ghori, Petros PACE Finance CEO. “It’s always a pleasure to work with mission-driven organizations and we’re excited when we can help them build financial stability, so they can focus on their mission.”
C-PACE is a relatively new, low-cost financing product secured as a property tax assessment that solves many problems that have historically prevented commercial building owners from investing in energy efficiency or renewable energy.
Denver Seminary will use the funds for new, more efficient lighting, evaporative precoolers, heating and cooling systems, along with other energy-saving property enhancements to be installed by Haynes Mechanical Systems, a provider of integrated HVAC solutions. Built in 2004, the campus, located at 6399 South Santa Fe Drive, includes an academic and leadership training center, an administrative building, student apartments and a learning resource center housing the third largest religious library in the world.
“Repair costs have increased in recent years, as the buildings’ original heating and cooling equipment has reached the end of its life,” said Debra Kellar, Denver Seminary VP of Finance and Campus Operations. “The team at Petros PACE Finance made it easy to finance new systems helping us to avoid costly repairs so we can continue preparing students for lives of service for years to come.”
The financing was facilitated by Petros’ C-PACE originator in Colorado, John Bringenberg, and Sustainable Real Estate Solutions administered the financing for the Colorado C-PACE program.
The project comes amid rapid growth of C-PACE as a financing tool for commercial property owners and developers in Colorado looking to boost sustainability and economic development. Petros PACE Finance closed its first deal in Colorado in 2016.
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