Commercial, Energy Efficiency - October 31, 2019
Kansas City hotel receives financing for $8M efficiency project
A new extended-stay hotel under construction in Kansas City recently completed an $8 million Commercial Property Assessed Clean Energy transaction to finance the energy efficiency measures to be built into the facility.
The Hyatt House will feature 13 stories and 153 rooms. The sustainable design features that the funds will go toward include efficient building envelope components of roofing, walls and windows, HVAC equipment, hot water heaters, LED lighting and elevators. The developers of the Hyatt House expect the energy-conserving features to generate over $7 million in utility and maintenance savings, as well as a 1,159 metric ton reduction in CO2 emissions.
The 20-year loan is being provided by Petros PACE Finance for the project under development by Pedersen Development Company, based out of Colorado. The C-PACE from Petros PACE is a low-cost, long-term financing product secured as a property tax assessment to help alleviate the upfront costs of investing in energy efficiency or renewable energy.
Construction of the hotel is set to begin this month and be completed in January of 2021.
“More developers are seeking C-PACE financing as a smart development tool that increases project returns and sustainability – without the use of any public tax dollars,” Mansoor Ghori, Petros PACE Finance CEO, said in a statement.
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