Greenworks Lending Partners With Mayfly Outdoors on Clean Energy Building
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Greenworks Lending, a national leader in Commercial Property Assessed Clean Energy (C-PACE) financing, announced the successful closing with Mayfly Outdoors to support the construction of Mayfly's new headquarters and manufacturing center in Montrose. This marks one of the first ground-up new construction projects in Colorado to come through the state's C-PACE Program, which allows developers to use C-PACE funds for up to 20 percent of their construction budgets for property elements that meet or exceed the state's energy- and water-efficiency standards. It is also the second C-PACE investment in manufacturing for the state, and the second Montrose County project.
Mayfly Outdoors, whose brands include fly fishing companies Abel and Ross Reels, envision its new 41,000-square-foot headquarters as an anchor point for Montrose's Colorado Outdoors Project, a new business park, river restoration and wildlife public access project. Greenworks' $1 millioninvestment will help to upgrade the new building, which more than doubles Mayfly's current manufacturing floor space in Montrose and provides its employees and customers direct access to the Uncompahgre River.
Greenworks provides C-PACE financing in 13 states and the District of Columbia and has funded several energy retrofits of commercial buildings in the greater Denver metro area. "We were thrilled to work with Mayfly on the construction of its headquarters," said Genevieve Sherman, head of new markets and partnerships at Greenworks Lending. "The Colorado C-PACE Program and its participating counties have shown real leadership in utilizing C-PACE as a tool to encourage developers to go above and beyond minimum efficiency standards when it comes to constructing new buildings."
"It's great to find a partner in Greenworks who aligns well with our vision," said David Dragoo, president of Mayfly. "We are a leading manufacturer of outdoor products and our new world-class facility will reflect this standard, both inside and out." The Mayfly headquarters is currently under construction and is set to be completed by the end of 2018. The new building is designed entirely with LED lighting, energy-efficient low-emissivity glass (low-e) and is geothermal ready. "Every feature was carefully considered to make the building a clean, energy-efficient facility, but also attractive-looking," said Dragoo.
C-PACE funding is designed to help building owners access private-sector financing to upgrade or build anew with energy-efficiency, clean-energy and water-efficiency infrastructure.
"The C-PACE program is a great tool for economic development," said Sandy Head, executive director for the Montrose Economic Development Corporation. "One of the best incentives is that the program allows upfront funding for new construction and is considered owner equity. It allows businesses to invest their cash in growing the business. We are fortunate that Montrose County Commissioners opted into this program as it adds to the package we already have to offer to companies who are looking for that perfect location."
"Not only is this project an excellent value for Mayfly, but it also helps protect our environment and create local jobs," said Tracy Phillips, director of the Colorado C-PACE program. "We're so pleased to see building owners across the state improve their properties through the C-PACE program, and are especially excited to see new buildings that are being built to be even more energy-efficient than originally planned thanks to the program."