The Preserve Club & Residences Finances Energy Efficient New Construction Project with RI C-PACE
PROVIDENCE, R.I. – The Rhode Island Commercial Property Assessed Clean Energy (C-PACE) program, a program of Rhode Island Infrastructure Bank, announced the closing of $6.4 million in financing with the Preserve Sporting Club & Residences. The Preserve is incorporating energy efficiency features into the construction of 18 condominium units. The Hilltop Lodge at The Preserve features a state-of-the-art, highly efficient HVAC system, energy efficient windows, LED lighting throughout the facility and a building envelope rating that exceeds standard code. The comprehensive upgrades, financed by Twain Financial Partners, will reduce annual energy expense by over 20%.
“Rhode Island’s hospitality and lifestyle industry are increasingly utilizing our C-PACE program for new construction and large-scale renovations,” said Jeffrey R. Diehl, CEO of Rhode Island Infrastructure Bank. “We are proud to work with The Preserve to expand their property portfolio and reduce energy usage and costs in the process.”
The three-story, 40,000 square foot building, features one-level condominiums and access to The Preserve’s 3,500 acres and amenities. Construction of the building, by MTM Corporation, will be completed by September 2020. Over the 25-year financing term, the hotel is expected to reduce its carbon footprint by the equivalent to the annual energy output of 300 Rhode Island homes.
The Preserve Sporting Club & Residences added “The Preserve Sporting Club & Residences is pleased to use the Rhode Island C-PACE program to help us fund and build a more energy efficient development, allowing us to save energy and operating costs in the long term. Conserving our natural resources and being more energy efficient is important to us, because our primary goal is to be good stewards of the beautiful land we have here at The Preserve.”
The Preserve , located in Richmond, R.I., is a four-season New England sporting club with more than 3,500 acres of protected nature. The Preserve features an 18-hole par-3 golf course, clay and grass tennis courts, fly fishing ponds, an equestrian center, zip-line, rock climbing areas, walking and bicycle trails, three world class sporting clay courses, longest indoor underground automated public shooing range in the world. In addition to private residences, guest lodging at The Preserve includes luxury single family residences, townhomes, condominiums, safari tents, cabins and treehouses, nestled in scenic areas.
About Rhode Island C-PACE
Rhode Island C-PACE is a program of the Rhode Island Infrastructure Bank that enables owners of commercial and industrial buildings to finance up to 100 percent of eligible energy efficiency, renewable energy, water conservation, and environmental health and safety improvements. Financing is provided by private capital providers at competitive rates with repayment terms that can span up to 25 years. For more information, visit www.ri-cpace.com .
About Rhode Island Infrastructure Bank
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality of life projects improve the State’s infrastructure, create jobs, promote economic development and enhance the environment. For more information, please visit www.riib.org .
About Twain Financial Partners
Twain Financial Partners is an investment management firm located in St. Louis, MO with more than $4 billion in assets under management within the public-private partnership sector. The firm works with a wide variety of investment types, specializing in tax credit, structured debt, and real estate transactions. Twain works closely with financial institutions, corporations, and high-net-worth individuals to structure and manage investments that offer both attractive economic return and social benefits. For more information, please visit www.twainfinancial.com .