Greenscape secures additional $8.5m for Denver green parking facility

Fresh from arranging almost $1.1 million in financing just last week, Greenscape Capital Group Inc. has secured an additional US $8.5 million project loan from Wells Fargo Bank to fund the construction of Green Park Denver`s 4,200 stall green parking facility servicing the Denver International Airport. 
The construction debt financing will convert to a term loan, to mature in October 2013. The loan initially bears interest from the date of drawing at a rate of 4.00% above the variable 30-day LIBOR market index rate.

Last week, however, Green Park Denver executed an interest rate swap for the loan's floating interest expense.

This swap, for the full amount of the loan, is effective March 1, 2011, and provides the company with an all-in fixed interest rate for the full amount of this loan of 5.45% until maturity.

The company also recently closed a near $1.1 million in financing for the project, received through a third tranche closing of the convertible debenture financing for $83,000, under the same terms announced on June 18th 2010, and through the receipt of loans totalling $979,000 from major shareholders and close associates of the company.

Construction of the facility is ahead of schedule and on budget, it says. The green parking facility will include geothermal heating and cooling, wind and solar energy sources, LED lighting, LEED building principals and EV (electric vehicle) charging stations into the design and operations.

Investors are not convinced, however. The company`s stock fell more than 1.5% in the early hours of trading today to $0.325 upon receipt of the news.

Greenscape Capital Group looks to increase environmental sustainability, social responsibility, and profitability of companies and their operations. It owns 100% of Green.Switch Capital, a Canadian-based company focused on dramatically increasing the profitability of commercial facilities through enhanced energy efficiency and environmental best practices.
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