Greenscape Capital Group Inc. is pleased to announce that its wholly owned subsidiary, Green.Switch Capital has secured the total debt financing required for the development of its Denver Green Park DIA project.
The debt component of the project was arranged by RBC Capital Markets Real Estate Group (RBC).
An executed, unconditional Commitment Letter to fund the debt has been received by Greenscape.
The debt facility consists of a US $8.5 million construction loan with a 36 month term; the debt will be used for the development of Green Park DIA, the worlds greenest parking facility.
Construction is targeted to start on the fully permitted, shovelready, Green Park DIA project in Spring, 2010 with an estimated term to complete construction of 7 months. Total construction costs to build Green Park DIA are approximately US $17 million via a fixed, maximum price construction contract.
About RBC Capital Markets Real Estate Group
RBC Capital Markets Real Estate Group is a wholly owned subsidiary of RBC Capital Markets and part of the Royal Bank Financial Group. RBC Capital Markets Real Estate Group is the largest dedicated real estate investment banking group in Canada, with twentynine professionals located in Toronto, Calgary and Montreal. RBC Capital Markets Real Estate Group specializes in institutional quality real estate holdings including shopping centers, office buildings, industrial properties, corporate facilities, hotels and development sites in major urban centers. RBC Capital Markets Real Estate Group is the leading provider of property brokerage, debt and equity solutions for the Canadian real estate market.
About Greenscape Capital Group
Greenscape Capital Group increases environmental sustainability, social responsibility, and profitability of companies and their operations. Greenscape Capital 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. Green.Switch provides full service energy retrofitting for commercial clients. The Green.Switch energy retrofit process begins with the assessment of client issues and infrastructure, through to project design, capitalizing improvements, attaining government incentive grants when applicable, contracting, installation and monitoring. When marked opportunities arise, Greenscape also invests in other companies that operate in the environmental space, providing strategic capital and business advisory services to assist companies in achieving their environmental and corporate goals.