The DC PACE Program and PACE Equity announced the closing of $1.1 million in financing to improve the sustainability and energy efficiency of a 20-unit building in Ward 6. This PACE financing will support the installation of solar panels, improved insulation, LED lighting, and water-efficient fixtures. These measures will result in estimated annual reduction in electricity usage of more than 71,000 kWh and cut emissions by the equivalent of more than 122,000 miles driven by car. These high-performance green building improvements are expected to save nearly $20,000 annually in electricity and water costs. The building will deliver 20 new homes and create 98 construction jobs.
“This financing is not only adding more housing to Capitol Hill, but also setting a benchmark for sustainability for future projects in this neighborhood,” said Ronald Hobson, DC PACE Program Director. “The DC PACE Program makes it easy for developers to build sustainability into their projects and reap the benefits of energy-efficient and solar-powered buildings.”
“We are excited to partner again with the DC PACE Program and invest in making DC more sustainable,” said Beau Engman, president and founder at PACE Equity. “The flexible capital solutions provided by PACE Equity offer compelling financials, helping developments such as this project not only happen but do so with a positive environmental impact.”
“The DC PACE Program made it possible for us to invest in a greener, more energy-efficient building that will save residents money,” said Abraham Soquar, at Portofino LLC. “Both DC Green Bank and PACE Equity were essential partners in making this process easy and helping us get the financing we need to make this project a reality.”
1337 Pennsylvania Ave SE is expected to be completed by November 2025.
DC PACE 1337 Penn Ave Press Release_3.26.25