Author: Daniel Lebiednik

DC Green Bank today announced $4.2 million in financing to Montage Development Group LLC and Rosewood Strategies LLC to fully electrify a co-living community next to Howard University in Ward 1. The building will include 24 bedrooms designed for the needs of students, with shared kitchens and common areas.

The financing will support the replacement of gas water heaters and stoves with electric models, making the building fully electric. The updated building will also include a solar energy system that is estimated to generate half of the building’s energy use.

“This renovation is an investment in student well-being, helping ensure affordable, healthy housing options are available close to campus,” said Brandi Colander, CEO of DC Green Bank. “With this loan, we are helping developers reach for higher standards of resilience and helping to build the DC of the future.”

“DC Green Bank’s financing and support were essential to making this project possible,” said Kevin Brown, Principal of Montage Development Group. “Their partnership and support made getting the financing we needed easier and helped us make the most of our investment in resilience.”

The Faircliff, a 125-unit affordable housing development in Columbia Heights, is all-electric, with the highest LEED Platinum score for an apartment building in Washington, DC.    

The building is Passive House certified, reaching one of the world’s most rigorous building performance standards and placing it among the most ambitious energy-efficient and affordable properties in the country.  

Passive House certification requires high standards of energy efficiency, airtight construction, the highest-level insulation, and significantly reduced heating and cooling demands. All this while improving indoor air quality and operating efficiency. 

On a block that formerly held 80 units, The Faircliff  and the adjacent Novel 14, a 197-unit market-rate building, quadrupled the total number of homes on site.  

“With The Faircliff, we created a true mixed-income community that we think has been an important catalyst for the corridor,” said Patrick McAnaney, Somerset Development Company. “This property marks a new milestone for us  – a one-of-a-kind property that effectively couples affordability with the highest sustainability standards.”   

DC Green Bank supported the development by providing a $1.85 million predevelopment loan to help the project achieve its advanced sustainability certifications. 

“DC Green Bank was proud to support this innovative project, helping our partners attain Passive House certification and furthering our efforts to make DC a national leader in creating sustainable, next-generation infrastructure,” said Brandi Colander, president and CEO of DC Green Bank. “The Faircliff demonstrates how resilient design and affordability can go hand-in-hand.”  

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About DC Green Bank  

DC Green Bank develops and facilitates innovative financial solutions to support District businesses, organizations, and residents on the path to a cleaner future for all. We invest in solar energy systems, energy-efficient buildings and retrofits, green stormwater infrastructure, and transportation electrification in line with our values of Sustainability, Clean Economy, and Inclusive Prosperity. To date, DC Green Bank has invested millions of dollars in a cleaner and more resilient future. To learn more, please visit us at www.dcgreenbank.com 

DC Green Bank and Nuveen Green Capital (NGC) announced the closing of $37.6 million in C-PACE financing for an outpatient medical and community services building at the St. Elizabeth’s East campus in Southeast DC. This project continues to support the transformation of the St. Elizabeth’s campus and brings new medical facilities and job opportunities to the Congress Heights community.

The property is anchored by Whitman-Walker Health, a nonprofit healthcare provider with a 50-year history in DC. The building, completed in 2023 and named after pioneering Black journalist Max Robinson, nearly doubled Whitman-Walker’s reach, allowing the organization to serve over 15,000 patients per year.

The C-PACE financing is supporting energy efficiency elements that will save the building more than $45,000 a year on utility costs, including improved building envelope, highly efficient heating and cooling, and energy-efficient lighting. The C-PACE loan refinanced an existing construction loan, enabling the developer to benefit from C-PACE’s long-term, cost-effective capital.

In addition to Whitman-Walker, the property’s tenants include GW Cancer Prevention and Wellness Center, DC’s Ward 8 Advanced Technical Center, Labcorp, New Hampshire Medical Supply, and the Academy of Hope, collectively serving as a communal hub providing essential health and wellness and educational services to the community.

“Healthy communities are resilient communities, and this financing is helping to build a better future on the St. Elizabeth’s East campus,” said Brandi Colander, CEO of DC Green Bank. “PACE financing is helping to cut operational costs for this highly efficient building, ensuring that Whitman Walker can put more resources into serving the local community.”

Ryan Doyle, Senior Director of Originations, Nuveen Green Capital, added, “It was a pleasure to partner with the sponsor, Redbrick LMD, to provide accretive C-PACE financing through DC Green Bank to recapitalize this notable trophy asset, which provides the city with much-needed medical office space, while supporting Redbrick’s focus on responsible development and value creation throughout the Washington, D.C. area. Through cost-effective C-PACE financing, the sponsor will realize significant long-term savings while driving economic growth. This closing is a powerful example of how C-PACE can benefit property owners and developers in the D.C. area and beyond.”

“1201 Sycamore began with a commitment we made in 2021 — to bring world-class healthcare and community services to a part of the city that had gone without for too long,” said Tom Skinner, Managing Partner at Redbrick LMD. “We delivered the building in 2023, and this C-PACE refinancing now anchors it with the stable, long-term capital structure that ensures continuity for Whitman-Walker and the Wards 7 and 8 residents who depend on it. Financing that rewards energy efficiency means more resources go where they belong: into patient care. DC Green Bank and Nuveen Green Capital were essential partners in making that durability possible.”

The financing was arranged by a Berkadia DC Metro team led by Managing Director Brian Gould and Associate Director Natalie Hershey.

“The C-PACE execution provided the borrower with long-duration, fixed-rate capital that enhances the overall Opportunity Zone capital stack while supporting the project’s sustainability objectives,” said Brian Gould, Managing Director of Berkadia. “Nuveen Green Capital was an excellent partner in delivering a competitive financing solution tailored to the borrower’s needs.”

DC Green Bank Celebrates Earth Day at The Howard Theatre

On Earth Day, DC Green Bank, Groundswell, and the DC Chamber of Commerce hosted From Energy Bills to Housing Costs: Building an Affordable and Resilient DC at the historic Howard Theatre, where solar power and a new HVAC system are keeping energy bills down.

Emceed by the Washington Business Journal’s Caitlin Lyons, the Earth Day event brought together local leaders, residents, and business owners to spotlight what’s working to cut energy costs and build resilience across the District.

The Waymark

New affordable housing is coming to Ward 7 with the support of $5 million in financing from DC Green Bank! The Waymark, a new development from the NRP Group, will deliver 109 homes next to the Benning Road Metro station. DC Green Bank’s investment will support the installation of a highly efficient heating and cooling system, solar energy system, and green roof, cutting energy costs and increasing the resilience of the building.

Mi Casa Ribbon Cutting

Alongside our partners Mi Casa, we cut the ribbon on 43 units of permanently affordable housing in Ward 4! These renovated homes are more efficient and resilient, saving money and keeping residents more comfortable.

Tree Planting with Green Compass

During Earth Week, our team joined our partner Green Compass to plant trees at a new project at the First Baptist Church of Deanwood. These trees will provide shade, filter pollutants, capture runoff, and help keep the neighborhood cooler in the summer.

DC Council Oversight Hearing

DCGB CEO Brandi Colander testified at the DC Council on DC Green Bank’s growth and how we are delivering on our mission of building a more resilient and affordable city. DC Green Bank is moving beyond proof of concept and delivering projects that are building a future-ready District.

On Earth Day, DC Green Bank, Groundswell, and the DC Chamber of Commerce hosted From Energy Bills to Housing Costs: Building an Affordable and Resilient DC at the historic Howard Theatre, where solar power and a new HVAC system are keeping energy bills down.

Emceed by the Washington Business Journal’s Caitlin Lyons, the Earth Day event brought together local leaders, residents, and business owners to spotlight what’s working to cut energy costs and build resilience across the District.

Mayor Muriel Bowser provided keynote remarks, noting, “I think a big question of the moment is whether it is possible to be pro-growth and pro-climate. And in DC the answer is yes, and we’re proving that it is.”

Developers, business leaders, and residents also discussed how DC can serve as a model for other cities grappling with rising utility and housing costs and how resilient development creates jobs and a future-ready community.

Cutting Energy Bills for DC Families

The event highlighted programs like Solar for All, which is serving 30,000 DC residents, delivering nearly $6 million in annual energy savings and putting money directly back into residents’ pockets.

Key takeaway: Despite federal policy changes, community-scale clean energy demand is increasing — people are looking for ways to control their energy costs.

“I’m not as stressed as I was when I received my bills because I know I have help. It has improved the quality of life.” – Nadege Nouviale, DC Solar for All Subscriber

Investing in Housing

Developers leading the way in resilience shared details of the first Passive House-certified affordable housing building in DC, the largest PACE deal in the U.S. and largest commercial-to-residential conversion in DC, and a net-zero energy affordable housing development. They also discussed threats to DC’s affordable housing development system.

Key takeaway: Good incentives, coupled with accessible financing, can take the friction out of developing more affordable and high-performance buildings.

“This is an incredible time to facilitate change to make projects, real estate development, profitable and sustainable and affordable in all measures.” -Patrick McAnaney, Somerset Development Company

Creating Jobs & Community Development

Business leaders noted that economic development and sustainability are not in conflict — and, in fact, they reinforce each other when planned intentionally.

Key takeaway: Investments in clean energy and resilience cut operational costs, saving money for larger corporations and creating opportunities for growth for small businesses and local suppliers.

“We’re trying to be the most sustainable stadium, not just in the country, but in the world. And that requires thinking about these important points from the outset.” – Kirtan Mehta, Washington Commanders

DC Green Bank today announced $5 million in financing to The NRP Group for a new 109-unit affordable housing development in Ward 7. DC Green Bank’s investment will support the installation of a highly efficient heating and cooling system, solar energy system, and green roof, cutting energy costs and increasing the resilience of the building. The fully electric building is expected to meet Enterprise Green Communities Certification Plus, the highest standard for energy-efficient affordable housing in the U.S.

Located next to the Benning Road metro stop, the building will include 49 two and three-bedroom units, ensuring that DC families have access to affordable homes. The Waymark will fill in a lot that has been unused since 2021, bringing more residents to the neighborhood and providing transit-accessible, affordable homes to the community.

Marshall Heights Community Development Organization will provide on-site education support and nutrition, health, and wellness programming for residents.

“Affordable homes near a metro station put families on the path to success, and by investing in resilience we’re ensuring this building meets their needs for years to come,” said Brandi Colander, CEO of DC Green Bank. “DC Green Bank is proud to support The NRP Group’s creative approach to development, which has brought new life to underused space across DC and is delivering future-ready, affordable homes where they are most needed.”

“We’re grateful for DC Green Bank partnering with the DC Homeland Security and Emergency Management Agency and the Department of Housing and Community Development to deploy this creative funding source,” said Chris Marshall, Vice President of Development at The NRP Group. “This investment strengthens this project’s resiliency to ensure long-term housing affordability in this high-access location.”

The development is also supported by funds from the DC Department of Housing and Community Development and DC Housing Finance Agency.

The Waymark is expected to be completed in 2027.

Last week, we had the opportunity to update the DC Council on the latest from DC Green Bank and wanted to share our work with our network. Our last fiscal year was one of the most impactful in DC Green Bank’s history and at the midpoint of the current year, we’ve already broken records.

In FY 2025, DC Green Bank directly financed 11 projects for a total of more than $25 million invested, doubling our total from FY 2024. Through these loans, we have brought solar energy to homes across the District, financed hundreds of affordable housing units, and supported the growth of local businesses. We’ve also seen tremendous growth in PACE financing in the past year. Altogether, we have supported more than three-quarters of a billion dollars of investment in DC since the beginning of FY 2025.

Recent Deals

Three recent projects in particular demonstrate our impact and the value of DC Green Bank:

• We invested $700,000 to upgrade and fully electrify a 13-unit building in Ward 2. This funding will support the first major renovation of the building since its construction in 1950 and cut utility costs by $30,000 annually.
• In December, we closed the largest loan in the history of PACE: a $465 million loan for an office-to-residential conversion in Dupont. The Geneva will add more than 500 homes, including 60 affordable homes, while also meeting high standards for resilience and efficiency.
• A $1.275 million loan to Uprise Solar is delivering solar energy to 74 homes and three churches across DC, helping to cut their utility bills and increasing the resilience of the grid. Uprise Solar is a longtime partner of DC Green Bank; our partnership has helped it grow from a single employee to a staff of 30 and expanded its offerings to include battery storage, EV chargers, and roofing.

Learn More

The Washington Business Journal covered the growth of PACE lending and how DC Green Bank is help large-scale projects the financing they need while achieving high levels of efficiency and resilience.

If you haven’t seen it yet, check out our Annual Report, which details our impact, our partnerships, and the organizations and people building a more resilient and affordable DC.

Out in the Community

In January, our team celebrated the opening of Cycle House, a new net-zero, all-affordable building along North Capitol St. in Ward 5. Featuring solar panels and a highly efficient design, the building will generate as much energy as it uses on an annual basis, helping to keep the 18 apartments affordable for residents.

Brandi Colander spoke on a panel at the Milken Institute Future of Finance 2026 conference on innovative models for financing water projects to help communities be more resilient to flooding and protect access to clean water.

We have some exciting events and new deals in the works that we will be announcing in the coming months, so keep an eye out for more updates soon.

We appreciate your continued partnership and support. If you have any questions or needs, please don’t hesitate to reach out.

Best,

Brandi Colander, CEO

Ed Hubbard, Board Chair

DC Green Bank and Nuveen Green Capital (NGC) announced the closing of $42 million in C-PACE financing to fund the conversion of a former warehouse to a new, energy-efficient 230-room citizenM Georgetown hotel. This deal brings the total investment in NGC C-PACE financed projects through DC Green Bank in 2025 to more than $500 million.

The hotel will be operated by Another Star, the management company for citizenM hotels across the U.S. and Europe.

The new hotel, citizenM Georgetown, will be part of the Marriott Bonvoy portfolio. The modern property will include highly efficient heating and cooling, water heaters, insulation, and lighting. The high-performance building measures are estimated to reduce electricity usage by 245,000 kWh and water use by 660,000 gallons each year. The reduced electricity and water usage will save an estimated $46,000 in annual utility costs. The building will also include 2,600 square feet of retail space.

“Our growing partnership with Nuveen Green Capital isn’t just setting records, it’s creating jobs, delivering homes, and boosting the DC economy,” said Brandi Colander, CEO of DC Green Bank. “By investing in energy efficiency and resilience, deals like citizenM Georgetown are building a more vibrant and dynamic future for DC.”

“DC is an exciting market for investment, and we’re grateful for our partnership with the Sponsor, as well as DC Green Bank, to enable projects like citizenM Georgetown,” said Jonathan Kloos, Senior Director, Lender Partnerships and New Products NGC. “This C-PACE-only transaction is emblematic of C-PACE’s evolution into a mainstream financing platform that promotes sustainable development by providing cost-effective, patient capital that is more affordable than alternative CRE funding sources. We are proud that C-PACE financing will support this new energy-efficient and resilient hotel that will serve as an important part of the Georgetown community for years to come.”

“DC Green Bank and Nuveen Green Capital were critical partners in helping us get the financing we need to make citizenM Georgetown a reality,” said Klaas Kout, Managing Director Capital Markets, Another Star. “This loan is helping us to build a hotel that will set a high standard for efficiency and serve as an engine for jobs and opportunity in DC.”

citizenM Georgetown is expected to be completed by summer 2026.