Author: Daniel Lebiednik

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.

Local Initiatives Support Corporation (LISC) and DC Green Bank are pleased to join Mayor Bowser, DC agencies, and investors NEF and PNC for the ribbon cutting of one of the first net-zero energy mixed-use affordable housing properties in DC. Built by local developers Heleos, Cycle House Apartments is delivering 18 homes designed for a new way of urban living and priced to bring affordability back to DC. LISC was the first investor in Heleos’ vision and in 2023, LISC and DC Green Bank provided $7.5 million in financing for this pioneering development.

The new building is revitalizing a plot that stood vacant for decades along North Capitol Street in Ward 5, just blocks from the U.S. Capitol. The energy-efficient design of Cycle House will reduce utility bills paid by residents at a time when energy costs are rising, and establish a paragon for clean-energy affordable housing construction. The net-zero building will produce at least as much energy as it consumes each year by harnessing solar energy from a rooftop solar installation and a rear solar parking canopy, with the local electrical grid serving solely as a backup. Each unit features high-efficiency HVAC systems, Energy Star appliances, and EPA WaterSense fixtures. The project has received LEED Gold certification, setting a high standard for resilient construction.

“We have invested in this area for decades, back when the neighbors organized to reverse profound disinvestment and drug violence. Dealing with those challenges cannot be considered a success without ways for long term Washingtonians with limited means to find a home,” said Ramon Jacobson, Executive Director of LISC DC. “With Cycle House, we offer residents a place to live, work, study, and yes, bike within the heart of DC. Cycle House is a testament to the vision and determination of the Heleos team, and the steadfastness of the Mayor and public and private partners.”

“Cycle House shows how visionary developers and lenders can partner together to set new standards for resilience and energy efficiency,” said Brandi Colander, CEO of DC Green Bank. “DC Green Bank’s investments are building enduring infrastructure for DC, while also delivering affordable homes and opportunity for residents.”

The name “Cycle House” reflects both the energy cycle, and the bicycle amenities that maximize the ease of cycling for building residents. Located at 1520-1522 North Capitol Street NW in Ward 5, Cycle House is a transit-oriented location within three blocks of metro stations and near job opportunities and grocery stores in downtown DC, Union Market, and U Street. The building includes free bicycle storage for each apartment, and a bicycle-friendly elevator, allowing residents to wheel seamlessly from their front door to the street level.

The financing for the project includes Low-Income Housing Tax Credits through the National Equity Fund and a HUD 221(d)4 loan by PNC, in addition to DC Green Bank and LISC construction loans and a grant provided by the DC Sustainable Energy Utility.

The proposal for this mixed-use project by Urban Green and VNV Development received unanimous support from the local community and the Advisory Neighborhood Commission (ANC). In addition to the residential spaces, the Cycle House development team has designed 1,525 square feet of commercial space to be leased.

DC Green Bank and Peachtree Group announced the closing of $8.56 million in PACE financing for energy efficiency upgrades for a 106-room boutique hotel in the Union Market District in Ward 5. The loan finances the installation of a highly efficient HVAC system, improved insulation and air sealing, LED lighting, and water-efficient fixtures. The high-performance building measures are estimated to save $50,000 in annual electricity and water costs.

The Hotel Nell, located next to Union Market in Northeast DC, includes a restaurant, rooftop bar, and event space. This hotel employs nearly 40 DC residents and creates 10 additional jobs in its bar and restaurant spaces.

“DC Green Bank is helping to drive economic growth and create jobs in DC by supporting businesses like the Hotel Nell,” said Brandi Colander, CEO of DC Green Bank. “Our financing makes it easy for businesses to prioritize investments in energy efficiency, while delivering the financial stability they need to thrive.”

“Retroactive C-PACE lets owners unlock value from improvements they have already made,” said Jared Schlosser, head of originations and C-PACE at Peachtree Group. “It lowers near-term pressure, improves cash flow, and supports businesses like the Hotel Nell that create jobs and add to the local economy.”

“The DC PACE program allowed us to maximize high-efficiency systems in the building for long-term benefits to the hotel and city and also enhance our budgets to create the warm and welcoming environment at Hotel Nell,” said Dennis Lee and Brook Rose of the development team. “The structure of the C-PACE financing has also helped with the overall costs of financing, which is a great relief in this challenging lending climate.”

DC Green Bank and PACE Equity announced the closing of $2.97 million in PACE financing for a new, energy-efficient 7-unit multifamily community in Ward 1. The Heritage Living development will provide homes with family-sized kitchens and living spaces adjacent to the Howard University campus and the historic U Street neighborhood.

The loan will support the installation of a highly efficient HVAC system, high-performance insulation, a green roof, and stormwater mitigation, reducing the building’s energy use and increasing its resiliency. The project is redeveloping the Butterworth Mansion in LeDroit Park, maintaining the features of a historic building while updating it for the neighborhood’s current needs.

This loan was PACE Equity’s fourth PACE investment in DC in fiscal year 2025, totaling nearly $30 million in financing.

“DC Green Bank’s partnership with PACE Equity is helping developers get the capital they need to make projects happen, while encouraging investment in resiliency,” said Brandi Colander, CEO of DC Green Bank. “By supporting developments like Heritage Living, we are driving investment in the District, delivering much needed housing, and strengthening communities.”

“The Heritage Living project exemplifies the positive financial and environmental impact of C-PACE financing,” said Beau Engman, president and founder of PACE Equity. “We are proud to be a financing partner for the development.”

“PACE investment helped us build on our growing Opportunity Zone platform and ensure that this building balances its history with efficiency and resiliency,” said Chris Agorsor, Principal at Agorsor Equity. “As an Opportunity Zone development, this project demonstrates how strategic financing tools can drive meaningful investment in communities that need it most. DC Green Bank and PACE Equity made the process easy and were crucial partners in helping us bring more homes to this neighborhood.”

Heritage Living DC is expected to be completed by May 2026.

Read the Full Release Here

The DC PACE program and Nuveen Green Capital announced the closing of $465 million in financing for an office-to-residential conversion, the largest PACE deal to date. The PACE loan will support Post Brothers’ redevelopment of an underutilized office building into a residential building that will deliver 532 new units, including 61 affordable homes. Located just blocks from the Dupont Circle metro, the new building will support the continued growth of downtown and the Mayor’s effort to transform office space.

“The Geneva shows the DC PACE program’s ability to deliver investment that boosts the District’s economy, adds needed housing, and increases affordability,” said Brandi Colander, CEO of DC Green Bank. “This record-setting deal from Nuveen Green Capital is an example of how DC is leading the way in attracting capital and making it easier for investors and developers to support our goal of building a more energy-efficient, affordable, and resilient city.”

Mayor Muriel Bowser added, “When we launched Housing in Downtown, our goal was clear: support projects that turn vacant office space into housing and create a more vibrant, resilient, and thriving Downtown. The Geneva delivers on that vision at an unprecedented scale and showcases how DC is leading the nation in office-to-residential conversions.”

Read the full release below.

In FY25, DC Green Bank had its second-biggest year of lending, investing more than $25 million into 11 projects. This funding supported the construction of affordable homes, expanded access to low-cost energy, grew local businesses, and created local jobs.

Read our annual report below to learn how we are delivering on our mission to build the District economy, make our city a more affordable place to live, and increase resilience.

Read the Full Report

DC Green Bank today announced $726,500 in financing to Monumental Builders, LLC, for energy efficiency upgrades to a 13-unit building in Ward 2. This $2 million project will be the first major renovation of the building since its construction in 1950, fully electrifying the building and cutting energy use. The building upgrades are expected to reduce energy use by more than 280,000 kWh and cut utility costs by nearly $30,000 annually.

The updated building will feature a highly efficient heating and cooling system, upgraded windows and insulation, induction stovetops, and tankless water heaters. By improving the ventilation system and removing gas appliances, the building both increases efficiency and improves indoor air quality for residents.

“This development shows that reaching for higher standards of efficiency both saves money and makes for healthier, more comfortable homes,” said Brandi Colander, CEO of DC Green Bank. “By financing projects that demonstrate the value of investing in efficiency, we’re showing how we build a more resilient and affordable future for DC.”

“DC Green Bank’s financing not only made this highly efficient project possible, but also helped us invest in upgrades that will make these homes more affordable over time,” said Ian Marsteller, Founder and CEO of Monumental Builders. “We’re proud to be leading the way on electrification and efficiency, making our homes healthier, more comfortable, and more resilient.”

The renovation at 1504 Kingman Place NW is expected to be completed fall 2026.

Read the Full Release Here