Author: Daniel Lebiednik

DC Green Bank and PACE Equity Finance announced the closing of $20.6 million in C-PACE financing for ONE Street Commercial Properties to support the conversion of an office building on the Georgetown waterfront into energy-efficient new condominiums and retail space. The renovated building will include 21 for-sale condos, one affordable unit, and ground-floor retail and restaurant space. The development is also expected to create five permanent jobs.

The C-PACE proceeds will fund upgrades to the building envelope, HVAC, lighting, plumbing, and elevators that are estimated to save nearly $160,000 in operational costs annually. The new development will also include at least five EV chargers for residents and visitors. By converting an existing structure, the building will significantly reduce carbon emissions.

“This project is revitalizing office space and turning it into homes and businesses that will power the future of DC,” said Brandi Colander, CEO of DC Green Bank. “C-PACE financing is a valuable tool for making transformational projects possible.”

“C-PACE financing is having a major impact in DC and helping developers build creative and impactful projects,” said Beau Engman, president and founder at PACE Equity Finance. “This office-to-residential conversion demonstrates the versatility of C-PACE across property types and capital structures.”

“DC Green Bank and PACE Equity Finance were essential partners in helping us get the financing we needed to make this project possible,” said Kevin Brandes, Managing Director, ONE Street CP. “This C-PACE financing helped us make investments in the property that will make the building more attractive to residents and reduce costs in the long run.”

The development is expected to be completed by fall/winter 2027.

Today, DC Green Bank announced a $1.165 million loan to Manna Inc. that will support S Street Village, an affordable housing and community development next to the Shaw-Howard Metro station in Ward 2.

S Street Village is a mixed-use development that will include 90 affordable homes, community space, a renovated historic church, and headquarters for Manna. The development will achieve LEED Gold certification, and include 20 three- and four-bedroom, family-sized units.

“S Street Village represents the best of what DC Green Bank’s financing can achieve: bringing together affordable housing, community, and economic opportunity into a resilient new development,” said Brandi Colander, CEO of DC Green Bank. “Partnering with organizations like Manna that have deep roots in DC helps make our impact greater and support projects that deliver what our communities need.”

“DC Green Bank’s financing allowed Manna to be more ambitious with S Street Village by returning to our roots where we first opened our offices in 1982 and build more than just housing” said Sasha-Gaye Angus, President and CEO of Manna. “This development will build for the future of DC by creating a place where people can live, play, work, and worship in the middle of one of DC’s most vibrant neighborhoods.”

S St Village is expected to be completed in mid-2027.

DC Green Bank CEO Brandi Colander’s Greater Greater Washington Op-Ed on Investing in Resilience

An op-ed in Greater Greater Washington from DC Green Bank CEO Brandi Colander shares how investing in efficiency and resilience are crucial to the future of DC. Through patient capital and cutting-edge technical assistance, we’re building better, more affordable homes and creating jobs across the District.

The Washington Informer Features DC Green Bank

A new article from The Washington Informer highlights how DC Green Bank is supporting developers who are building resilient and affordable homes. The story takes a look at two of our most exciting projects: Cycle House, DC’s first net-zero 100% affordable housing development, and the Faircliff, the city’s most energy-efficient affordable housing building.

Best Address Visits The Howard Theatre

DC influencer Joe Himali visited The Howard Theatre to see how its DC Green Bank-financed solar panels and battery storage are saving the historic venue money and keeping it running for a new generation.

DC Green Bank Welcomes New Team Members

This summer, we added four new members to the DC Green Bank team. Join us in welcoming them! These new employees will help us continue to grow our impact across the District.

Our Latest Deals

A new $37.6 million C-PACE deal from DC Green Bank and Nuveen Green Capital is delivering new medical facilities and job opportunities to the Congress Heights community. The financing is supporting the Max Robinson Center, the home of Whitman-Walker Health.

A $4.2 million DC Green Bank loan is fully electrifying a new co-living community just steps from Howard University in Ward 1. The renovated development has 24 bedrooms designed to be affordable for students with shared kitchens and common areas.

Capital should serve DC communities. Here’s how DC Green Bank is using it

By Brandi Colander, CEO of DC Green Bank

Over the past eight years, DC Green Bank, where I am CEO, has invested $90 million in energy-efficient affordable housing, solar energy, resilient infrastructure, and stormwater retention projects across all eight wards of the District.

Our investment has attracted nearly $1 billion in additional investment. For example, when DC Green Bank provided a $2.6 million loan for a community solar project on V Street NE that cost a total of $20 million, our loan encouraged an additional $17.4 million in investment

On top of that $1 billion, the DC Property Assessed Clean Energy program (PACE) has facilitated an additional $600 million in financing for energy-efficient construction projects. These investments have created or preserved more than 1,100 affordable homes and generated more than 7,000 jobs.

These aren’t just data points. They represent families with lower utility bills, workers with steady paychecks, and communities with greater stability and opportunity.

Read the full article at https://ggwash.org/view/104184/capital-should-serve-dc-communities-heres-how-dc-green-bank-is-using-it

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