Author: Daniel Lebiednik

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.

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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.”

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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.

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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.

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DC Green Bank today announced Brandi Colander as its next Chief Executive Officer. The DC Green Bank Board of Directors chose Ms. Colander to serve as permanent CEO based on her extensive experience at DC Green Bank, including leading the organization as Interim CEO since June and serving as Chair of the Board of Directors since its inception.

“Brandi has shown tremendous leadership of DC Green Bank both on the Board and as Interim CEO, and the Board is confident that she has the expertise, skills, and experience to ensure the organization’s continued success,” said Ed Hubbard, Acting Chair of the Board of Directors. “Brandi’s deep knowledge of DC Green Bank supports a seamless transition, ensuring the organization continues to deliver on its mission while also growing its reach and impact.”

Ms. Colander has extensive experience across the public and private sectors, including serving as the Deputy Assistant Secretary at the U.S. Department of the Interior and Deputy General Counsel at the White House Council on Environmental Quality. In these roles, she advised Cabinet leaders on regulatory, policy, and infrastructure matters. In the private sector, she has led corporate functions and advised Fortune 500 company executives.

“This opportunity is an honor, particularly during an exciting time in our maturation. Together with our team, board, and partners, we will strengthen our foundation, deepen our mission-driven focus, and chart bold new paths for sustainable investments in resilient infrastructure,” said Ms. Colander.

Since launching full operations in April 2020, DC Green Bank has invested more than $80 million in affordable housing, renewable energy, electric transportation, and resilient infrastructure projects across the District. This financing has unlocked a further $800 million in private investment into the DC economy. Just in the last few weeks, DC Green Bank announced its first financing for transportation electrification, which will help small business owners purchase electric vehicles, and also a new investment in a DC-based solar developer that will benefit low-income residents.

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DC Green Bank today announced $1 million in financing for FinEV to provide loans for DC small businesses to purchase electric vehicles. The financing will be used to help approximately one dozen businesses – such as transportation providers, florists, dry cleaners, plumbers, HVAC technicians, and solar developers – make the switch to fully electric vehicles. By electrifying their fleets, businesses can save thousands of dollars each year through reduced fuel and maintenance costs, while also lowering pollution in their communities and cutting their climate impact.

FinEV is filling a gap in the industry, as electric vehicle manufacturers often do not offer in-house financing for small businesses. FinEV will offer affordable credit options, helping to ease small businesses’ transition to electric vehicles. DC Green Bank’s loan will help FinEV expand its footprint and scale its lending operations.

“Making it easier for pioneering businesses to electrify their fleets will help them save money and energize their businesses,” said Brandi Colander, Interim CEO of DC Green Bank. “Our loan to FinEV is DC Green Bank’s first investment in resilient infrastructure for vehicle and fleet electrification, and we look forward to helping small business owners invest in what is best for both their needs and their communities.”

“The market for converting fleets to electric is already there, what lacks is the supply to fulfill this demand. FinEV is filling this gap, which will lead to more business owners in the DC area jumping at the opportunity to invest in electric vehicles,” said Nic Abel, CEO and Founder of FinEV. “DC Green Bank’s partnership will help us attract further investments that will continue to support small businesses and help the District reach its sustainability goals.”

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DC Green Bank and PACE Equity joined Valor Development to celebrate the opening of Sixty DC, a new energy-efficient hotel in Dupont Circle. Financed through DC Green Bank’s leadership of the DC PACE program, this new development converted an empty office building into a boutique hotel featuring a restaurant and rooftop bar. The hotel will create a new anchor to boost the growth of downtown DC and the Golden Triangle.

C-PACE funding, provided by PACE Equity, financed the installation of a highly efficient HVAC system, improved insulation, LED lighting, and water-efficient fixtures that will save nearly $50,000 in annual utility costs. The hotel is also expected to create nearly 150 hospitality jobs.

Investments in projects like Sixty DC are supporting the Mayor’s Downtown DC Action Plan by repurposing underutilized office space into dynamic businesses that bring people to the neighborhood and create opportunities for communities to thrive.

“A vibrant Downtown is the energetic, cultural, and economic heart of our city,” said Deputy Mayor Nina Albert. “The Sixty DC Hotel will add to the choices available for DC’s visitors and serve as a new employer in the Downtown area. Supported by DMPED’s Downtown Recovery Grant, this project is a great example of how we can convert underutilized office space into a dynamic new use.”

“PACE financing is a catalyst for economic growth, and PACE Equity’s investment in Sixty DC is a prime example,” said Brandi Colander, Interim CEO of DC Green Bank. “By making it easier for developers to invest in energy efficiency and resiliency, the DC PACE program is supporting investment in downtown, cutting utility costs, and creating jobs.”

“We’re excited to bring Sixty DC to this vibrant neighborhood and provide a new destination for visitors and locals alike to experience,” said Will Lansing, Founding Principal of Valor Development. “DC Green Bank and PACE Equity not only made this project possible, but helped us realize the benefits and savings of investing in energy efficiency.”

“Sixty DC was our first C-PACE project in DC and shows how our capital can transform buildings and communities,” said Beau Engman, president and founder at PACE Equity. “We are thrilled to be partners in this project and look forward to making more projects like this happen by providing low-cost, strategic capital.”

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