Author: Daniel Lebiednik

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.

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