Author: Gary Decker

(Washington, D.C.) – The DC PACE Program and Twain Community Partners III LLC are proud to announce the successful closing of $6.1 million in financing to deliver energy efficiency and renewable energy upgrades to transform an existing, underutilized office building into a 105-key boutique hotel. The Canal House of Georgetown will be part of Marriott’s Independent Tribute Portfolio, with Douglas Development Corporation spearheading this project as owner and developer. This deal propels the DC PACE Program past the monumental $100 million mark in PACE financing since its inception.

The Canal House of Georgetown will feature a range of energy-efficient upgrades including new insulation, green roofing, building-wide electrical and plumbing improvements, LED lighting, and new HVAC systems. These upgrades will result in annual electricity savings of 116,119 kWh and annual water savings of 1,535,874 gallons. The carbon footprint reduction is equivalent to the energy use of 10.4 homes for a year. In addition to the environmental benefits, this project will support the clean economy by creating 325 construction jobs and 30 jobs within the hotel.

“We are thrilled to partner with Twain Community Partners on this project, which marks a significant milestone in our journey to reach over $100 million in PACE financing,” said Ronald Hobson, DC PACE Program Manager, “Tourism plays a pivotal role in the District’s economic comeback. Exciting projects like this are another step towards the mayor’s transition to a clean and sustainable economy.”

“DC PACE is a testament to the transformative power of sustainable financing in our nation’s capital,” said Trisha Miller, CEO of DC Green Bank. “I am grateful to DOEE and Urban Ingenuity for entrusting us with the stewardship of the DC PACE Program, and for enabling us to grow jobs and climate solutions for our community. We look forward to future expansion of the DC PACE program in support of Mayor Bowser’s economic development and climate action agenda.”

The project is located at 1023 – 1027 31st Street NW, Washington DC 20007.  In addition to the environmental benefits, the project is estimated to save $3.8 million in electricity costs, $2 million in water costs, and nearly $1 million in HVAC costs over a 30-year period. The hotel will span 44,912 square feet across six stories and a basement. The Canal House of Georgetown will offer 105 contemporary luxury guest rooms, consisting of 55 king rooms, 16 queen rooms, 23 double queen rooms, and 11 spacious suites. Additional amenities will include a 24-hour fitness center, a coworking space that doubles as a social lounge in the evening, a high-end restaurant, and a rooftop lounge.

“We are excited to partner with DC Green Bank on this project, which is a testament to the success of the DC PACE Program and its bright future for the District,” said Nick Theodore, Assistant Director of Transactions at Twain Financial Partners. “This project will not only reduce the city’s carbon footprint, but it will also create jobs and boost the local economy.”

In May 2013, DOEE and Urban Ingenuity initiated a pilot Commercial PACE (C-PACE) project to demonstrate its viability. In August 2015, Mayor Muriel Bowser officially launched the DC PACE Program.  Since October 2021, DC Green Bank has administered the program, aiming to further its growth and support jobs and capital investment in DC.

“DC PACE has grown through public private partnership from its initial kernel as a pioneering policy, to become a fully realized financial product that’s transforming the built environment of our Nation’s capital,” stated Bracken Hendricks, Co- Founder and Managing Partner of Urban Ingenuity. “As a small local business, we’ve been honored to support DOEE’s vision and leadership in designing and launching DC PACE. And today, DC Green Bank’s stewardship is bringing DC PACE to new heights of scale and impact, with over $100M in capital investment, DC PACE is building climate solutions and economic justice. We applaud DC Green Bank for charting a path to a greener, healthier, and more prosperous DC.”

Douglas Development Corporation, a real estate developer headquartered in Washington, D.C., known for its transformative work in revitalizing underdeveloped, emerging areas, expressed its enthusiasm. Johnathan Murray, Senior Associate of Douglas Development Corporation, stated, “We are delighted to collaborate with Twain Financial and DC Green Bank to introduce this exciting project to the Georgetown neighborhood and economy. We are proud to contribute to this significant milestone for both the DC PACE program and the city.”

The Canal House of Georgetown grand opening is scheduled for early 2025.

Click here to read the full release or view below.

(Washington, D.C.) – DC Green Bank and Copernican Energy today are pleased to announce the closing of a $500,000 construction-to-permanent loan to support a 191 kW residential solar project portfolio. This investment will provide solar energy to approximately 23 low- to moderate- income (LMI) households, with over 90% of the beneficiaries located in Wards 7 and 8. The solar panels are projected to eliminate 3,252 metric tons of greenhouse gas emissions over 20 years, equivalent to the emissions from 365,928 gallons of gasoline or 3,642,741 pounds of coal burned. In addition to the environmental benefits, residents will experience a minimum 50% reduction in household utility bills.

“This project supports Mayor Bowser’s goal to create clean energy jobs and make affordable solar energy accessible to all District communities,” said Trisha Miller, Chief Executive Officer at DC Green Bank. “We know when we invest in emerging developers like Copernican, there are numerous co-benefits – like job creation and lower utility bills – that emerge for communities as well. We are excited to continue to replicate this model with our partners across DC.”

DC Green Bank is committed to creating pathways for emerging developers that deliver renewable clean energy projects to LMI households, supporting our value of inclusive prosperity. This marks Copernican’s second financing request, building on the success of their initial construction-to-permanent loan. This second investment supports Copernican’s growth as a local small business, expanding their residential solar portfolio and enhancing their ability to support other local developers. Copernican will engage District-based solar installers for the construction of the portfolio of projects, amplifying the local impact of this collaboration.

“We are excited to partner with DC Green Bank to continue to support the growth of renewables by providing no-cost solar to households in low-income neighborhoods across the District,” said Chris Turner, Partner, Copernican. “Through community engagement and support from District entities like DC Green Bank, we know that we can play an important role to help DC achieve its sustainability and inclusive development goals.”

All solar projects in the portfolio are expected to be completed by the end of 2023.

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(Washington, DC) – DC Green Bank and Local Initiatives Support Corporation (LISC) are pleased to announce the closing of $7.5 million in construction financing for the development of Cycle House, a mixed-use net-zero energy affordable housing property in Northwest Washington, DC. This groundbreaking project will breathe new life into a long-vacant site along North Capitol Street, adding 18 units of affordable housing and commercial space to the Truxton Circle neighborhood in Ward 5. 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 and by utilizing fuel cells. The project is also targeting both LEED Platinum and Passive House sustainability certifications, setting a high standard for eco-friendly construction in the area.

In addition to creating affordable housing units, the sustainable design of Cycle House will reduce utility costs for residents and establish a model for clean energy affordable housing construction. Each unit will feature high-efficiency HVAC systems, Energy Star appliances, and EPA WaterSense fixtures.

$2 million of the construction financing was invested by DC Green Bank, supporting Mayor Bowser’s goals to deliver at 36,000 new housing units – including at least 12,000 affordable housing units – by 2025 as well as achieving carbon neutrality for the District by 2045. “We are proud to partner with LISC to deliver affordable housing in Ward 5 that places inclusive prosperity at the forefront. Cycle House will result in direct health and environment benefits, while keeping residents rooted in their neighborhoods,” said Trisha Miller, Chief Executive Officer at DC Green Bank. “Every District resident deserves access to affordable and sustainable housing and the Cycle House project demonstrates Mayor Bowser’s steadfast leadership on this critical issue.”

“We’ve reached an inflection point—we must decide whether the green economy is going to include low-income residents or bypass them. Or worse, push them out of DC altogether,” said Ramon Jacobson, Executive Director, LISC DC. “The many public and private partners on this project demonstrate that affordability and sustainability can go hand in hand. LISC is proud to support Cycle House with more than $19.5 million, which includes an $11.2 million equity investment for LIHTC syndication from LISC affiliate, the National Equity Fund (NEF).”

The name “Cycle House” reflects the plan to include bicycle amenities designed to maximize the ease of cycling for building residents. The bicycle-friendly living environment will provide free bicycle storage for each unit along with a bicycle-friendly elevator, allowing residents to ride seamlessly from their front door to the street level. Located on North Capitol Street NW in Ward 5, Cycle House is a transit-oriented location within three blocks of Metro stations.

The proposal for this mixed-use project by Urban Green and VNV Development received unanimous support from the local 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. The building will be constructed using a modular approach, enabling portions of the project to be constructed off-site, which will result in a shorter construction completion period. Cycle House is expected to be completed by January 2025.

Click here to read the full release or view below.

By Emily Wishingrad, BisNow,

A senior housing community and its development partner have secured financing to move forward with a 93-unit affordable addition to the property in Northwest D.C.’s Friendship Heights neighborhood, a part of the city where such projects are rare.

By Keith Loria, Commercial Observer,

Urban Atlantic Development has closed on $69 million of financing to build a new affordable senior housing development in Washington, D.C. ‘s Ward 3, which will be the first independent senior living development in the Friendship Heights area.

The financing will go toward building 93 affordable units on the campus of the Lisner-Louise-Dickson-Hurt Home, one of the oldest long-term care facilities in the District, having been in operation for more than 80 years. It is scheduled to undergo a renovation in the next year.

The project is being financed through DC Department of Housing and Community Development’s Housing Production Trust Fund, federal and state low-income housing tax credits, and District of Columbia Housing Finance Administration bonds. Boston Financial Investment Management and Rise Impact Capital provided equity investment, and Capital One Community Finance, Cedar Rapids Bank & Trust, and DC Green Bank provided debt financing.

Read the Full Article Here

By Tristan Navera, Washington Business Journal,

The team behind the long-planned expansion of the Lisner-Louise-Dickson-Hurt Home in Friendship Heights has landed the financing to begin construction and deliver nearly 100 units of affordable senior housing to Ward 3.

Bethesda’s Urban Atlantic, which will lead the construction, and the LLDH have secured $69 million from a variety of sources for the 93-unit project, an independent senior living development with 41 units reserved for families earning up to 50% of the median family income and the rest for those at or under 30% of MFI. The LLDH campus is located at 5425 Western Ave. NW, less than a block south of the Chevy Chase Recreation Center.

Financing includes support from D.C.’s Housing Production Trust Fund — the project was approved as the first HPTF Ward 3 beneficiary in 2022 — plus Low-Income Housing Tax Credits, and D.C. Housing Finance Administration bonds. Boston Financial Investment Management and Rise Impact Capital provided equity, while Capital One Community Finance, Cedar Rapids Bank & Trust and D.C. Green Bank provided debt financing.

Read the Full Article Here