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.
DCGB-Nuveen Citizen M Press Release_2.4.26