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.”
Read the full release below.
NGC The Geneva Press Release FINAL 1.6.26