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.
DCGB-PACE Equity Heritage Living Press Release_1.15.26