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.”
DCGB-Peachtree Hotel Nell PACE Press Release_1.19.26