DC Green Bank and Nuveen Green Capital Announce $37.6 Million in C-PACE Financing for Medical Offices in Southeast DC

DC Green Bank and Nuveen Green Capital (NGC) announced the closing of $37.6 million in C-PACE financing for an outpatient medical and community services building at the St. Elizabeth’s East campus in Southeast DC. This project continues to support the transformation of the St. Elizabeth’s campus and brings new medical facilities and job opportunities to the Congress Heights community.

The property is anchored by Whitman-Walker Health, a nonprofit healthcare provider with a 50-year history in DC. The building, completed in 2023 and named after pioneering Black journalist Max Robinson, nearly doubled Whitman-Walker’s reach, allowing the organization to serve over 15,000 patients per year.

The C-PACE financing is supporting energy efficiency elements that will save the building more than $45,000 a year on utility costs, including improved building envelope, highly efficient heating and cooling, and energy-efficient lighting. The C-PACE loan refinanced an existing construction loan, enabling the developer to benefit from C-PACE’s long-term, cost-effective capital.

In addition to Whitman-Walker, the property’s tenants include GW Cancer Prevention and Wellness Center, DC’s Ward 8 Advanced Technical Center, Labcorp, New Hampshire Medical Supply, and the Academy of Hope, collectively serving as a communal hub providing essential health and wellness and educational services to the community.

“Healthy communities are resilient communities, and this financing is helping to build a better future on the St. Elizabeth’s East campus,” said Brandi Colander, CEO of DC Green Bank. “PACE financing is helping to cut operational costs for this highly efficient building, ensuring that Whitman Walker can put more resources into serving the local community.”

Ryan Doyle, Senior Director of Originations, Nuveen Green Capital, added, “It was a pleasure to partner with the sponsor, Redbrick LMD, to provide accretive C-PACE financing through DC Green Bank to recapitalize this notable trophy asset, which provides the city with much-needed medical office space, while supporting Redbrick’s focus on responsible development and value creation throughout the Washington, D.C. area. Through cost-effective C-PACE financing, the sponsor will realize significant long-term savings while driving economic growth. This closing is a powerful example of how C-PACE can benefit property owners and developers in the D.C. area and beyond.”

“1201 Sycamore began with a commitment we made in 2021 — to bring world-class healthcare and community services to a part of the city that had gone without for too long,” said Tom Skinner, Managing Partner at Redbrick LMD. “We delivered the building in 2023, and this C-PACE refinancing now anchors it with the stable, long-term capital structure that ensures continuity for Whitman-Walker and the Wards 7 and 8 residents who depend on it. Financing that rewards energy efficiency means more resources go where they belong: into patient care. DC Green Bank and Nuveen Green Capital were essential partners in making that durability possible.”

The financing was arranged by a Berkadia DC Metro team led by Managing Director Brian Gould and Associate Director Natalie Hershey.

“The C-PACE execution provided the borrower with long-duration, fixed-rate capital that enhances the overall Opportunity Zone capital stack while supporting the project’s sustainability objectives,” said Brian Gould, Managing Director of Berkadia. “Nuveen Green Capital was an excellent partner in delivering a competitive financing solution tailored to the borrower’s needs.”