(Washington, D.C.) – DC Green Bank and PACE Equity Finance announced the closing of $20.6 million in C-PACE financing for ONE Street Commercial Properties to support the conversion of an office building on the Georgetown waterfront into energy-efficient new condominiums and retail space. The renovated building will include 21 for-sale condos, one affordable unit, and ground-floor retail and restaurant space. The development is also expected to create five permanent jobs.
The C-PACE proceeds will fund upgrades to the building envelope, HVAC, lighting, plumbing, and elevators that are estimated to save nearly $160,000 in operational costs annually. The new development will also include at least five EV chargers for residents and visitors. By converting an existing structure, the building will significantly reduce carbon emissions.
“This project is revitalizing office space and turning it into homes and businesses that will power the future of DC,” said Brandi Colander, CEO of DC Green Bank. “C-PACE financing is a valuable tool for making transformational projects possible.”
“C-PACE financing is having a major impact in DC and helping developers build creative and impactful projects,” said Beau Engman, president and founder at PACE Equity Finance. “This office-to-residential conversion demonstrates the versatility of C-PACE across property types and capital structures.”
“DC Green Bank and PACE Equity Finance were essential partners in helping us get the financing we needed to make this project possible,” said Kevin Brandes, Managing Director, ONE Street CP. “This C-PACE financing helped us make investments in the property that will make the building more attractive to residents and reduce costs in the long run.”
The development is expected to be completed by fall/winter 2027.
About DC Green Bank
DC Green Bank develops and facilitates innovative financial solutions to support District businesses, organizations, and residents on the path to a cleaner future for all. We invest in solar energy systems, energy-efficient buildings and retrofits, green stormwater infrastructure, and transportation electrification in line with our values of Sustainability, Clean Economy, and Inclusive Prosperity. To date, DC Green Bank has invested millions of dollars in a cleaner, greener, and more equitable future. To learn more, please visit us at www.dcgreenbank.com
About ONE Street Commercial Properties
ONE Street Commercial Properties is a vertically integrated real estate firm focused on boutique multifamily and mixed-use projects across the housing spectrum in Washington, DC. Drawing on nearly 20 years of construction experience, ONE Street has developed more than $500 million in high-value-add work in the District. Please visit: https://onecommercial.one
About PACE Equity Finance
PACE Equity Finance is a direct balance-sheet C-PACE lender delivering structured, institutional-grade capital solutions for commercial real estate developers and lenders, with certainty of execution and flexible capital stack integration. The firm has funded more than $1 billion in C-PACE financing across 200+ transactions. Our delivery is built on four foundational pillars: execution certainty, structuring sophistication, tailored solutions, and turnkey delivery. Learn more at www.pace-equity.com.