Summary
1201 Sycamore is a six-story, 118,000-square-foot medical office building located within the master-planned St. Elizabeths Campus in southeast Washington, D.C. Completed in 2023, the project was developed by Redbrick LMD, a sponsor focused on large-scale, long-term, sustainable, and high-impact development. The project helped add much-needed quality housing, retail, and community services to the Congress Heights community. Anchored by Whitman-Walker Health, a well-established nonprofit healthcare provider with a 50-year history in Washington, D.C., the building will nearly double Whitman-Walker’s reach, allowing the organization to serve more than 20,000 patients per year. The building is named after pioneering Black journalist Max Robinson.
Opportunity
NGC provided $37.6 million in C-PACE financing to recapitalize an existing construction loan and fund updates to the property’s energy and water efficiency measures and building envelope. C-PACE was uniquely suited to this transaction, as it allowed Redbrick LMD to unlock long-term, fixed-rate financing. By using C-PACE to recapitalize the asset, Redbrick was able to realize significant long-term savings and generate equity that can be redistributed back into the property — outcomes that would have been difficult to achieve through conventional financing alone.
