Nuveen Green Capital Closes Largest-Ever C-PACE Financing alongside Mavik for Premier Washington, D.C. Office-to-Residential Conversion

$465 Million C-PACE Financing Marks Largest-Ever in History, Supported by $110 Million First Mortgage from Mavik

Historic Financing for The Geneva Marks C-PACE's Emergence as Mainstream Capital Solution, Demonstrating Resilience in Challenging Credit Markets

New York, NY (January 7, 2026) – Nuveen Green Capital (NGC), a leader in sustainable commercial real estate financing solutions, today announced the closing of a record-breaking $465 million C-PACE financing for The Geneva, a landmark office-to-residential conversion in Washington, D.C. The transaction represents the largest Commercial Property Assessed Clean Energy (C-PACE) financing in history. The project also secured a $110 million senior loan from Mavik, a multi-strategy, credit-oriented investment firm with a focus on special situations commercial real estate and hard assets, bringing total project financing to $575 million. Post Brothers, a nationally recognized mixed-use developer, is the sponsor.

The Geneva, located at 1825–1875 Connecticut Avenue Northwest, is a 604,000-square-foot office building comprised of two nine-story towers that sits at the confluence of three of the city's most prestigious neighborhoods: Kalorama, Dupont Circle, and Adams Morgan. The property will be converted into a 15-story, luxury, LEED-certified residential building featuring 429 market-rate units, 42 extended-stay rentals, and 61 affordable housing units, as well as 57,000 square feet of commercial space.

Creative Financing Solution to Fund D.C.’s Largest Office-to-Residential Conversion to Date

The milestone financing surpasses the C-PACE industry's previous record of $290 million for the Pendry Hotel & Residences in Tampa, FL, which NGC also financed. The series of record-breaking transactions demonstrates C-PACE's rapid evolution from alternative capital to essential CRE financing platform. The $465 million in C-PACE financing was administered through DC Green Bank to Philadelphia-based sponsor Post Brothers, a vertically integrated real estate investment, management, and development platform. JLL advised Post Brothers on the C-PACE financing. The financing features a comprehensive capital structure, with NGC's C-PACE financing alongside Mavik’s $110 million senior loan. Mavik made the investment from its recently closed Special Opportunities Fund, VS2, which pursues structurally complex opportunities across the capital structure, markets and asset classes.

The C-PACE capital, combined with the office-to residential tax abatement and Mavik’s investment, provides Post Brothers with significant cost advantages over conventional financing structures. C-PACE proceeds will be utilized to fund key energy and water efficiency measures, including the property's HVAC, lighting, hot water, and building envelope improvements.

The transaction reflects C-PACE's dramatic market expansion and institutional adoption, with nearly $30 million lent through the DC PACE program in the previous fiscal year.

Since 2020, NGC's assets under management have grown fivefold to over $4 billion, demonstrating the market's increasing confidence in C-PACE as a core financing solution. This growth has accelerated during a period when traditional lending sources have contracted, underscoring C-PACE's countercyclical stability and ability to provide flexible capital across market cycles. 

Matt Pestronk, President, Post Brothers, said: “The Geneva marks a major milestone for Post Brothers and for downtown Washington, D.C. This project was made possible through a highly collaborative partnership with Mayor Bowser’s administration, the City of Washington, D.C., Mavik, and Nuveen Green Capital, as well as through the use of innovative tools like C-PACE financing. Together, we created a smart, efficient financing model that is not only tailored to Geneva, but scalable and repeatable for projects across the country.” 

He continued, “The financing came together with exceptional speed and coordination, funding closed in less than 30 days after term sheets were signed, demonstrating what’s possible when all parties are aligned. Most importantly, Geneva is doing well by doing good, delivering more than 60 affordable housing units at zero cost to the City, in one of the region’s most expensive neighborhoods, while expanding housing options, supporting downtown growth, and bringing new residents and energy to the area.”

"This landmark, state-of-the-art project showcases the potential of C-PACE to achieve important public and commercial outcomes. Nuveen Green Capital, Mavik, Post Brothers, and DC Green Bank collaborated seamlessly to achieve this tremendous execution that will help transform downtown Washington, D.C., enabling a critical blend of affordable and premium new housing capacity for the city. As both the C-PACE industry's largest financing to date and the largest office-to-residential conversion, this closing validates our thesis that C-PACE can provide attractive capital for large-scale developments while also driving value across a diverse set of project stakeholders," said Alexandra Cooley, CEO and Chief Investment Officer of NGC.

“As the largest conversion outside of New York City to date with a unique capital structure, this project exemplifies the type of complex, highly differentiated project that defines our investment strategy,” said Vik Uppal, Founder and CEO of Mavik. “By combining the largest-ever C-PACE financing with Mavik’s first mortgage, we created a unique capital solution that enabled Post Brothers to realize this transformative redevelopment. Long-term relationships are a hallmark of Mavik, and we value our partnership with Nuveen Green Capital and Post Brothers on this landmark conversion, which sets a new standard for innovative execution.”

“The Geneva shows the DC PACE program’s ability to deliver investment that boosts the District’s economy, adds needed housing, and increases affordability,” said Brandi Colander, CEO of DC Green Bank. “This record-setting deal from Nuveen Green Capital is an example of how DC is leading the way in attracting capital and making it easier for investors and developers to support our goal of building a more energy-efficient, affordable, and resilient city.”

Mayor Muriel Bowser added, "When we launched Housing in Downtown, our goal was clear: support projects that turn vacant office space into housing and create a more vibrant, resilient, and thriving Downtown. The Geneva delivers on that vision at an unprecedented scale and showcases how DC is leading the nation in office-to-residential conversions."

The C-PACE-financed measures are estimated to avoid approximately 1,514 metric tons of carbon emissions annually, equivalent to the carbon emitted by approximately 500 cars. The operational carbon intensity will also be 47% lower than before the conversion, demonstrating how sustainable development reduces operating costs while enabling competitive financing. In addition, the rehabilitation and reuse of an existing building versus constructing a new one avoids significant embodied carbon—29,000 tons of CO₂ equivalent.  Beyond its scale and sustainability features, The Geneva also expands Washington, D.C.'s housing supply by delivering 61 permanently affordable units. The mixed-income approach, enabled by C-PACE's flexible structure, demonstrates how innovative financing can advance both market-rate development and housing affordability objectives. Once complete, the property is expected to be among the most valuable apartment buildings in Washington, D.C., and will provide an unparalleled residential offering.

About Nuveen Green Capital
With over $5 billion originated, Nuveen Green Capital is a national leader in sustainable commercial real estate financing solutions and an affiliate of Nuveen, the $1trillion+¹ asset manager and wholly owned subsidiary of TIAA. The company, which was founded by C-PACE industry pioneers who helped design the nation's first successful statewide C-PACE program², has grown to offer a market-leading suite of accretive CRE financing products and a full-service lending platform with all underwriting, legal, and asset management functions executed in-house.

To learn more, visit: Nuveen.com/greencapital

About Post Brothers
Post Brothers is a nationally recognized leader in multifamily development, innovation, and sustainability. Founded in 2006 by Michael and Matthew Pestronk, Post focuses on creating world-class, mixed-use developments in top MSAs in the Eastern U.S., driven by Class A multifamily rental housing. Post Brothers’ unique development placemaking strategy is fundamentally driven by its consumer product approach to residential apartment development, setting itself apart from other developers. Post Brothers owns and manages a portfolio in excess of 5,000 apartment units and 300,000 of commercial space. 

About Mavik Capital
Mavik is a multi-strategy, credit-oriented investment firm with a focus on special situations commercial real estate and hard assets across North America. Mavik pursues a flexible investment strategy across securities, markets, and asset classes that seeks to deliver consistent long-term outperformance. Mavik has approximately $2 billion in AUM, has deployed approximately $4 billion, and has realized more than 130 investments since inception.

About DC PACE
DC Green Bank serves as the administrator of the DC PACE program on behalf of the District of Columbia. The DC Property Assessed Clean Energy (PACE) program is a special financing option for renewable energy projects such as solar, energy efficiency upgrades like new windows or HVAC units, conservation projects like green roofs, and water use systems. The DC PACE Program has facilitated loans totaling over $100 million since its first deal closing in 2013.

To learn more, please visit: www.dcgreenbank.com/pace