Summary
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.
Opportunity
NGC provided $465 million in C-PACE financing in partnership with Mavik, who provided a $110 million first mortgage. The C-PACE capital, combined with office to residential tax abatement and Mavik’s investment, provided sponsor, Post Brothers, with significant cost advantages over conventional financing structures. C-PACE proceeds will fund key carbon, energy and water efficiency measures, including the property’s HVAC, lighting, hot water systems, and building envelope.
