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The team behind the largest office-to-residential conversion planned in D.C. rang in the new year by closing a record-breaking financing package.
The 1M SF project from Philadelphia-based Post Brothers is set to transform two mid-century Connecticut Avenue office buildings near Dupont Circle into 525 residential units.
The development, named The Geneva, has been in the planning stages for more than three years as the developer has awaited financing.
But in the final days of 2025, Post Brothers closed on two major pieces of its capital stack.
The developer received $465.3M in C-PACE financing from Nuveen Green Capital and $96.65M from Mavik Capital Management, documents filed with the D.C. recorder of deeds on Dec. 29 and 30 show.
The document on the $465M commitment includes an amortization and payment schedule that runs through 2058.
The deal appears to set a new record for C-PACE loans — by far — as Nuveen Green Capital boasted in September that a $290M deal in Tampa was the largest-ever deal using the green financing program.
The separate $97M loan represents a refinancing of a $79M loan that Post Brothers secured in October from Kawa Capital Management, the filing says.
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