Post Brothers has closed on $575 million in funding for The Geneva, an office-to-residential project in Washington, D.C., that will convert two office buildings into a 530-unit rental community. The package includes $465 million in Commercial Property Assessed Clean Energy financing, making it the largest C-PACE deal in history.
Nuveen Green Capital is providing the C-PACE funds, and Mavik is also sponsoring a $110 million senior loan. JLL Capital Markets brokered the deal and arranged the financing.
According to The Wall Street Journal, the total cost of the project is $750 million.
The Geneva is a 604,000-square-foot office building comprising two nine-story towers. Post Brothers will turn the asset into a 15-story apartment community that will include 429 market rate apartments, 42 extended-stay rentals and 61 affordable units, in addition to 57,000 square feet of commercial space.
Another C-PACE record
The $465 million in C-PACE financing was administered through DC Green Bank, and Mavik’s investment comes through VS2, its Special Opportunities Fund. The C-PACE funds will be used to subsidize the building’s HVAC, lighting and hot water systems, in addition to improvements to the building envelope.
Post Brothers President Matt Pestronk told The Wall Street Journal that the firm pursued C-PACE financing after larger banks were unable to make a deal.
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The C-PACE-backed measures are estimated to avoid approximately 1,514 metric tons of carbon emissions annually, which Nuveen said is equivalent to the carbon emitted by approximately 500 cars. Additionally, the operational carbon intensity will be 47 percent lower than before the conversion.
This deal breaks the previous record for the largest C-PACE loan, a $290 million package for the Pendry Hotel & Residences in Tampa, Fla., which Nuveen also financed in September 2025.
The same month, North Development secured about $180 million in C-PACE financing from Bayview PACE as part of a $220 million package for the development of Domus Brickell Center, a 579-unit luxury apartment community in Miami. That 35-story project is slated for completion in 2028.
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