- The Geneva, a 1M SF office-to-residential project, secured $561.95M in financing.
- The deal includes a record-setting $465.3M C-PACE loan from Nuveen Green Capital.
- The project will create 525 new multifamily units near Dupont Circle.
- Post Brothers can now move forward with the $750M multifamily conversion.
Record Financing for Multifamily Conversion
Philadelphia-based Post Brothers has secured $561.95M in new financing to convert two mid-century office buildings at 1825-1875 Connecticut Ave. NW into The Geneva, a 525-unit multifamily property near Dupont Circle. The project is the largest office-to-residential conversion planned in Washington, D.C., with a total cost of $750M, per Bisnow.
Capital Stack and C-PACE Milestone
The financing includes a $465.3M C-PACE loan from Nuveen Green Capital, setting a new national record for this type of green financing. Additionally, Mavik Capital Management provided $96.65M, refinancing a prior loan of $79M. With these funds, Post Brothers anticipates breaking ground on The Geneva and delivering much-needed housing in downtown D.C.
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Project Timeline and Support
Post Brothers acquired the site for just over $200M in 2022 and secured zoning approval in early 2023. The development also qualified for D.C.’s 20-year tax abatement for office-to-residential conversions, underscoring the city’s push to revitalize its urban core. The developer now has until March 2027 to file building permit plans after receiving a two-year extension from the Board of Zoning Adjustment.
Why It Matters
The Geneva’s financing, therefore, signals renewed investor confidence in multifamily conversion projects as office demand continues to shift in urban markets like D.C. Moreover, the record-setting C-PACE loan underscores the growing interest in sustainable capital solutions for large-scale adaptive reuse. This trend comes as office property values decline across major markets, making conversions increasingly attractive to developers seeking to reposition underused assets. As a result, this project is expected to set a benchmark for future multifamily conversions in the region.
