Post Brothers Secures $562M for DC Office-to-Residential Conversion
Post Brothers has secured a massive financing package for more than half a billion dollars for Universal North and South, the District’s largest planned office-to-residential conversion.
The Philadelphia-based company secured $465.3 million in Property Assessed Clean Energy (PACE) financing toward the conversion of the Dupont Circle office buildings at 1825 and 1875 Connecticut Avenue NW, reported the Washington Business Journal. An affiliate of Nuveen Green Capital agreed to provide the financing.
Post Brothers also refinanced a $79 million loan it got last year from Kawa Capital Management into a $96.6 million loan. An affiliate of Mavik Capital Management is providing the larger loan. The firm is planning to convert the two D.C. office buildings, Universal North and South, from 700,000 square feet of office space into 600 residential units. Post Brothers was one of the first developers approved under D.C.’s Housing in Downtown tax incentive, a 20-year program aimed at encouraging the adaptive reuse of vacant office buildings.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout