Georgetown Office Building Secured $60 Million Financing
The conversion of a boutique D.C. office into luxury condominiums has received the necessary capital to begin redevelopment.
Updated on Oct. 13, 2026 in Commercial
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ONE Street Commercial Properties has secured $60 million in financing to transform a 1988-era office building in Georgetown into luxury residential units and retail space. The project at 3333 K St. NW is expected to reach completion by late 2027.
Why it matters
This financing package combines private lending with energy-focused public funding to facilitate the repurposing of aging office infrastructure. The development aims to repurpose a 70,000-square-foot site to address residential demand in a historically office-heavy neighborhood.
The project secured $37.8 million in private co-loans and $20.6 million in C-PACE financing. This capital will support the creation of 22 residential units, including 21 market-rate condominiums and one affordable housing unit.
The players
ONE Street Commercial Properties
A developer that acquires and redevelops commercial real estate assets in the D.C. area.
DC Green Bank
A public entity that provides financing for energy efficiency and sustainable infrastructure projects.
OakNorth
A commercial lender providing credit products for real estate acquisition and development.
The details
The developer is utilizing C-PACE financing to fund extensive energy-efficient upgrades, including improvements to the HVAC, lighting, plumbing, and building envelope. In addition to interior retrofits, the project scope includes the addition of a sixth floor to the existing five-story structure. The site will ultimately feature 70 parking spaces to serve the new residents and retail patrons.
Timeline
1988: Original office building construction completed.
May 2025: ONE Street acquired the property.
September 2026: C-PACE financing closed.
Late 2027: Project construction completion scheduled.
Money Landscape
The use of C-PACE financing to fund energy-efficient retrofits follows a documented trend of repurposing obsolete office spaces to meet urban residential demand. This development aligns with broader efforts to modernize aging building stock through targeted green-finance mechanisms.
Prospective buyers and local residents should track the 2027 completion timeline to monitor shifts in neighborhood housing inventory. Those interested in the residential units should consult with a financial professional regarding the long-term tax implications of purchasing new construction condominiums.
The takeaway
This project demonstrates how specialized green-financing can revitalize aging commercial properties into modern residential spaces. Residents should monitor the late 2027 construction deadline to gauge the impact on local housing availability in the Georgetown area.
Further reading
For more on local market trends, visit Washington Commercial.
Source note: This article includes information reported by 301 Moved Permanently.
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