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Berkadia Secures $38M C-PACE Financing for DC Medical Facility
Berkadia secured $37.6 million in C-PACE financing for 1201 Sycamore, a trophy outpatient medical and community services facility located in the Congress Heights neighborhood of Southeast Washington, D.C.
Berkadia arranged the financing on behalf of the sponsorship team of Redbrick LMD and Gragg Cardona Souadi, both of Washington, D.C. Nuveen Green Capital provided the C-PACE financing, which carries a 28-year term. DC Green Bank is the administrator of the DC PACE program.
The financing was led by Managing Director Brian Gould and Associate Director Natalie Hershey of the Berkadia DC Metro, with support from Senior Managing Director Patrick McGlohn, Vice President Patrick Cunningham and Senior Director Hunter Wood. “The C-PACE execution provided the borrower with long-duration, fixed-rate capital that enhances the overall Opportunity Zone capital stack while supporting the project’s sustainability objectives,” said Gould.
1201 Sycamore was completed in 2023 and consists of a 117,075-square-foot medical and community services facility on the St. Elizabeths East Campus in Washington, D.C. The property is professionally managed by J Street Companies.
