Berkadia Secures $37.6M C-Pace Financing for Trophy Outpatient Medical and Community Services Facility in Washington D.C.
1201 Sycamore property was the first medical services building delivered at St. Elizabeths East
Washington D.C. – June 3, 2026 – Berkadia, a distinguished leader in the commercial real estate sector, announced today that it secured $37.6 million in Commercial Property Assessed Clean Energy (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. The financing supports the property’s eligible energy efficiency, water conservation, and resiliency components. 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. “Nuveen Green Capital was an excellent partner in delivering a competitive financing solution tailored to the borrower’s needs.”
Ryan Doyle, Senior Director of Originations at Nuveen added, “It was a privilege to partner with the Berkadia team, as well as the sponsor, Redbrick LMD, to recapitalize this notable trophy asset, 1201 Sycamore in Washington, D.C. This transaction underscores how C-PACE can be a standalone capital source. Through flexible terms and competitive pricing, we were proud to provide a capital solution that will drive meaningful savings while enabling the sponsor to achieve their long-term goals.”
Located at 1201 Sycamore Dr. SE, 1201 Sycamore was completed in 2023 and consists of a 117,075-square-foot, mission-critical medical and community services facility situated within the St. Elizabeths East Campus in Washington, D.C. The property is professionally managed by J Street Companies.
1201 Sycamore’s tenant roster is anchored by outpatient medical providers and complementary governmental, educational, and community service organizations, including Whitman-Walker Health and Whitman-Walker Clinic.
“When we set out to develop 1201 Sycamore, we made a long-term commitment to the Congress Heights community and to St. Elizabeths East,” said Tom Skinner, Managing Partner, Redbrick LMD. “We secured initial financing in 2021, delivered the building in 2023, and this C-PACE refinancing puts permanent, fixed-rate capital in place that gives the project stability and continuity for decades to come. As the first medical services building delivered at St. Elizabeths East, 1201 Sycamore set the tone for the campus, and a durable capital structure ensures it stays an anchor for the long run. Berkadia and Nuveen Green Capital were exceptional partners in getting this done.”
Ideally situated approximately three miles south of the U.S. Capitol, the property offers direct access to the Congress Heights Metro station and is part of the broader St. Elizabeths East mixed-use master-planned development established through a public-private partnership with the District of Columbia. The surrounding corridor includes major employment anchors such as the Department of Homeland Security Headquarters, the Douglas A. Munro Coast Guard Headquarters, the future CISA Headquarters, and the recently delivered Cedar Hill Regional Medical Center.
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