Georgetown Office Building Secured Financing for Conversion
ONE Street Commercial Properties has obtained $60 million to transform a D.C. office site into luxury condominiums.
Updated on Oct. 13, 2026 in Commercial
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ONE Street Commercial Properties has secured $60 million in financing to convert a boutique office building in Georgetown into a residential property. The redevelopment at 3333 K St. NW will transform the 1988 structure into 22 luxury condominiums with retail space.
Why it matters
The project addresses regional demand for residential space by repurposing underutilized commercial property. By utilizing specialized financing, the developers aim to improve building efficiency while increasing local housing inventory.
The $60 million funding package includes a $37.8 million co-loan from OakNorth and Hickory CRE Lending plus $20.6 million in C-PACE financing. This capital supports the addition of a sixth floor to the current five-story building.
The players
ONE Street Commercial Properties
This is the real estate development firm managing the Georgetown building conversion project.
OakNorth
This is a commercial lender that provided a co-loan as part of the project financing.
Hickory CRE Lending
This is a financial institution that partnered to provide the primary co-loan for the development.
DC Green Bank
This is a public institution that provided C-PACE financing to support energy-efficient building upgrades.
PACE Equity Finance
This is an investment firm that provided a portion of the project financing intended for sustainable building improvements.
The details
The conversion plan includes 21 market-rate condos and one affordable unit, supported by 70 parking spaces. Developers are utilizing C-PACE funds to upgrade core systems including the building envelope, HVAC, lighting, plumbing, and elevators.
Timeline
The original office building was completed in 1988.
ONE Street acquired the 3333 K St. NW property in May 2025.
C-PACE financing for the project officially closed in September 2026.
Construction on the redevelopment is scheduled to be finished by late 2027.
Culture Shift
This project mirrors a broader movement toward urban adaptive reuse, where developers seek to revitalize stagnant commercial assets to address housing shortages. It represents a significant shift from traditional commercial real estate models toward mixed-use residential development.
Residents in Georgetown can expect active construction at the 3333 K St. NW site through late 2027 as the building undergoes its transition. Once completed, the project will add 22 new housing units to the neighborhood inventory.
The takeaway
Developers are increasingly leveraging C-PACE financing to bridge the funding gap for complex structural retrofits. These conversions offer a path for aging office buildings to remain viable assets in an evolving urban landscape.
Further reading
For more background on property trends, see the Washington Commercial section.
Live Poll
Do you believe converting vacant office buildings into residential apartments helps improve your local housing market?
