Nuveen Green Capital, BRX Development Close New Hampshire's First C-PACE Financing in $55M Brickyard Deal
Nuveen Green Capital has closed $23.2 million in Commercial Property Assessed Clean Energy (C-PACE) financing for BRX Development's The Brickyard, a mixed-use residential development in Lebanon, New Hampshire — the first C-PACE transaction ever completed in the state.
The financing, administered through the New Hampshire Business Finance Authority under the state's newly launched C-PACER Program, closed alongside a $31.5 million senior construction loan from Silver Heights Capital. Kay Finance arranged the $55 million total financing package.
The Brickyard is situated on a 26-acre site at 174 Hanover Street, the historic former Densmore Brickyard, which produced bricks used in structures throughout New Hampshire and Vermont from 1883 to 1974. The property sits directly across from Lebanon High School, approximately 2.5 miles from Dartmouth-Hitchcock Medical Center, and less than five miles from Dartmouth College in Hanover.
Phase 1 Program and Full Buildout
The first phase of construction includes 51 three-bedroom for-sale townhome condominiums, known as The Townhomes, and a 42-unit Class A rental apartment building called the Goff House. Once Phase 1 is complete and the townhome assessment is retired from condo sale proceeds, BRX Development intends to bring an additional 381 rental apartments to the site.
At full buildout, The Brickyard will comprise 51 townhomes and 423 rental apartments across five mid-rise buildings, for a total of 474 units, along with structured parking, bike storage, and a dedicated on-site leasing and management office.
BRX Development is using the C-PACE proceeds to fund energy and water efficiency measures, as well as flood and stormwater management improvements across the project.
Two-Assessment C-PACE Structure
The transaction is structured as two coordinated C-PACE assessments: a $12.2 million assessment supporting The Townhomes and an $11 million assessment supporting the Goff House. Both assessments carry 30-year terms, delivering long-term, fixed-rate, non-recourse financing designed to reduce the sponsor's blended cost of capital and preserve equity for future phases.
By pairing the C-PACE financing with Silver Heights Capital's senior construction loan, the capital structure is intended to accelerate delivery of Phase 1 while creating a mechanism to redeploy senior loan proceeds into Phase 2 — an approach that illustrates how C-PACE can function as a strategic tool for phased, master-planned development rather than solely as a source of construction capital.
"This landmark financing represents the continued growth of C-PACE as a mainstream commercial real estate financing solution, demonstrating the platform's expanding reach into new markets and how C-PACE can complement senior capital to support complex development projects," said Mike Doty, Senior Director of Originations for Nuveen Green Capital. "New Hampshire joins a growing list of states where property owners and developers can now access C-PACE to cost-effectively build more efficient, more resilient buildings, and we're proud to have delivered the state's inaugural transaction."
"C-PACE has been a critical component of our capital strategy for The Brickyard, allowing us to invest in high-performance building systems and long-term efficiency measures without compromising the quality, design, or pace of delivery our residents and buyers expect," said Simon Beylin, Co-Founder of BRX Development. "We're honored to be part of the first C-PACE financing in New Hampshire and to be delivering a project that will contribute meaningfully to the housing supply and vibrancy of the Upper Valley."
"The Brickyard addresses a significant need for new housing in one of New England's most supply-constrained markets," said Seth Greenwald, Managing Partner of Silver Heights Capital. "BRX has assembled a thoughtful development plan with strong support from the Business Finance Authority, local stakeholders, and the broader community. We value our longstanding relationship with Nuveen Green Capital and are pleased to collaborate on this financing."
"It's been a privilege to work with the teams at Nuveen Green Capital and Silver Heights Capital in securing the first C-PACE loan in the state of New Hampshire," said Eitan Rozenberg of Kay Finance, who led the debt arrangement. "We're proud to have assisted the developers in securing low-cost capital for this historic project."
New Hampshire's C-PACER Program and Market Context
New Hampshire's C-PACER Program is administered by the New Hampshire Business Finance Authority and was designed to attract private capital toward energy-efficient and resilient commercial and multifamily construction without the use of taxpayer dollars. Lebanon was the first New Hampshire city to adopt a C-PACER district, which helped create the local pathway for the transaction.
"New Hampshire needs innovative solutions to address our development challenges, and this landmark transaction is exactly the kind of creative financing the BFA was designed to help support," said James Key-Wallace, Executive Director of the New Hampshire Business Finance Authority. "By unlocking more than $23 million in private capital — without the use of taxpayer dollars — this project is delivering much-needed housing, improving energy and water efficiency, and strengthening our local communities."
New Hampshire's multifamily market has remained fundamentally tight. Statewide multifamily occupancy stood at 95.4% in the second quarter, up nearly one percentage point year over year, while rental vacancy in many county and unit-type combinations has fallen below 1%. Demand in the Upper Valley is steady but constrained by limited supply, supported by institutional anchors including Dartmouth-Hitchcock Medical Center and Dartmouth College.
C-PACE has increasingly been deployed as construction capital, with market participants describing it as a tool to reduce or replace mezzanine debt and preferred equity in the capital stack — particularly in markets where traditional bank leverage has remained conservative. For a phased master-planned project like The Brickyard, the structure allows the sponsor to fund long-lived building systems while keeping senior debt capacity available for later phases.
About the Parties
Nuveen Green Capital, an affiliate of Nuveen and an indirect subsidiary of TIAA, has originated over $7 billion in C-PACE financing. Silver Heights Capital is a nationwide commercial real estate bridge lender that has originated more than $1 billion in loans since inception, operating a vertically integrated platform spanning underwriting, closing, and servicing. Kay Finance is a commercial real estate finance firm operating a debt and equity brokerage platform. BRX Development is a New England-based real estate development firm.
As the first C-PACE transaction to close in New Hampshire, the financing is expected to establish a precedent for additional C-PACE deployment across the state.
Sources
Nuveen Green Capital press release via PR Newswire, Sept. 21, 2026