Lebanon, New Hampshire – September 21, 2026 -- Nuveen Green Capital (NGC) has closed $23.2 million in Commercial Property Assessed Clean Energy (C-PACE) financing for The Brickyard development in Lebanon, New Hampshire, marking the first C-PACE transaction ever completed in the state.
Financing package totals $55 million across three capital partners
The C-PACE assessment closed alongside a $31.5 million senior construction loan from Silver Heights Capital, bringing the total financing package to $55 million. Kay Finance arranged the debt structure, with Eitan Rozenberg leading the process on behalf of the developer.
Deal structured as two coordinated 30-year assessments
The transaction splits into a $12.2 million C-PACE assessment for a 51-unit for-sale townhome component and an $11 million assessment for the 42-unit Goff House rental apartment building. Both carry 30-year, fixed-rate, non-recourse terms, funding energy efficiency, water efficiency, and flood/stormwater management improvements. Sponsor BRX Development plans to redeploy senior loan proceeds into a second phase of 381 additional rental apartments once the Townhomes assessment is retired from condo sale proceeds.
Project sits on 26-acre former brickyard site in supply-constrained market
The Brickyard occupies 174 Hanover Street, the site of the historic Densmore Brickyard, which produced bricks for structures across New Hampshire and Vermont from 1883 to 1974. The location sits across from Lebanon High School, 2.5 miles from Dartmouth-Hitchcock Medical Center, and under five miles from Dartmouth College. At full build-out, the community will include 51 for-sale townhomes and 423 rental apartments.
New Hampshire Business Finance Authority administers new C-PACER Program
The financing was processed through the New Hampshire Business Finance Authority (BFA) under the state's newly launched C-PACER Program. James Key-Wallace, Executive Director of the BFA, said the deal unlocks more than $23 million in private capital without taxpayer funds while supporting housing delivery and efficiency upgrades. Seth Greenwald, Managing Partner of Silver Heights Capital, said The Brickyard addresses housing needs in one of New England's most supply-constrained markets.