Nuveen Green Capital has closed on $23.2 million in C-PACE financing for the ground-up development of The Brickyard in Lebanon, NH, reportedly the first C-PACE transaction ever completed in the state of New Hampshire. 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. The $55-million total financing package was arranged by Kay Finance.
The sponsor, BRX Development, a New England-based real estate development firm, is leveraging C-PACE financing to fund energy and water efficiency measures, as well as flood/stormwater management improvements across the project. The first phase of construction, situated on a 26-acre site at 174 Hanover Street—the historic former Densmore Brickyard—includes 51 three-bedroom for-sale townhome condominiums, The Townhomes, and a 42-unit Class A rental apartment building, the Goff House.
Once the initial phase is complete and the Townhomes assessment is retired from condo sale proceeds, the sponsor intends to bring an additional 381 rental apartments to the site.
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