Nuveen Green Capital said it’s provided the first C-PACE financing package issued to a real estate development in New Hampshire.
C-PACE stands for “Commercial Property Assessed Clean Energy” and offers a lower-cost-of-capital way to finance energy efficiency measures. Locally, the financing type is administered through the New Hampshire Business Finance Authority.
The borrower is 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 its Brickyard development at 174 Hannover St. in Lebanon.
Nuveen’s $23.2 million financing package is structured as two coordinated C-PACE assessments: a $12.2 million assessment supporting the a 51 three-bedroom for-sale townhome condominium component to the Brickyard and an $11 million assessment supporting a 42-unit class A apartment building. Both assessments carry a 30-year term, delivering long-term, fixed-rate, non-recourse financing.
By pairing C-PACE with a $31.5 million senior construction loan from Silver Heights Capital, the deal enables BRX to accelerate construction of both parts of the project, while preserving its equity for a future, 381-unit rental component, “demonstrating how C-PACE can serve not only as a source of accretive construction capital but as a strategic tool for phased, master-planned development,” Nuveen Green Capital said.
“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. This is a powerful example of how the BFA and its partners can create lasting public benefits while supporting New Hampshire’s economic future,” BFA Executive Director James Key-Wallace said in a statement provided by Nuveen Green Capital.
The $55 million total financing package was arranged by Kay Finance.
“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,” BRX co-founder Simon Beylin said in a statement provided by Nuveen Green Capital. “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.”
