Nuveen Green Capital Closes New Hampshire's First C‑PACE Financing, Backing BRX Development's The Brickyard in Lebanon

New Hampshire's inaugural C‑PACER closing delivers cost-effective capital for master-planned residential community

NEW YORK, Sept. 21, 2026 /PRNewswire/ -- Nuveen Green Capital (NGC), a leading provider of Commercial Property Assessed Clean Energy (C-PACE) financing, today announced the closing of $23.2 million in C-PACE financing for the ground-up development of The Brickyard in Lebanon, New Hampshire, the first C-PACE transaction ever completed in the state of New Hampshire. The financing, administered through the New Hampshire Business Finance Authority (BFA) 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.

Innovative C-PACE Capital 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 a 30-year term, delivering long-term, fixed-rate, non-recourse financing that reduces the sponsor's blended cost of capital and preserves equity for future phases.

By pairing C-PACE with Silver Heights Capital's senior construction loan, the capital structure enables the sponsor to accelerate delivery of Phase 1 while creating an innovative mechanism to redeploy senior loan proceeds into Phase 2, 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.

Landmark Financing in New Hampshire
As the first C-PACE transaction to close in the State of New Hampshire, this financing establishes a precedent that is expected to catalyze additional deployment across the state. New Hampshire's C-PACER Program, administered through the New Hampshire Business Finance Authority, was designed to attract private capital toward energy-efficient and resilient commercial and multifamily construction.

"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. We are pleased to partner with BRX Development and Silver Heights Capital on this transaction," 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 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, 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. This is a powerful example of how the BFA and its partners can create lasting public benefits while supporting New Hampshire's economic future."

About The Brickyard
Located at 174 Hanover Street in Lebanon, New Hampshire, The Brickyard occupies the site of the historic Densmore Brickyard, which produced bricks used in structures throughout New Hampshire and Vermont from 1883 to 1974. The Property will be located directly across from Lebanon High School, 2.5 miles from Dartmouth-Hitchcock Medical Center, and less than five miles from Dartmouth College in Hanover. Once fully built out, the community will comprise 51 three-bedroom for-sale townhomes across eight three-story buildings and 423 rental apartments across five mid-rise buildings, along with structured parking, bike storage, and a dedicated on-site leasing and management office.

About Nuveen Green Capital
With over $7 billion originated, Nuveen Green Capital is a national leader in sustainable commercial real estate financing solutions and an affiliate of Nuveen, the $1 trillion+¹ asset manager and wholly owned subsidiary of TIAA. The company, which was founded by C-PACE industry pioneers who helped design the nation's first successful statewide C-PACE program², has grown to offer a market-leading suite of accretive CRE financing products and a full-service lending platform with all underwriting, legal, and asset management functions executed in-house. To learn more, visit: Nuveen.com/greencapital

About Silver Heights Capital
Silver Heights Capital ("SHC") is a nationwide commercial real estate bridge lender that originates and holds loans for its own account. SHC operates a vertically integrated platform spanning underwriting, closing, and servicing. The firm provides customized debt solutions to builders and developers, with an emphasis on speed, flexibility, and certainty of execution throughout the loan lifecycle. Since inception, SHC has originated more than $1 billion in loans.

About Kay Finance
Kay Finance is Commercial Real Estate finance firm, operating a robust Debt and Equity brokerage platform. The firm works to deliver a financial offering which mitigates risk while optimizing the capital structure, utilizing deep Capital Markets experience to advise and navigate clients with a highly personalized approach.

Compliance Code: 00037257

For illustrative purposes only. The experiences described above may not be typical. Individual results will vary. Nuveen Green Capital is an indirect subsidiary of Nuveen LLC and Teachers Insurance and Annuity Association of America (TIAA) and a member of the TIAA group of companies.

SOURCE Nuveen Green Capital