New Hampshire Sees First C-PACE Deal with $23M Brickyard Financing

The capital package for The Brickyard, a 26-acre project at 174 Hanover Street, includes a $31.5 million senior loan from Silver Heights Capital alongside the C-PACE funding. BRX Development is utilizing the $23.2 million to install water and energy-saving measures, as well as flood management systems across the site. The structure splits the C-PACE investment into two parts: $12.2 million for the project’s townhomes and $11 million for the Goff House apartment building.

This deal serves as a pilot for New Hampshire’s C-PACER Program, which aims to attract private investment into sustainable commercial construction. By leveraging 30-year, fixed-rate financing, the developers intend to lower their cost of capital while accelerating the first phase of construction. Once complete, the site is slated to house 51 townhome units and 423 rental apartments, providing a significant boost to the Upper Valley housing market.