january 26, 2026
PLG closes New Jersey’s first C-PACE loan
Minneapolis, Minnesota (Jan. 26, 2026) – Island Waterpark at Showboat, a 120,000 sq. ft. water park and entertainment center in Atlantic City, New Jersey, secured a $45.5 million C-PACE loan, the first C-PACE loan to close in New Jersey’s new C-PACE program on Dec. 31, 2025.
The loan will recapitalize the construction loan used to build the park, which includes 10 waterslides, a multi-level children's play structure, a lazy river, four restaurants, and three bars. The waterpark, which opened in June 2023, is adjacent to the Showboat resort. Both are owned by Bart Blatstein, a Philadelphia investor, developer, and owner of Tower Investments Inc.
“This loan closed in less than two months, helping us meet our business goals going into 2026. Beyond that extraordinary timeline and given that this was the first C-PACE loan in New Jersey, the PLG team’s diligence with New Jersey’s C-PACE program led to an exceptionally smooth closing,” said Blatstein.
He has owned the Showboat Resort since 2016 and received approval in 2020 to convert an adjacent surface parking lot into the Island Indoor Waterpark. Construction of the waterpark began in 2022 after the site was converted from a casino, which operated until 2014.
“Being able to retroactively pay down the construction debt with C-PACE provides efficient long-term, permanent financing,” said Jerry Ellis, Managing Director/Head of loan Structuring – PACE Loan Group. “With the flexibility of C-PACE, we expect to see significant interest from New Jersey developers.”
The C-PACE proceeds were used to finance energy conservation and renewable energy measures retroactively. Qualifying projects included the building envelope, LED interior lighting, high-efficiency natural gas pool heaters, and the HVAC system.
The C-PACE program was approved in New Jersey in October 2024 and started taking applications on July 30, 2025. It is administered by the Garden State C-PACE Program, a program of the New Jersey Economic Development Authority. In addition, Atlantic City Mayor Marty Small and Council President Sporty Randolph were instrumental in passing C-PACE legislation in the city.
About PACE Loan Group
PACE Loan Group (PLG) is a national leader in the C-PACE marketplace, providing direct C-PACE financing to commercial property owners. PLG benefits from institutional support with capital from funds managed by AB CarVal, a subsidiary of Alliance Bernstein. The PLG team provides expertise up and down the capital stack, from origination and underwriting to loan servicing. To learn more about PLG, visit www.paceloangroup.com.
About Garden State C-PACE
The Garden State Commercial Property Assessed Clean Energy (C-PACE) Program is a voluntary financing tool that allows qualifying commercial real property owners to access financing to undertake qualifying energy efficiency, renewable energy, water conservation, and resiliency improvements on their buildings and repay the investment through an additional charge/assessment similar to their real property tax bill. For more information, visit Garden State C-PACE - NJEDA. Contact Max
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