New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
PLG Closes New Jersey’s First C-PACE Loan on Water Park
Island Waterpark at Showboat, a 120,000-square-foot water park and entertainment center in Atlantic City, secured a $45.5-million C-PACE loan through PACE Loan Group (PLG), the first C-PACE loan to close in New Jersey’s new C-PACE program. 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,” said Blatstein. “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.”
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.
- ◦Financing
