The basics:

• $101M C-PACE loan is the largest in NJ to date
• Funding supports solar, EV charging and energy efficiency
• Lionsgate Newark will span 270,000 square feet
• Construction expected to wrap up in 2027

The Lionsgate Studios Newark coming to its namesake city in Essex County has secured C-PACE funding to support energy efficiency and renewable energy projects at the development.

The New Jersey Economic Development Authority and Nuveen Green Capital announced closing the $101 million loan under the Garden State Commercial Property Assessed Clean Energy Program Aug. 13. MCCP serves as senior lender and alternative investment manager.

This latest funding represents the largest C-PACE transaction closed in the state. The voluntary tool supports commercial real property owners in making qualifying upgrades to promote clean energy.

Announced in February, Island Waterpark at Showboat in Atlantic City earned distinction as the first recipient under the relatively new state financing program.

Operated by Great Point Studios, Lionsgate Newark sits on 12 acres and will comprise 270,000 square feet of space. The complex will include six production stages (from 10,000 square feet to 30,000 square feet) along with essential services, such as mill space, equipment storage, offices and catering services. Construction is scheduled to wrap in 2027.

In Newark, the capitalization will help install seven electric vehicle charging stations along with a 1.1 megawatt solar power system. The latter is expected to generate 1.34 million kilowatt hours. Additionally, an energy-efficient building envelope, lighting and electrical HVAC systems will help reduce electricity consumption by 388 kWh annually, according to the Aug. 13 announcement from NJEDA.

Beyond reducing strain on the power grid, the move should lower utility costs and conserve 259,000 gallons of water annually.

The buildup

According to CBRE, the Garden State studio and soundstage inventory will triple by 2028 driven by new development. That upswing coincides with a push from productions that face more competition and limited options in nearby markets. Get more takeaways from the 2026 Tri-State Film & Television report.

The C-PACE program aligns strategically with the Sherrill administration’s ongoing efforts to address rising energy costs and increase power generation.

“To advance the governor’s efforts, the NJEDA continues to make impactful investment through its clean energy programs,” NJEDA Chief Executive Officer Evan Weiss stated.

He went on to note this latest C-PACE funding “exemplifies the tremendous economic opportunities available for businesses while simultaneously bolstering the state’s booming film and television industry.”

Gov. Phil Murphy signed legislation authorizing the state’s C-PACE program in 2021. At the time, Environment New Jersey head Doug O’Malley described C-PACE as “the most popular energy efficiency program you haven’t heard of.”

The Garden State C-PACE Program allows property owners to repay investments from Qualified Capital Providers into eligible projects through a special assessment to a participating municipality. The NJEDA described it as similar to the owner’s real property tax, sewer or water bill. That municipality, which must opt in before any project application, then remits the payment to the initial capital provider.

The mechanism offers lower-cost, longer-term financing to help make projects cash flow positive from the outset. It accepts program applications on a rolling basis.

Since its launch in July 2025, NJEDA says Garden State C-PACE has closed more than $176 million in financing.

Great Point Studios founder and CEO Robert Halmi described the financing as an important milestone. Meanwhile, Mike Doty, senior director of originations at Nuveen Green Capital noted that preserving capital in this way frees up that funding to redeploy into the development itself.

Lionsgate Studios Newark was announced as New Jersey’s first  Studio Partner in December 2022. The designation afforded the project access to expanded benefits under New Jersey’s Film and Digital Media Tax Credit program, also reinstated under the Murphy administration.

Good news for Newark

The project also holds significance for Newark.

“As large and as creative as this complex financial transaction is, it is dwarfed by the enormous benefit it bestows on the people of our city,” said Newark Mayor Ras Baraka. “Rising from a long-neglected expanse of land in the South Ward, this investment brings palpable hope in the form of forward-facing infrastructure, job creation and over-arching economic development.

As large and as creative as this complex financial transaction is, it is dwarfed by the enormous benefit it bestows on the people of our city.
—Newark Mayor Ras Baraka

“The construction phase brings employment and infuses collateral spending in the neighborhood. The studios spur relevant workforce development, permanent careers and a host of local support businesses. Beyond that, by signing the Community Benefits Agreement, Great Point has committed to ongoing educational, arts and cultural programs that will further enrich residents of all ages, for generations to come.”

PACENation reported a record $3.7 billion in closed C-PACE financing in 2025 across the U.S. The figure represents a 53% year-over-year increase.

Since C-PACE funding first deployed in 2009, the mechanism has provided $13.5 billion in cumulative funding across more than 3,800 projects. According to the U.S. Department of Environmental Protection, more than 30 states and Washington, D.C., have active C-PACE programs.

The Showboat project secured $45.5 million under the initiative. The funds went toward recapitalizing its construction loan to build the 120,000-square-foot water park and family entertainment center.