C-PACE · New Jersey
C-PACE in New Jersey
One statewide programme, Garden State C-PACE, administered by the New Jersey Economic Development Authority, which approves projects and capital providers; municipalities levy the assessments, and a property qualifies only if its municipality has opted in by ordinance. The NJEDA board approved the programme in October 2024 and it opened in July 2025; by October 2026 seventeen municipalities had opted in, Newark, Jersey City, Hoboken, Camden and Atlantic City among them. Young but already large: the first closing, a $45.5M water park in Atlantic City, came on 31 December 2025, and the $101M Lionsgate Studios Newark financing in August 2026 is the largest C-PACE deal in the state. NJEDA itself says the programme has closed more than $176M since launch, so the figure below — built from the two deals that were publicly announced — is a floor.
Verified 2026-10-05
- Program status
- Active
- A program list entry was confirmed
- Documented financing
- $146.5M at least
- Announced closings through 13 August 2026
- Properties financed
- 2 at least
- Across 2 separate closings
- Average deal
- $73.25M
- Per property, from the closings below
Read these as a floor, not a total. Sum of publicly announced Garden State C-PACE closings, each traced to a named source. This is a floor, not a programme total: NJEDA's August 2026 release says the programme has closed 'more than $176 million' since July 2025, but gives no project count or exact figure, and the unannounced remainder is absent here.
Who administers C-PACE in New Jersey
C-PACE in New Jersey runs through a single program administrator.
Every C-PACE closing we can document in New Jersey
No one publishes a cumulative total for New Jersey, so this is built the other way round — from individual closings, each traced to a named source. It is the complete public record as far as we can establish it, which is not the same as the complete record.
| Date | Property | Amount | Capital provider |
|---|---|---|---|
| 31 December 2025 | Island Waterpark at Showboat, Atlantic City First closing under the Garden State C-PACE programme. Refinancing of a 120,000 sq ft indoor water park opened in 2023. | $45.5M | PACE Loan Group source |
| 13 August 2026 | Lionsgate Studios Newark (Great Point Studios) New-construction film and TV studio campus, six soundstages; finances a 1.1 MW solar array and EV charging among other measures. Largest C-PACE deal in New Jersey and the first in Newark. Dated by NJEDA's announcement; Commercial Observer first reported the loan on 16 July 2026. | $101M | Nuveen Green Capital source |
| Documented total — a floor, not a program total | $146.5M | 2 properties | |
Verified 2026-10-05 against NJEDA press release, plus PACE Loan Group's own closing announcement. If you know of a closing missing from this table, tell us — we would rather the record were right than flattering.
How to check your specific property
C-PACE availability is decided locally even when the enabling law is statewide. Work through these in order — each one can end the enquiry, so doing them out of order wastes time.
- Jurisdiction. Confirm the county or municipality has opted into the program. Statewide authorisation is not the same as local adoption.
- Eligible scope. Establish which parts of your project qualify — energy, water and resiliency measures, and in many states new construction and a look-back on recently completed work.
- Senior lender consent. Ask your mortgage holder early. This is the step that most often decides the timeline.
- Assessment mechanics. Understand how the assessment appears on the tax bill and how it is handled at closing when the property sells.
Is C-PACE the right tool for this project?
C-PACE solves a specific problem: long-term, fixed-cost capital for improvements to a building, secured by the property rather than by you. It is not a substitute for working capital and it is not fast money. Where it is strongest:
- Hotel and multifamily renovations where the capital stack is already tight
- Office-to-residential and other adaptive reuse conversions
- New construction where C-PACE fills the gap between senior debt and equity
- Owners who expect to sell before a conventional loan would amortize
- Deferred maintenance that a bank will not lend against
If your project does not fit that shape, the honest answer may be a different program — or none of them yet. USDA B&I covers rural projects with terms up to 40 years, and SBA 504 covers owner-occupied real estate and equipment. Our C-PACE versus bridge loan comparison covers the case where the two are used together rather than as alternatives.
C-PACE in New Jersey: common questions
Is C-PACE available in New Jersey?
Yes — New Jersey has an active C-PACE program. Availability inside the state is usually decided jurisdiction by jurisdiction, so the property's county or city must also have opted in. Confirm the specific address with the program administrator before assuming coverage.
How much C-PACE has been done in New Jersey?
At least $146.5M across 2 properties and 2 separate closings, through 13 August 2026. That is a floor rather than a total: no programme in New Jersey publishes a cumulative figure, so we built this from individual closings that each trace to a named public source, and an unannounced deal would not appear in it. The largest single assessment on the record is $101M.
Does my mortgage lender have to consent to C-PACE in New Jersey?
In most programs, yes. The C-PACE assessment sits ahead of the mortgage in payment priority, so the senior lender is normally asked to consent in writing. Many commercial mortgage lenders now approve C-PACE routinely, but the consent conversation takes time and is the most common reason a deal stalls. Start it early.
What happens to the C-PACE assessment if I sell the property in New Jersey?
The assessment runs with the property. When the building sells, the remaining payments transfer to the buyer along with the improvements they funded. This is the structural feature that makes a 30-year term sensible for an owner who plans to exit in five.
Does your New Jersey property qualify?
We will check the jurisdiction, the eligible scope and the senior lender consent path before anyone talks about rates.
- Commercial and business purposes only — we do not place consumer loans.
- If the project does not qualify, we say so and tell you what would change that.
- No credit pull to get an answer on program eligibility.
- We reply within one business day.
C-PACE eligibility is decided by the property — its address, its jurisdiction, the scope of work, and who holds the mortgage. That is why this form asks about the building rather than about you. The more of it you can answer, the more specific our first reply is.
Thank you — we have your enquiry.
We reply within one business day, from a person, by email or phone. If the project does not fit any program, we will say so and tell you what would change that.