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**Island Waterpark at Showboat Secures New Jersey’s First C-PACE Loan**
Island Waterpark at Showboat, a 120,000-square-foot water park and entertainment complex located in Atlantic City, has secured a $45.5 million loan through the Commercial Property Assessed Clean Energy (C-PACE) program. The loan, issued by PACE Loan Group (PLG), marks the first of its kind under New Jersey’s newly launched C-PACE program.
The financing will recapitalize the original construction loan used to build the water park, which features 10 waterslides, a multi-level children’s play structure, a lazy river, four restaurants, and three bars. The park, part of the larger Showboat resort property, officially opened its doors in June 2023. Both the resort and the water park are owned by Bart Blatstein, a Philadelphia-based 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.”
Funds from the C-PACE loan were retroactively used to support energy conservation and renewable energy initiatives within the development. Specific projects included improvements to the building envelope, the installation of LED interior lighting, high-efficiency natural gas pool heaters, and upgrades to the HVAC system.
The Island Waterpark loan represents a significant milestone for both the C-PACE program in New Jersey and sustainable commercial development in the state.
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