Great Point Studios has received $101 million in construction financing for the development of a film and television production studio in Newark, New Jersey. Nuveen Green Capital provided the Commercial Property Assessed Clean Energy (C-PACE) loan for the Great Point Studios Newark project, which will have Lionsgate as its anchor tenant.
The development spans 270,000 square feet, will comprise six sound stages, and is already 100 per cent pre-leased. Completion is scheduled for June 2027. This endeavour represents a significant step for the region, strengthening local infrastructure and the economy.
Significance of the C-PACE Loan
Mike Doty, Senior Director of Originations at Nuveen Green Capital, stated that they are thrilled to partner with MCCP on this significant project. It marks not one, but two milestones: it is the largest C-PACE transaction in New Jersey and the first of its kind in the City of Newark. C-PACE will enable substantial cost savings for the sponsor, as the project will be financed at a competitive interest rate over a longer term. This allows for the release of capital that can be directly reinvested into the development.
They look forward with anticipation to seeing C-PACE continue to expand across various asset classes and use cases, now being applied to a project of this magnitude and cultural importance. The strategic location near New York City will bring jobs, production activity, and sustainable infrastructure to Newark in the coming years.
Regional Impact and Outlook
CBRE was responsible for negotiating the C-PACE loan, with a team consisting of Tom Traynor, Tom Rugg, William Moyer, Mark Fluent, David Milestone, Anthony Jasenski, and Henry Fenmore. Great Point Studios Newark will be the first purpose-built film and television studio in New Jersey to be realised through tax credits. It is one of five major studio projects underway across the state, as part of New Jersey's increased efforts to attract more Hollywood film projects through tax incentives.
Robert Halmi, Founder and CEO of Great Point Studios, explained that this financing is a major milestone, enabling them to bring a first-class, purpose-built studio to a city with immense potential. Lionsgate Newark will provide sustainable infrastructure that supports the next generation of film and television production, whilst simultaneously creating high-quality jobs, fostering local businesses, and establishing Newark as a new centre for creative and economic growth.
