The New Jersey Economic Development Authority and asset management giant Nuveen recently agreed to provide a loan toward Great Point Studios’ upcoming film production facility in Newark. The $101 million loan is part of the EDA’s Garden State Commercial Property Assessed Clean Energy Program, which granted $79 million across 10 projects earlier this year.
A press release from the EDA says that loan proceeds will be used to install seven electric vehicle charging stations and a 1.1-megawatt solar power system with an anticipated annual output of 1.34 million kilowatt-hours. The upcoming film studio will also include an energy-efficient building envelope, lighting and electrical HVAC systems, which are expected to decrease annual electrical consumption by 380,000 kWh. Water conservation measures at the studio are also projected to save up to 259,000 gallons per year.
The Garden State C-PACE Program allows property owners to finance clean energy upgrades by repaying the loan through a special assessment on their property tax bill. A private lender, such as Nuveen Green Capital, provides capital through the EDA for a green infrastructure project. The municipality then collects payments through its own property tax system and remits them to the lender. The release from the EDA says this form of financing allows for lower-cost, longer-term financing.
Jersey Digs reported in December that Lionsgate, Great Point Studios, the New Jersey Performing Arts Center and the Newark Housing Authority broke ground on the film studio at the 12-acre former Seth Boyden Housing complex in Newark’s South Ward. The project will feature multiple soundstages, production offices, set-building facilities and full on-site production services, including equipment storage, catering, props, parking and security, to name a few.
The project has an estimated price tag of $194 million, according to another EDA press release.
The studio is expected to create more than 600 long-term production jobs in Brick City and generate an annual economic impact exceeding $800 million. Approximately 70% of the studio’s full-time jobs will be reserved for Newark residents.
The City of Newark said in a statement in April that the EDA also granted $750,000 toward a workforce development initiative for film and digital media training.
The EDA announced in December 2022 that Lionsgate Newark would be the first studio partner in the state, which provided expanded benefits under the state’s film and digital media tax credit program. Lionsgate committed to occupying a New Jersey film production facility for at least 10 years and is eligible for a 40% base tax credit on production expenses for future qualified film projects in the state.
Expanded benefits under the program also allow Lionsgate to apply the tax incentive to wage and salary payments of up to $60 million, depending on the level of production expenses for each project. Studio partners also receive a $100 million allocation for digital and media tax credits.
C-PACE financing has become an increasingly active asset class for Nuveen, which has $1.4 trillion in assets under management and $6 billion in assets through its affiliate, Nuveen Green Capital. A report in ESG News in August says Nuveen’s CPACE Lending Fund IV secured more than $1 billion at first close, bringing its total commitments to C-PACE lending to more than $3 billion since 2023.
The Garden State C-PACE Program has provided more than $176 million in financing since launching in July 2025. A report in NJBIZ said the program granted $8.8 million to Resorts Casino Hotel, $3 million to the Housing Authority of Plainfield, and $10 million to Camden County Vo-Tech School. Bell Works in Holmdel, Rutgers University in New Brunswick and Showboat Hospitality in Atlantic City also received approximately $28 million through the C-PACE program.
