February 2026

- DC THE MOST COMPREHENSIVE SOURCE FOR COMMERCIAL REAL ESTATE NEWS IN THE REGION

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$45.5M loan recapitalizes Island Waterpark at Showboat in Atlantic City PACE Loan Group closes New Jersey’s first C-PACE loan

ISSUE HIGHLIGHTS Volume 38, Issue 2 February 2026 FAMILY-OWNED BUSINESSES FEATURING

Hunter , senior vice president of BCREG. “As we move into 2026, we see the bank-lending market focused on refinancing and repositioning/adding value to existing assets with some selective development,” added Matt Robertson , senior vice president of BCREG. “We remain focused on support - ing experienced, best-in-class sponsors with smart, tailored capital solutions.” Collectively, these transac - tions underscore key themes shaping the 2026 CRE mar - ket, including increased re - finance activity, sustained demand for bridge and value- add capital, and a renewed role for community banks as borrowers move away from private debt in search of sta - bility and relationship-driven bank financing. MAREJ the HVAC system. The C-PACE program was approved in New Jersey in October 2024 and started taking applications on July 30, 2025. It is administered by the Garden State C-PACE Program, a program of the New Jersey Economic De - velopment Authority. In ad - dition, Atlantic City Mayor Marty Small and Council president Sporty Randolph were instrumental in pass - ing C-PACE legislation in the city. About Garden State C-PACE The Garden State Com - mercial Property Assessed Clean Energy (C-PACE) Pro - gram is a voluntary financing tool that allows qualifying commercial real property owners to access financing to undertake qualifying en - ergy efficiency, renewable energy, water conservation, and resiliency improvements on their buildings and repay the investment through an additional charge/assessment similar to their real property tax bill. MAREJ

INNEAPOLIS, MN/ ATLANTIC CITY, NJ — Island

Waterpark at Showboat, a 120,000 s/f water park and entertainment center in Atlan - tic City, NJ, secured a $45.5 million C-PACE loan, the first C-PACE loan to close in New Jersey’s new C-PACE program on Dec. 31, 2025. The loan will recapitalize the construction loan used to build the park, which includes 10 waterslides, a multi-level children’s play structure, a lazy river, four restaurants, and three bars. The waterpark, which opened in June 2023, is adjacent to the Showboat resort. Both are owned by Bart Blatstein , a Philadelphia in - vestor, developer, and owner of Tower Investments Inc. “This loan closed in less than two months, helping us meet our business goals going into 2026. Beyond that extraordinary timeline and given that this was the first C-PACE loan in NJ, the PACE Loan Group team’s diligence with NJ’s C-PACE program led to an exceptionally smooth

ICON REAL ESTATE ADVISORS DEBUTS IN THE MID-ATLANTIC

Island Waterpark lands $45.5M, NJ’s first C-PACE loan. closing,” said Blatstein.” He has owned the Showboat Re - sort since 2016 and received approval in 2020 to convert an adjacent surface parking lot into the Island Indoor Waterpark. Construction of the waterpark began in 2022 after the site was converted from a casino, which operated until 2014. financing,” said Jerry Ellis , managing director/head of loan structuring – PACE Loan Group . “With the flexibility of C-PACE, we expect to see significant interest from New Jersey developers.” The C-PACE proceeds were used to finance energy con - servation and renewable en - ergy measures retroactively. Qualifying projects included the building envelope, LED in - terior lighting, high-efficiency natural gas pool heaters, and “Being able to retroactively pay down the construction debt with C-PACE provides efficient long-term, permanent

NAI KEYSTONE BROKERS SALE OF PA INDUSTRIAL ASSET

UPCOMING CONFERENCES MARCH 12, 2026 SNJ CRE FORECAST CONFERENCE APRIL 16, 2026 NJ APARTMENT & MULTIFAMILY CONFERENCE For speaking & sponsorship info., please contact: Lea at 781-740-2900 or lea@marejournal.com

Byline Bank closes $43M in Commercial Real Estate financing portfolio across four states

transactions spanned in - dustrial outdoor storage, multi-tenant industrial, self-

Funding details of each transaction include: · A $10.3 million bridge loan for a 12-acre industrial outdoor storage property in Southern New Jersey · A $4 million value-add bridge loan for 96,000 square feet of industrial space in Dayton, OH · $12.75 million in perma - nent funding for a 100,000 s/f self-storage facility in Chi - cago, IL · An $8.75 million term loan for a multi-tenant industrial property in Cleveland, Ohio · $7.2 million in perma - nent financing for a stabilized industrial building in Oak Creek, Wisconsin “These year-end transac - tions highlight the importance of disciplined underwriting, responsiveness, and long-term partnerships,” said Sarah

CHICAGO, IL — Byline Bank’s Commercial Real Estate Group (BCREG) closed out December 2025 with five financing transac - tions totaling $43 million, all completed with return - ing BCREG borrowers. The

storage and flex indus - trial assets across Illi - nois, Ohio, Wisconsin and New Jersey. The deals were pri -