Lionsgate, media firm Great Point Capital Management and real estate company National Resources have secured a $40M loan from CIT Bank to complete the financing for their film and TV studio complex at i.Park Hudson in Yonkers, New York.
The loan is said to be the last step before construction begins on the 100,000-square-foot production center, which GPC and partner National Resources are building for Lionsgate. The distributor-producer will be long-term anchor tenant and will retain naming rights.
At least one of the $100M+ complex’s three 20,000-square-foot stages is expected to be operational late this year. The production facility will also comprise two 10,000-square-foot stages, offices and parking space. Construction had initially been due to start last November.
“CIT is a leader in community-driven projects and our financial support for this development will help bring jobs and revenue into Yonkers at a critical time,” said CIT Chairwoman and CEO Ellen Alemany.
More from Deadline
- 'Nick Cannon' Syndicated Daytime Talk Show Gets September Premiere Date
- Lionsgate Layoffs Include Distribution & Marketing Departments
- 'Military Wives' Heads Online Early In UK; Noah Media Boards Aussie Rules Doc; U.S. Releaser Artsploitation Buys Two Devilworks Titles - Global Briefs
“We are pleased to leverage our expertise and market knowledge to help finance this new studio project in the transformational i.Park Hudson development,” added Chris Niederpruem, managing director and group head for CIT’s Real Estate Finance group. “CIT is active in financing commercial properties in the Greater New York region, and this project represents a solid development opportunity in an attractive location.”
Robert Halmi, Chief Executive Officer of Great Point Capital, commented, “With great partners like CIT, Lionsgate and National Resources, we are able to keep business moving forward – an important accomplishment given the constraints of working in the midst of a pandemic.”
Best of Deadline
- Coronavirus: U.S. Death Toll Passes 12,000; New York State Sees Deadliest Day - Update
- Coronavirus: Movies That Have Halted Or Delayed Production Amid Outbreak
- Hong Kong Filmart Postponed Due To Coronavirus Fears; Event Moves Two Weeks Before Toronto