Lionsgate New York Studio Complex Secures $ 40 Million CIT Bank Loan – Deadline
Lionsgate, media firm Great Point Capital Management and real estate firm National Resources have secured a $ 40 million loan from CIT Bank to complete the financing of their movie and television studio complex at i.Park Hudson in Yonkers, New York.
The loan would be the last step before construction begins on the 100,000 square foot production center, which GPC and its partner National Resources are building for Lionsgate. The distributor-producer will be the main tenant in the long term and will retain the naming rights.
At least one of the three 20,000-square-foot stages of the more than $ 100 million complex is expected to be operational by the end of this year. The production site will also include two 10,000 square foot stages, offices and parking. Construction was originally scheduled to start last November.
“CIT is a leader in community projects and our financial support for this development will help create jobs and income in Yonkers at a critical time,” said CIT President and CEO Ellen Alemany.
“We are delighted to leverage our expertise and market knowledge to help fund this new studio project in the transformational development of i.Park Hudson,” added Chris Niederpruem, Group Managing Director and Group Leader. CIT real estate financing. “CIT is active in the financing of commercial properties in the Greater New York area, and this project represents a solid development opportunity in an attractive location. ”
Robert Halmi, CEO of Great Point Capital, commented: “With great partners like CIT, Lionsgate and National Resources, we are able to move the business forward – a significant achievement given the constraints of working in the midst of a pandemic. ”