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CIT Provides $40MM Loan for Great Point and National Resources

April 08, 2020, 08:00 AM
Filed Under: Media
Related: CIT

Great Point Capital Management and National Resources announced that they have closed a $40 million loan with CIT to complete the financing of Great Point’s first construction project, a major film and television studio complex at i.Park Hudson in Yonkers, New York. The loan is the last step before construction begins on the 100,000-square-foot production center, which GPC and partner National Resources are building for global content leader Lionsgate. At least one of the complex’s three 20,000-square-foot stages is expected to be operational late this year.

Adviser on the deal is London-based Great Point Media Group, a diversified media and entertainment company owned by Jim Reeve and Robert Halmi. It has provided investment and arranged financing for more than 50 production companies with clients including Lionsgate, Netflix, Amazon, Hulu, Google, Sky, BBC, ITV, Universal, AMC, Hallmark, Sony and Paramount.

“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 said.

“We are pleased to leverage our expertise and market knowledge to help finance this new studio project in the transformational i.Park Hudson development,” said 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 GPC, said, “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.”

Earlier this year, Lionsgate became a stakeholder in the studio complex and will use the entire facility as a modern state-of-the-art entertainment complex once completed. As its sole tenant, Lionsgate has naming rights to the studio.

The $100+ million, full-service film and television production facility will include three 20,000-square-foot and two 10,000-square-foot stages. Along with the five stages, there will be ample office, support space and parking.

National Resources, a key investment partner, will be responsible for all phases of design and construction of the studio complex. National Resources is a specialist real estate development and investment firm that focuses on the redevelopment of corporate and industrial sites. National Resources has developed many innovative i.Parks and landmark Hudson River waterfront residences. Under the i.Park brand, National Resources has transformed some of America’s largest former industrial sites into vibrant workplaces.

The studio complex will be located in the heart of i.Park Hudson, less than 30 minutes from Manhattan, on the Hudson River in downtown Yonkers. i.Park Hudson is a 24-acre technology and office campus, home to Mindspark (an IAC company), Hudson Global, Kawasaki Rail Car, various city and state agencies, as well as UNO, a 100-micro-unit residential building.

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