In an exciting development, Great Point Studios and National Resources, in a joint venture, have successfully secured financing for their film studio project in Yonkers. First Citizens Bank division has provided a substantial loan of $42.2 million for the development located at 1050 North Broadway. This state-of-the-art entertainment production facility is set to cover an expansive area of 112,000 square feet, encompassing offices, warehouses, and mill space.
With this significant financing milestone achieved, the joint venture can now tick off a major item on the development’s to-do list. Notably, the entire space has already been pre-leased to MediaPro US, a prominent Spanish-language production company.
The surge in film production space in Yonkers, particularly driven by Great Point and National Resources, can be attributed to the growing influence of streaming services and the favorable film production tax credit offered by the state of New York, which recently underwent expansion (despite concerns raised by certain watchdog groups).
Last year, the National Resources entity known as iPark acquired a sprawling 28-acre campus located at 463 Hawthorne Avenue from the nonprofit organization Rising Ground for $52.6 million. The intention behind this acquisition is to construct a top-notch production facility on the site. This new campus boasts double the size of the North Broadway hub, spanning an impressive 265,000 square feet across 25 buildings. Additionally, it features amenities such as a baseball field, an indoor basketball court, and both indoor and outdoor pools. Furthermore, there are 2 million square feet of development rights available.
These sites are conveniently located just a 20-minute drive apart.
In a previous collaboration, the two development firms worked together on the Lionsgate Studios project in Yonkers, a remarkable facility covering 108,000 square feet. This venture played a pivotal role in catalyzing the growth of production space in the city of Westchester County. To finance this project, the joint venture secured a substantial $40 million construction loan from CIT Bank, which interestingly is part of the same division of First Citizens Bank that provided the latest loan for the Yonkers production development.
It is worth noting that First Citizens recently made the decision to discontinue issuing general office loans due to concerns about potential losses on Class B office debt. In a recent deal, the Charlotte-based bank agreed to acquire the assets and liabilities of Silicon Valley Bank, assuming a substantial $72 billion in loans and $56 billion in assets.