Credit Suisse Refis Lionsgate Studios Yonkers With $230M Loan
By Andrew Coen April 4, 2022 10:42 am
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Developer National Resources has landed a $230 million debt package to refinance its planned Lionsgate Studios Yonkers project, Commercial Observer can first report.
Credit Suisse (CS) affiliate Column Financial supplied the five-year, fully extended loan, sources told CO. The financing will enable National Resources to retire the construction loan for phase one of the 1 million-square-foot film production development at 28 Wells Avenue in Yonkers, N.Y.
JLL (JLL) Capital Markets arranged the transaction with a team of Michael T. Zaremski, Michael Shmuely, John Flynn and Jimmy Cochran.
Tarrytown, N.Y.-based National Resources is an investment partner in the Yonkers studio venture with Lionsgate and Great Point Capital Management, a media-focused investment fund run in the U.K. by Hallmark Channel Founder Robert Halmi, and Fehmi Zeko. Phase one debuted in January 2022, which coincided with an announcement from Great Point that it planned a $500 million expansion to try to position the facility as the largest modern-built film and television production campus in the Northeast.
“We are pleased to have arranged financing for this ambitious development that will bring new jobs, economic activity and a little bit of movie magic to Yonkers,” Zaremski said in a statement. “National Resources has been a leading force in the transformation of some of America’s largest former industrial sites into vibrant workplaces, and the company’s plans will benefit Yonkers and the region.”
When completed, Lionsgate Studios Yonkers will consist of more 20,000-square-foot stages on one campus than any other film facility in the Northeast. It will feature 11 sound stages, eight 20,000-square-foot stages, two 10,000-square-foot stages and a 30,000-square-foot stage. It will also include parking for more than 750 cars and 100 trucks.
Officials for National Resources did not immediately return a request for comment. Credit Suisse declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
