This story was originally published on CRE Daily. Join 70,000+ commercial real estate professionals getting daily news, market insights, and industry analysis delivered straight to their inbox with the free CRE Daily newsletter.
Key Takeaways
-
National Resources, Great Point Studios, and Lindsay Goldberg refinanced their 719,943-square-foot “Hollywood on the Hudson” studio portfolio in Yonkers for $435 million.
-
The floating-rate loan from Bank of Montreal, Starwood Mortgage Capital, and Bank of America replaces $376.8 million in debt and funds tenant improvements.
-
The portfolio is 98.9% leased with Lionsgate Studio Corp. alone occupying 52.5% of the space, underscoring strong demand for film and TV production real estate.
A four-building Yonkers film studio and office portfolio has landed a $435 million refinancing, according to Commercial Property Executive. The borrower, a joint venture between National Resources, Great Point Studios Operations, and Lindsay Goldberg, used the floating-rate loan to retire $376.8 million in prior debt on the 719,943-square-foot “Hollywood on the Hudson” portfolio, with the balance covering closing costs, equity returns, and tenant improvements.
From Elevator Plant to Soundstage
The portfolio’s anchor property, the iPark Yonkers Campus at 28-29 Wells Avenue, dates to 1900. Otis Elevator originally operated a manufacturing facility there. The property later became studio and office space around 1999 and 2000.
The site sits along U.S. Route 9, roughly 17 miles from Midtown Manhattan. That location gives productions access to the city without Manhattan-level costs. The conversion reflects a broader trend across New York’s suburbs. Production companies increasingly retrofit older warehouses and factories instead of building from scratch. This strategy can reduce construction costs and shorten delivery timelines.
Inside the Yonkers Film Studio Portfolio
The refinancing carries a two-year initial term. It also includes three one-year extension options. Trimont services the loan, while Situs Holdings serves as special servicer. Deutsche Bank National Trust Co. serves as trustee.
Beyond the iPark campus, the portfolio includes three other properties. The Warburton Campus at 104-108 Warburton Avenue totals 73,500 square feet. The North Broadway Campus at 1050 North Broadway spans 106,785 square feet. The Fernbrook Campus at 130 Fernbrook Street covers 75,060 square feet.
The portfolio is 98.9% leased. Its weighted average lease term approaches 10 years. Lionsgate Studio Corp. serves as the anchor tenant. The company occupies 378,225 square feet, or 52.5% of net rentable area. Lionsgate signed its lease in 2022.
