Columbia Pacific Advisors arranges USD48.25m loan for two Jersey City film producton studios
Columbia Pacific Advisors Bridge Lending, a platform within Columbia Pacific Advisors, has provided a USD48.25 million loan for 14-16 Burma Road and 150 Theodore Conrad Drive in Jersey City to INDUSTRY GO, a strategic alliance between Criterion Group and One Stop Properties.
The New York City-based developer will use the funds arranged by Columbia Pacific Advisors to complete its acquisition of both warehouse buildings, and convert them into 180,777 square feet of Class A film and television production studio space.
“The need for studio production space in the New York Metropolitan area is continuing to grow due to an increase in demand for new film and television content, and we believe 14-16 Burma Road and 150 Theodore Conrad Drive are well positioned to capitalise on this trend,” says Will Nelson, Senior Vice President of Real Estate Lending at Columbia Pacific Advisors.
The properties are located within a block of each other, and two blocks from Caven Point Studios, a new 135,000-square-foot production studio that is currently being completed. In 2019, Columbia Pacific Advisors closed on a USD24.9 million acquisition and reposition loan to Simi Capital and Criterion Group for Caven Point Studios.
Upon completion, 14-16 Burma Road will feature 110,308 square feet of studio space, and 150 Theodore Conrad Drive will encompass 70,569 square feet, both with a minimum height of 50 feet. The planned renovations include full structural reinforcement, raising the roof heights, repowering, and adding new HVAC systems.
“We are pleased to have a partner in Columbia Pacific that understands the need for additional film and television production space in the region, as well as the opportunities afforded by New Jersey’s tax credit incentives for studio owners and production companies,” says Chris Sullivan, Vice President of Global Acquisitions at INDUSTRY GO.