First Citizens Bank’s real estate finance business, a division of CIT, provided $42.2 million in financing to a joint venture between National Resources and Great Point Media for the development of 1050 North Broadway, a new entertainment production facility located in Yonkers, NY, that has been 100% pre-leased to MediaPro Studios.
The new facility will consist of 112,400 square feet of studio, office, warehouse and mill space. The property will be leased to MediaPro US, a Spanish-language production company.
The project complements other CIT-financed projects in partnership with National Resources and Great Point Media, which are continuing development at the nearby iPark Hudson Studios campus. The campus is located 30 miles from the Grand Central Terminal in New York City.
“These new studios add to our growing Yonkers property portfolio that empowers us to stay at the forefront of the increasing demand for film production real estate,” Joseph Cotter, president of National Resources, said. “Once again, we appreciate our strong relationship with CIT’s real estate finance group, which has supported us since the early stages of our transformational project as we continue to amplify our presence and accelerate development.”
“We were thrilled to collaborate again with National Resources and Great Point Media, who continue to identify valuable real estate opportunities to grow their portfolio of entertainment studios in the area,” Chris Niederpruem, managing director and group head of CIT’s real estate finance business, said.
“Our team’s expertise, industry knowledge and valuable experience with clients forged another successful transaction with these partners, and we look forward to additional opportunities to support their future investments,” Juan Vives, a managing director for CIT’s real estate finance business, said.
