Joint venture partners Bain Capital Real Estate and Bungalow Projects have closed on $156 million in financing for their Brooklyn film production project.
Provided through a Commercial Property Assessed Clean Energy (C-PACE) by CounterpointeSRE, the deal of this type marks the largest on New York State's record, according to the lender.
The financing will be used to support the construction of Echelon Studios, which will bring two film production sites to Brooklyn. The studios will include 10 sound stages and "significant" power generation will be available, which will meet the standards for Ultra-Low Energy Buildings, according to CounterpointeSRE.
Previously, Bain and Bungalow teamed up in April 2024 to buy a property in the Red Hook neighborhood of Brooklyn for $34 million. It's unclear if that is related to Echelon Studios, but at the time, the companies were planning to build a 225,000 square foot production facility at the site. Also, the project isn't to be confused with Bain's other Echelon Studios in Hollywood, a 600,000 square foot urban studio campus that broke ground in May 2024. Bain teamed up with BARDAS Investment Group to work on that development.
“This financing demonstrates both CounterpointeSRE’s commitment to advancing sustainable development and the growing comfort of sophisticated institutional capital utilizing C-PACE as a financing tool,” Eric Alini, CEO of CounterpointeSRE, said in a statement.
“We are pleased to partner with Bain Capital and Bungalow Projects, as Echelon Studios will be a cornerstone of New York’s film and television production industries.”
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.