Mult Lots LLC has received a $59 million floating-rate, non-recourse loan from Ladder Capital Finance LLC to refinance The Film Factory, a 141,000-square-foot mixed-use light industrial, office and production studio in Ridgewood, Queens.
JLL Capital Markets secured the floating-rate, non-recourse loan for the recently completed four-story property at 48-05 Metropolitan Ave. The JLL Debt Advisory team was led by Senior Director Jillian Mariutti, Director Brian Buglione and Vice President Jackie Ferrer.
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Mariutti said in a prepared statement the refinancing supports The Film Factory’s success supporting New York City’s thriving production industry. Richard Washburn III of The Specialists LTD, a full-service prop house with in-house fabrication, graphics, special effects and fight choreography departments, is listed as the owner of the property, according to CommercialEdge. The Specialists is located on the same street as The Film Factory.
The ground-up development was completed earlier this year. The building includes a full-size cellar with utility rooms, back-of-the-house and storage for the first-floor retail space. It also has approximately 30,000 square feet for two-tier automobile storage.
The first floor features a lobby and reception area, front and rear vehicle entry and exits, a car washing area, repair shop and loading docks. The second, third and fourth floors have factory workshops or office/flex space, outdoor eating and drinking areas, boiler rooms, HVAC equipment, stair and elevator bulkheads. The roof provides additional vehicle storage and an outdoor deck. Picture Car Services, the largest East Coast supplier of vehicles in the motion picture, television and commercial production industry occupies 38 percent of the property.
The building, situated on less than an acre, is located near the L and M subway lines, providing direct connectivity throughout Queens and Manhattan.
Buglione said in prepared remarks that the firm continues to see demand from lenders for well-located and high-quality industrial product in and around New York City. He stated The Film Factory is an excellent example of the liquidity in the bridge lending space, helping borrowers achieve their business plans.
The Film Factory’s refinancing comes just weeks after a partnership of Hackman Capital Partners and Square Mile Capital Management acquired the iconic Kaufman Astoria Studios in the Astoria section of Queens. The companies purchased the property through an affiliate and did not disclose the price they paid for the sprawling site, with more than 500,000 square feet of space on 36th Street. Operating since 1920, the property includes 11 sound stages that total more than 147,000 square feet and more than 325,000 square feet of production office and support space.
The partnership has also acquired Silvercup Studios in Long Island City in Queens and the Bronx and also owns studio properties in California, London and Dublin, Ireland. With demand growing on both coasts for more studio facilities, the two companies plan to expand their holdings.