- 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.
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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.
Zooming Out
Studio real estate financing has sent mixed signals lately. This Yonkers portfolio refinanced smoothly at near-full occupancy. However, a $1.1 billion loan on a Los Angeles studio portfolio recently entered special servicing.
The contrast highlights several key factors. Location, tenant concentration, and lease duration can separate stronger assets from weaker ones. Yonkers benefits from near-full occupancy and a long-term Lionsgate tenancy. Those factors put the deal firmly in the stronger camp.
Why It Matters
Yonkers generates roughly $46 million in film and TV industry sales for New York City. The borrower also plans to add 15 to 20 new stages. Plans also call for an LED car stage. These investments signal confidence in continued demand for production space near New York.
The successful refinancing also gives lenders a useful data point. Suburban studio conversions can perform alongside more established production hubs. Meanwhile, other markets continue competing for productions. For example, a major studio relocation under consideration in Texas shows how mobile production real estate demand has become.
What’s Next
Watch for progress on the planned stage expansion and LED car stage. Those projects would add capacity to a portfolio already running near full occupancy.
The loan’s two-year initial term also gives the ownership group time to execute the upgrades. Three extension options provide additional flexibility before the loan needs attention again.
If Lionsgate extends or expands its footprint, the outlook could strengthen further. Its current lease term will eventually wind down. A renewal or expansion could cement Yonkers as a durable production hub rather than a temporary overflow market for New York City studios.
