Jersey City Film Studio Projects Secure $48.25M in Financing
Columbia Pacific Advisors Bridge Lending provided the funding that will allow INDUSTRY GO to acquire 14-16 Burma Road and 150 Theodore Conrad Drive in Jersey City and convert them into 180,777 square feet of studio space.
JERSEY CITY, NJ—New York City-based developer INDUSTRY GO has secured a $48.25-million loan for the conversion of two warehouse buildings here into Class A film and television production studio space.
Columbia Pacific Advisors Bridge Lending provided the funding that will allow INDUSTRY GO to acquire 14-16 Burma Road and 150 Theodore Conrad Drive in Jersey City and convert them into 180,777 square feet of studio space.
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, Seattle-based Columbia Pacific Advisors closed on a $24.9-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.
“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 capitalize on this trend,” says Will Nelson, SVP of real estate lending at Columbia Pacific Advisors.
INDUSTRY GO is a strategic alliance including Criterion Group, a New York City-based real estate development firm with a portfolio that covers 2.25 million square feet and 2,400 apartments, primarily in Long Island City and Astoria in Queens.