Tuesday, November 23, 2021

JLL Capital Markets secures $59 million non-recourse loan for The Film Factory, a mixed-use industrial, office and production studio at 48-05 Metropolitan Avenue in Queens, New York

  
Jillian Mariutti

NEW YORK, NY, Nov. 23, 2021 — JLL Capital Markets announced today that it has secured a $59 million refinancing for The Film Factory, a multi-story, mixed-use, light industrial, office and production studio totaling approximately 141,000 square feet at 48-05 Metropolitan Ave. in Ridgewood, Queens.


Jacqueline (Jackie) Ferrer


JLL represented the borrower, Mult Lots, LLC, to place the floating-rate, non-recourse loan with Ladder Capital Finance LLC.


Completed as ground up construction earlier this year, The Film Factory is a four-story building that includes a full-size cellar with utility rooms, back-of-house and storage for the first-floor retail space, as well as 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.

Brian Buglione


The second, third and fourth floors features 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 Film Factory is located near the L and M subway lines, providing direct connectivity throughout Queens and Manhattan.


The JLL Debt Advisory team was led by Senior Director Jillian Mariutti, Director Brian Buglione and Vice President Jackie Ferrer.


              The Film Factory, 48-05 Metropolitan Avenue
                              Ridgewood, Queens, New York
 

“This refinancing supports The Film Factory’s continued success supporting New York City’s thriving production industry,” Mariutti said. “This project provides custom features that will significantly improve operational efficiency.”


We continue to see outsized demand from lenders for well-located and high-quality industrial product in and around New York City,” Buglione said. 


“The Film Factory is an excellent example of the liquidity in the bridge lending space, helping borrowers successfully achieve their business plans.”


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CONTACTS:

George Shea, Rachel Tate

Company: Shea Communications

Phone: +1 760 519 4596

Email: rachel@sheacommunications.com

 

Cierra Lacasse

PR, Capital Markets

JLL

T +1 602 648 8701

M +1 408 318 8021

JLL.com

 

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