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CIM Group Provides $72M for Expansion of Cinelease Complex in Covington
A CIM Group-managed fund has closed a $72-million loan to a joint venture between Woodvale and Timber Hill. The loan is collateralized by Cinelease Studios Three Ring, a 160-acre purpose-built media campus constructed for television, film and custom content creation in Covington, GA.
Loan proceeds will be used for the recapitalization of existing Phase I operations and subsequent construction of Phase II to expand site capacity and capabilities. The plan is to expand the campus to comprise 250,000 square feet of sound stages, 175,000 square feet of support space, and 100,000 square feet of office space upon Phase II completion.
Cinelease Studios Three Ring is Phase I of the studio was built in 2017 and currently offers 110,000 square feet of sound stage space, 60,000 square feet of support space, 30,000 square feet of office and 600 parking spaces on 50 acres.
The facility is located 35 miles east of Atlanta.
- ◦Development
- ◦Financing
