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CIT Lends $42M on Pre-Leased Yonkers Studio Project
First Citizens Bank’s Real Estate Finance business, a division of CIT, provided $42.2 million in financing to a joint venture between National Resources and Great Point Media for the development of 1050 North Broadway, a new entertainment production facility 100% pre-leased to MediaPro Studios and located in Yonkers.
The new studios will consist of 112,400 square feet of studio, office, warehouse and mill space. The property will be leased to MediaPro US, a leading Spanish-language production company.
The project complements two other CIT-financed projects in partnership with National Resources and Great Point Media, continuing development at the nearby iPark Hudson Studios campus. The campus is located 30 miles north of Grand Central Terminal, making it readily accessible to commuters from New York City region.
“These new studios add to our growing Yonkers property portfolio that empowers us to stay at the forefront of the increasing demand for film production real estate,” said Joseph Cotter, president of National Resources.
- ◦Development
- ◦Financing
