NEW YORK , Nov. 16, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Real Estate Finance business provided $34 million in financing to a joint venture between i.Park and Great Point Media for the development of the Lionsgate Warburton Studios, an entertainment production facility in Yonkers, New York.
The new studios will consist of 73,000-square-feet of studio, office and mill space. It will be the latest addition to the Great Point Studio Campus, a growing entertainment production complex leased to global content leader Lionsgate Entertainment Group.
The i.Park campus, which includes production support areas, a café, lounge and outdoor garden terraces, is conveniently located close to the Yonkers Train Station, providing easy access to New York City and nearby suburbs.
"We're pleased to add the Lionsgate Warburton Studios to the i.Park Hudson Studios development," said Joseph Cotter, President of i.Park. "We've partnered with CIT since the beginning of this transformational project and appreciate their continued support as we expand our premium production space at the Yonkers Campus."
CIT Real Estate Finance has supported the development and expansion of i.Park Hudson Studios since March 2020, when it provided $40 million in construction financing for the first phase of the campus development. In May 2022, CIT provided another $12 million for the acquisition of 130 Fernbrook. Located one mile from the i.Park campus, 130 Fernbrook houses Hudson Scenic, a scenery, automation and production company that caters to the film and theater industry. Recently, the i.Park Campus was named the 2021 Westchester County Transformative Deal of the Year by NAIOP.
"We're grateful for the opportunity to work with the teams behind i.Park Hudson Studios," said Chris Niederpruem, managing director and group head for CIT's Real Estate Finance business. "There is strong demand for entertainment production space on the East Coast, and we're pleased to provide financing to help meet that demand for the i.Park campus and Lionsgate, a longtime client of CIT."
CIT Real Estate Finance originates and underwrites senior secured real estate transactions. With deep market expertise, underwriting experience and industry relationships, the unit provides financing for single properties, property portfolios and loan portfolios.
CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 550 branches in 22 states, many in high-growth markets. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Discover more at cit.com/firstcitizens.
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SOURCE CIT, a division of First Citizens Bank