JLL Capital Markets 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 s/f at 48-05 Metropolitan Ave. in Ridgewood, Queens.
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 s/f 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. 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 JLL Debt Advisory team was led by Senior Director Jillian Mariutti, Director Brian Buglione and Vice President Jackie Ferrer.
“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.”
