Canyon Partners Real Estate and JP Morgan have provided a $193m (€177m) loan to help build a 275,000sqft film studio campus in New York being developed by East End Studios.
Canyon and JP Morgan said they have co-originated the senior construction loan for the ground-up development of the Sunnyside Campus, a media and content production studio in Queens expected to be completed by the first quarter of 2025.
The New York City Industrial Development Agency, which supports business growth, relocation, and expansion across the five boroughs of New York City, provided tax incentives for Sunnyside Campus.
Jonathon Yormak, a founding partner at East End Studios, said: “New York City is one of the largest entertainment markets in the world, with significant unmet demand. Our Sunnyside Campus is going to meet that demand while establishing an elevated standard for modern studio workflows.”
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