Bungalow Projects and Bain Capital Real Estate Close $304M in Construction Financing for Echelon Studios

Fried Frank advised Bungalow Projects, a real estate development firm focused on creating production hubs for episodic, film and digital content creation, and Bain Capital Real Estate, on the closing of $304 million in construction financing to support the development of Echelon Studios, two high-end film and television production studios in Brooklyn, NY. This transaction includes the largest Commercial Property Assessed Clean Energy (C-PACE) transaction in New York State and first-ever C-PACE financing for ground-up development in New York City as well as the provision of financial assistance from New York City Industrial Development Agency in the estimated maximum amount of $94 million in the form of real property tax abatements, sales and use tax exemptions, and partial exemptions from mortgage recording tax. Read more in the press release here.

The Fried Frank team was led by real estate partner Julianne E. Befeler and included real estate special counsel Jessica H. Mayes and Melissa Brown, and real estate associates Paloma Bloch, Colin Maloney, Loren Naftali, Alexandra Newman and Kendall R. Wilcox.

Fried Frank has also recently advised on a variety of construction financing transactions, including advising SL Green Realty Corp, and its joint venture with PGIM Real Estate, on the completion of a $1.4 billion, five-year, fixed-rate refinancing of 11 Madison Avenue, as well as Kushner Companies on its $515 million financing for Phase I of The Journal.

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