COVINGTON, Georgia. – Cinelease Studios Three Ring plans to use a $ 72 million loan to expand its campus with 250,000 square feet of sound stages, 175,000 square feet of support space and 100,000 square feet of office space.
The CIM Group, a property and infrastructure owner, operator, lender and developer, announced Thursday, December 2 that a fund managed by CIM has entered into the loan to a joint venture between Woodvale and Timber Hill using Cinelease Studios Three Ring as collateral , said a press release.
The loan proceeds will be used for the recapitalization of existing Phase I operations and subsequent construction of Phase II to expand site capacity and the capabilities of the 160-acre film production complex in Covington, the statement said. .
Located at 11642 Georgia Hwy. 142, Cinelease Studios Three Ring is a multimedia campus specially designed for television, film and personalized content creation.
Phase I of the studio was built in 2017 and currently offers 110,000 square feet of soundstage space, 60,000 square feet of support space, 30,000 square feet of office space and 600 parking spaces on 50 acres.
Los Angeles-based CIM Group is an active lender that, through its CIM Real Estate Debt Solutions business, has generated more than $ 2.25 billion in commercial real estate loans since the start of 2021.
The CIM Group seeks to provide senior and subordinate bridging loans for commercial real estate projects with strong sponsors.
“CIM Group applies its extensive experience as an owner, operator and developer of all types of commercial real estate to its lending strategy, and believes this helps differentiate the company from many other debt providers,” the statement said.
“Through mortgages and mezzanine loans, CIM affiliates provide bridge and construction finance to owners and commercial real estate developers in major US markets and work with borrowers to offer a range of solutions. loan. “
To learn more about CIM Group’s credit strategies, visit cimgroup.com.