A joint venture between Bain Capital Real Estate and Bungalow Projects has secured $156 million in commercial property assessed clean energy (C-PACE) funding to support the construction of Echelon Studios, two film production facilities in Brooklyn, N.Y.
Echelon Studios will provide 10 purpose-built sound stages with market-leading industry specifications. With significant on-site power generation, the facilities are anticipated to meet the requirements for Ultra-Low Energy Buildings as reported and designed by COOKFOX Architects, DPC.
CounterpointeSRE provided $156 million in C-PACE financing to the joint venture, while funds affiliated with Farallon Capital Management originated an additional approximately $148 million, bringing the total financing to $304 million. Eastdil Secured advised on the financing.
