Summary
Located five minutes from Newark Liberty International Airport and 25 minutes from downtown Manhattan, Lionsgate Studios Newark is a new 272,000-square-foot six stage film studio complex that will feature dedicated production offices, support space, and equipment storage to enable on-site film production. The property, which is pre-leased to Lions Gate Films Inc., is slated to host a notable rotation of film and television productions.
C-PACE Opportunity
NGC provided $101 million in C-PACE financing alongside senior lender MCCP to capitalize Lionsgate Studios Newark. The sponsor utilized C-PACE to anchor their capital stack, taking advantage of its low cost and long-term flexibility to de-risk their refinancing at completion. By reducing the equity requirement in the project, the sponsor was able to significantly improve project-level returns while ensuring the project’s overall success. The sponsor also leveraged C-PACE alongside New Jersey’s film and TV tax credit, which offers studios credits of up to 45% on qualifying expenditures.
