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York Studios, Inc. owns and operates NYS qualified motion picture and television production facilities in New York City. The company’s multi-phase expansion in the Bronx represents the first major film production studio project in the borough.
The complex project required detailed business planning, market analysis, and, ultimately, multiple financing and incentive strategies for a successful completion.
A number of challenges initially complicated financing, including construction risk, collateral issues, and the speculative nature of the project and its location. Skeptics of the initiative cited the fact that the project site, which exhibited several environmental issues, had been vacant for 20+ years. In addition, NYS continuing the tax credit program for film production was not guaranteed.
ThinkForward developed a comprehensive business plan and cash flow modeling, commissioned market and demographic studies, and outlined numerous financing strategies. We analyzed the viability of several financing options, from conventional construction, EB-5, and SBA loans to Empire State subsidized loans and bank loan options. Significantly, we reinvestigated each option as our client progressed through the development plan.
After many months of planning, exploration, and negotiation, ThinkForward procured a $26.5M construction-to-permanent loan with a local bank on very favorable terms for York studios, which ensured that the project would be on track for completion.
The financing structure included significant tax benefits for 25 years. Our close relationship with the NYC Industrial Development Agency, as well as our familiarity with its programs and complex application and approval processes, were assets to York. Our efforts resulted in an incentive package of $35M over 25 years.
We successfully guided York Studios through the transaction, ensuring an efficient and smooth closing process. In addition, to make the project a reality, we applied and procured a capital grant of $1.25M and $5.0M in subsidized loans from ESD’s MERF program.
ThinkForward served as financial advisor and economic development consultant. We managed the entire financing process, including procuring an ideal lender, managing governmental agencies, and securing all necessary financing and agency approvals. We prepared financial analyses to determine the optimal structure, as well as coordinated with legal counsels, ultimately, successfully closing the financing
“ThinkForward remained at our side for years…they saw this project through, playing a significant role in making it a reality.”
—John Kalafatis, CFO, York Studios
York Studios, Inc. owns and operates NYS qualified motion picture and television production facilities in New York City. The company’s multi-phase expansion in the Bronx represents the first major film production studio project in the borough.
The complex project required detailed business planning, market analysis, and, ultimately, multiple financing and incentive strategies for a successful completion.
A number of challenges initially complicated financing, including construction risk, collateral issues, and the speculative nature of the project and its location. Skeptics of the initiative cited the fact that the project site, which exhibited several environmental issues, had been vacant for 20+ years. In addition, NYS continuing the tax credit program for film production was not guaranteed.
ThinkForward developed a comprehensive business plan and cash flow modeling, commissioned market and demographic studies, and outlined numerous financing strategies. We analyzed the viability of several financing options, from conventional construction, EB-5, and SBA loans to Empire State subsidized loans and bank loan options. Significantly, we reinvestigated each option as our client progressed through the development plan.
After many months of planning, exploration, and negotiation, ThinkForward procured a $26.5M construction-to-permanent loan with a local bank on very favorable terms for York studios, which ensured that the project would be on track for completion.
The financing structure included significant tax benefits for 25 years. Our close relationship with the NYC Industrial Development Agency, as well as our familiarity with its programs and complex application and approval processes, were assets to York. Our efforts resulted in an incentive package of $35M over 25 years.
We successfully guided York Studios through the transaction, ensuring an efficient and smooth closing process. In addition, to make the project a reality, we applied and procured a capital grant of $1.25M and $5.0M in subsidized loans from ESD’s MERF program.
ThinkForward served as financial advisor and economic development consultant. We managed the entire financing process, including procuring an ideal lender, managing governmental agencies, and securing all necessary financing and agency approvals. We prepared financial analyses to determine the optimal structure, as well as coordinated with legal counsels, ultimately, successfully closing the financing
“ThinkForward remained at our side for years…they saw this project through, playing a significant role in making it a reality.”
—John Kalafatis, CFO, York Studios
NYC agencies are encouraging investments in IndustrialBusiness Zones (IBZ).This is good news for real estate developers and building owners hoping to attract manufacturing and light industrial tenants through redevelopment of their properties. Financial assistance through the NYCIndustrial Development Agency (NYCIDA) can make a sizeable contribution to most capital stacks.
For many organizations, delaying a project means delaying future success. Tax credits and economic incentives can help fund the next step forward in any mission-driven organization’s growth and evolution. Considering the life line that these programs can represent, let’s take a few moments to understand what incentives are and how to tap into the potential for your company.
The private, nonprofit agency Consortium for Worker Education (CWE) provides a wide array of workforce preparation, industry-specific training, and employment services for 70,000+ NYC workers every year. Union members, new Americans, and dislocated workers number among the populations served by this essential service provider.
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