Woodvale, Timber Hill Secure Financing for Movie Production Campus Expansion in Covington, Georgia

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COVINGTON, GA. — A joint venture between Atlanta-based Woodvale LLC and Chicago-based Timber Hill Group has secured an undisclosed amount of construction financing and recapitalization for the expansion of Cinelease Studios – Three Ring, a TV and film production media campus in Covington. Eastdil Secured arranged the financing through Los Angeles-based CIM Group. Pattillo Construction Corp. is the general contractor for the project. The development cost was not disclosed.

CIM Group provided a $72 million loan for the development. The loan will be used for the recapitalization of existing Phase I operations and the construction of Phase II.

Phase I of the Cinelease Studios was completed in October 2020, with the construction of its second phase slated to start in the first quarter of 2022. Phase I included 233,000 square feet across six sound stages. The project was fully occupied within a month of completion to three production companies: Lionsgate Films, Paramount Pictures and Skydance Media.

Phase II will span 336,800 square feet, including 144,000 square feet of sound stages, 92,800 square feet of mill space, 70,000 square feet of office space and 30,000 square feet of third-party vendor storage spread across 90 acres. Amenities will include eight sound stages ranging in size from 10,000 to 66,000 square feet with 40-foot to 55-foot clear heights. Once complete, the movie production campus will be the second largest film production campus in Georgia at 569,800 square feet.

Cinelease Studios, an operator with 40 years of experience in studio management and equipment rental, manages studio operations and has a local office onsite. Herc Rentals, a TV and film industry equipment rental provider, is also onsite.

Sources: https://rebusinessonline.com/woodvale-timber-hill-secure-financing-for-movie-production-campus-expansion-in-covington-georgia/

Woodvale, Timber Hill Secure Financing for Movie Production Campus Expansion in Covington, Georgia

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