Bungalow Projects, a real estate development firm focused on creating production hubs for episodic, film and digital content creation, and Bain Capital Real Estate announced the successful closing of $304 million in construction financing to support the development of Echelon Studios, two high-end film and television production studios in Brooklyn, N.Y.
CounterpointeSRE provided a $156 million Commercial Property Assessed Clean Energy (C-PACE) financing to support the project’s sustainable development efforts, representing the largest C-PACE transaction in New York State and first-ever C-PACE financing for ground-up development in New York City. An affiliate of Farallon Capital Management provided $147 million in additional financing.
Combined, the two Brooklyn developments will result in approximately 600,000 square feet of production space across ten state-of-the-art soundstages, top-tier production office and support spaces and significant below-grade parking. With 40-foot clear-to-grid heights, the purpose-built soundstages will offer column-free space with market-leading electric, HVAC, floor load and acoustic specifications designed to meet or exceed modern-day production requirements.
“We are excited to move forward on developing these state-of-the-art facilities that will cater to all types of episodic and film production and fill New York City’s undersupply of purpose-built stages that are critical to the growth of New York’s content production ecosystem,” said Travis Feehan, co-founder of Bungalow Projects.
Echelon Studios Bushwick is located at 242 Seigel St. and will comprise six stages totaling 102,000 square feet of stage space, 86,000 square feet of production support space, 76,000 square feet of production office space and 91,000 square feet of below-grade parking for over 230 spaces.
Echelon Studios Red Hook is located at 176 Dikeman St. and will comprise four stages totaling 67,000 square feet of stage space, 75,000 square feet of production support space, 49,000 square feet of office space and 55,000 square feet of below-grade parking for over 185 spaces.
With over 25% of their energy needs to be met by rooftop solar panel systems alone, the all-electric buildings will be LEED Gold, as well as meet the requirements for NYC’s Ultra-Low Energy Building program. Additionally, both projects are in the New York State Department of Environmental Conservation’s Brownfield Cleanup Program and supported by their New York City Industrial Development Agency.
“We are grateful for the support we received from our lending partners and look forward to their continued support as we break ground on these cutting-edge and sustainable projects that will expand the realm of opportunities for New York City’s vibrant film and television production industry,” said Susi Yu, co-founder of Bungalow Projects.
Both projects are slated to be completed in mid-2027. Productions filming at Echelon Studios will benefit from the recently expanded New York State Film Tax Credit Program, which provides $800 million in annual incentives through 2036.
Bungalow Projects and Bain Capital have a joint venture focused on investing in and developing sustainable and cutting-edge production hubs in New York City.
