CIM Group, a community-focused real estate and infrastructure owner, operator, lender and developer, announced today that a CIM-managed fund has closed a $72.0 million loan to a joint venture between Woodvale and Timber Hill collateralized by Cinelease Studios Three Ring, a 160-acre film production complex in Covington, Georgia.
Loan proceeds will be used for the recapitalization of existing Phase I operations and subsequent construction of Phase II to expand site capacity and capabilities.
Located at 11642 GA Hwy 142 Covington, Georgia, Cinelease Studios Three Ring is a purpose-built media campus constructed for television, film, and custom content creation. Phase I of the studio was built in 2017 and currently offers 110,000 square feet of sound stage space, 60,000 square feet of support space, 30,000 square feet of office, and 600 parking spaces on 50 acres.
The plan is to expand the campus to comprise 250,000 square feet of sound stages, 175,000 square feet of support space, and 100,000 square feet of office space upon Phase II completion.
Cinelease Studios Three Ring is located 35 miles east of Atlanta, “The Hollywood of the South,” just north of I-20 near the planned 170-acre Covington Town Center mixed-use development and 45 minutes from Hartsfield-Jackson Atlanta International Airport.
CIM Group is an active lender that through its CIM Real Estate Debt Solutions business has originated more than $2.25 billion of commercial real estate loans year-to-date in 2021. CIM Group seeks to provide senior and subordinate transitional bridge loans for commercial real estate projects with strong sponsors.
CIM Group applies its broad experience as an owner, operator, and developer of all types of commercial real estate to its lending strategy, and believes this helps differentiate the company from many other debt providers. Through mortgage and mezzanine loans, affiliates of CIM provide bridge and construction financing to owners and developers of commercial real estate in major markets across the United States and works with borrowers to offer an array of lending solutions.