Bungalow Projects, a real estate development firm specializing in production hubs for film, episodic, and digital content creation, and Bain Capital Real Estate have announced the closing of $304 million in construction financing for the development of Echelon Studios, two state-of-the-art film and television production facilities in Brooklyn, New York.
The financing package includes a $156 million Commercial Property Assessed Clean Energy (C-PACE) loan from CounterpointeSRE, marking the largest C-PACE transaction in New York State and the first-ever C-PACE financing for ground-up construction in New York City. An affiliate of Farallon Capital Management provided an additional $147 million in financing to complete the capital stack.
Once completed, the Echelon Studios projects—Echelon Studios Bushwick and Echelon Studios Red Hook—will deliver approximately 600,000 square feet of premium production space. Together, they will feature ten soundstages, an extensive production office and support spaces, and substantial underground parking facilities. The buildings are being designed with 40-foot clear-to-grid heights and column-free stages that offer advanced electric, HVAC, floor load, and acoustic capabilities exceeding industry standards.
Echelon Studios Bushwick, located at 242 Seigel Street, will feature six stages totaling 102,000 square feet of stage space, 86,000 square feet of production support space, 76,000 square feet of office space, and 91,000 square feet of below-grade parking with more than 230 spaces. Echelon Studios Red Hook, at 176 Dikeman Street, will include 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 vehicles.
Both projects are being developed as fully electric, sustainable buildings targeting LEED Gold certification and participation in New York City’s Ultra-Low Energy Building program. Over 25% of each building’s energy needs will be met through rooftop solar panels. In addition, both sites are part of the New York State Department of Environmental Conservation’s Brownfield Cleanup Program and are supported by the New York City Industrial Development Agency.
Echelon Studios Bushwick and Red Hook are slated for completion in mid-2027. Once operational, the studios are expected to create approximately 2,400 jobs across construction and studio operations. Productions filmed 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.
This significant investment reflects a growing demand for purpose-built production spaces in New York City, which has faced an undersupply of modern facilities as the state’s film and television production industry continues to expand.
Bungalow Projects and Bain Capital Real Estate’s partnership underscores their commitment to developing sustainable and cutting-edge production hubs that will help bolster the city’s role as a leading destination for global content creation.
KEY QUOTES:
“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.”
— Travis Feehan, Co-Founder of Bungalow Projects
“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.”
— Susi Yu, Co-Founder of Bungalow Projects
