News release

$59M refinancing arranged for The Film Factory in Queens

JLL Capital Markets secures non-recourse loan for the mixed-use industrial, office and production studio at 48-05 Metropolitan Ave

November 23, 2021

George Shea, Rachel Tate

+1 760 519 4596

NEW YORK, Nov. 23, 2021JLL Capital Markets announced today that it has secured a $59 million refinancing for The Film Factory, a multi-story, mixed-use, light industrial, office and production studio totaling approximately 141,000 square feet at 48-05 Metropolitan Ave. in Ridgewood, Queens.

JLL represented the borrower, Mult Lots, LLC, to place the floating-rate, non-recourse loan with Ladder Capital Finance LLC.

Completed as ground up construction earlier this year, The Film Factory is a four-story building that includes a full-size cellar with utility rooms, back-of-house and storage for the first-floor retail space, as well as approximately 30,000 square feet for two-tier automobile storage. The first floor features a lobby and reception area, front and rear vehicle entry and exits, a car washing area, repair shop and loading docks. The second, third and fourth floors features factory workshops or office/flex space, outdoor eating and drinking areas, boiler rooms, HVAC equipment, stair and elevator bulkheads. The roof provides additional vehicle storage and an outdoor deck. Picture Car Services, the largest East Coast supplier of vehicles in the motion-picture, television and commercial production industry, occupies 38 percent of the property. The Film Factory is located near the L and M subway lines, providing direct connectivity throughout Queens and Manhattan.

The JLL Debt Advisory team was led by Senior Director Jillian Mariutti, Director Brian Buglione and Vice President Jackie Ferrer.

“This refinancing supports The Film Factory’s continued success supporting New York City’s thriving production industry,” Mariutti said. “This project provides custom features that will significantly improve operational efficiency.”

“We continue to see outsized demand from lenders for well-located and high-quality industrial product in and around New York City,” Buglione said. “The Film Factory is an excellent example of the liquidity in the bridge lending space, helping borrowers successfully achieve their business plans.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.