Bungalow Projects and Bain Capital Close $304 Million Financing for Echelon Studios, Brooklyn’s Next-Gen Film and TV Production Hubs
Bungalow Projects, a real estate development firm specializing in purpose-built production hubs for film, television, and digital content, alongside Bain Capital Real Estate (“Bain Capital”), have secured $304 million in construction financing for the development of Echelon Studios—two state-of-the-art production studios in Brooklyn, New York.
The financing package includes a $156 million Commercial Property Assessed Clean Energy (C-PACE) loan from CounterpointeSRE, marking both the largest C-PACE transaction in New York State and the first C-PACE financing for ground-up development in New York City. An affiliate of Farallon Capital Management provided an additional $147 million in project funding.
The combined developments will deliver nearly 600,000 square feet of production space, featuring ten cutting-edge soundstages, modern production offices, support spaces, and extensive below-grade parking. Designed with 40-foot clear-to-grid heights, the soundstages are column-free and equipped with high-capacity electric, HVAC, floor load, and acoustic systems, tailored to meet or exceed contemporary production standards.
Project Details:
- Echelon Studios Bushwick (242 Seigel Street) will feature six stages totaling 102,000 square feet, complemented by 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 spots.
- Echelon Studios Red Hook (176 Dikeman Street) will include four stages totaling 67,000 square feet, 75,000 square feet of production support space, 49,000 square feet of office space, and 55,000 square feet of parking accommodating over 185 vehicles.
Sustainability is central to the projects. Both studios will be fully all-electric, with rooftop solar systems providing over 25% of their energy needs, aiming for LEED Gold certification and compliance with New York City’s Ultra-Low Energy Building program. Additionally, the developments are part of the New York State Department of Environmental Conservation’s Brownfield Cleanup Program and have support from the New York City Industrial Development Agency.
“We are thrilled to advance these world-class facilities, designed to meet the growing demand for purpose-built stages in New York City,” said Travis Feehan, Co-Founder of Bungalow Projects. Susi Yu, Co-Founder of Bungalow Projects, added, “We are grateful for the support of our lending partners and look forward to breaking ground on projects that expand opportunities for New York City’s dynamic film and television production industry.”
The studios are expected to open by mid-2027 and are projected to create around 2,400 jobs across construction and studio operations. Productions filming at Echelon Studios will also benefit from the expanded New York State Film Tax Credit Program, which allocates $800 million in annual incentives through 2036.
Bungalow Projects and Bain Capital are jointly investing in sustainable, next-generation production hubs that cater to New York City’s evolving content creation landscape.
