Orrick advised Swift Real Estate Partners on the $88.4 million mortgage and $15.6 million mezzanine financing for the acquisition, construction, renovation and redevelopment of Reframe Studios in Atwater Village, one of Los Angeles’ most vibrant creative communities.
The property includes two former industrial buildings on a 7.3-acre site. Swift plans to convert the vacant, 146,000-square-foot South Building into state-of-the-art sound stages and creative office space, with projected completion in late 2023. 43,000 square feet of the North Building, which Swift also plans to renovate, is currently on a 12-year lease to Fremantle, an international media production company known for shows such as “American Idol” and “The Price is Right.”
The Real Estate team that advised Swift included partner Jack Machalow, senior associate Jasmine Tzeng and senior paralegal Steven Truong.
This acquisition financing is one of many active matters Orrick’s Real Estate group advises on related to the film studios industry. Current and past matters include advising Hackman Capital Partners on several construction contracts for media content development projects in Culver City, Los Angeles, New Orleans, London and Toronto, and its acquisition of The Culver Studios in Los Angeles, home to Amazon production facilities.