Real estate development firm Bungalow Projects and Bain Capital Real Estate have announced the closing of $304 million in construction financing to fund the development of Echelon Studios, two state-of-the-art film and television production facilities in Brooklyn, New York.

The financing package includes $156 million in Commercial Property Assessed Clean Energy (C-PACE) funding from CounterpointeSRE, marking the largest C-PACE transaction in New York State and the first-ever C-PACE financing for ground-up development in New York City. An affiliate of Farallon Capital Management provided an additional $147 million to complete the financing structure.

Together, the two Brooklyn developments, Echelon Studios Bushwick and Echelon Studios Red Hook, will deliver around 600,000 square feet of production space across ten premium soundstages, with dedicated office, production support, and parking facilities. Designed to meet modern production standards, the soundstages will feature 40-foot clear-to-grid heights, column-free space, and advanced electrical, HVAC, acoustic, and floor load systems.

Echelon Studios Bushwick, located at 242 Seigel Street, will feature six soundstages totalling 102,000 sq ft, along with 86,000 sq ft of production support, 76,000 sq ft of office space, and 91,000 sq ft of below-grade parking for over 230 vehicles. Meanwhile, Echelon Studios Red Hook, at 176 Dikeman Street, will include four stages totalling 67,000 sq ft, 75,000 sq ft of production support, 49,000 sq ft of offices, and 55,000 sq ft of parking for 185 vehicles.

Both sites are being developed with sustainability at their core. The all-electric buildings are expected to achieve LEED Gold certification and comply with New York City’s Ultra-Low Energy Building program. Rooftop solar installations will meet over 25% of each site’s energy demand, while both projects participate in the New York State Department of Environmental Conservation’s Brownfield Cleanup Program and receive support from the New York City Industrial Development Agency.

“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,” said Travis Feehan, Co-Founder of Bungalow Projects. Susi Yu, Co-Founder of Bungalow Projects, added: “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.”

Construction on both facilities is scheduled for completion by mid-2027, with the developments expected to create approximately 2,400 jobs in construction and studio operations. Productions filmed at Echelon Studios will also benefit from the recently expanded New York State Film Tax Credit Program, which offers $800 million in annual incentives through 2036.

The projects form part of a joint venture between Bungalow Projects and Bain Capital Real Estate, aimed at developing sustainable, high-end production hubs that support the growing film and media industries in New York City.

About Bungalow Projects

Bungalow Projects is a New York City–based full-service real estate investment and development firm advancing the future of media, leisure, culture, and recreation. Founded in May 2023 by a leadership team with over 35 years and 5 million square feet of development experience, the firm pioneers dynamic, sustainable environments for everything from film production to athletic competition – building the essential infrastructure where people create, connect, and play. For more information, visit https://bungalowre.com/.

About Bain Capital Real Estate

Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested and committed over $10.4 billion of equity across multiple sectors. Bain Capital Real Estate focuses on assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities. Bain Capital is one of the world’s leading private investment firms with approximately $185 billion of assets under management. For more information, visit https://www.baincapitalrealestate.com.

About Echelon

Echelon is a dedicated content and media real estate brand with a meaningful presence in both Los Angeles and New York that leverages its owners’ deep experience and global breadth to create environments focused on meeting the needs of the media industry’s most distinguished and creative users. Essential to Echelon is its hospitality core that provides an elevated environment in partnership with its tenants to cultivate the highest level of creativity.