COVINGTON, Ga. — Cinelease Studios Three Ring plans to use a $72 million loan to expand its campus with 250,000 square feet of sound stages, 175,000 square feet of support space, and 100,000 square feet of office space.
CIM Group, a real estate and infrastructure owner, operator, lender and developer, announced Thursday, Dec. 2, that a CIM-managed fund has closed the loan to a joint venture between Woodvale and Timber Hill using Cinelease Studios Three Ring as collateral, a news release stated.
Loan proceeds will be used for the recapitalization of existing Phase I operations and subsequent construction of Phase II to expand site capacity and capabilities for the 160-acre film production complex in Covington, the release stated.
