Hackman just got more financing for its mega-expansion of Culver Studios

Deutsche Bank has now provided a total of $620M for the Amazon-leased project in Culver City

May.May 09, 2019 12:00 PM
Deutsche Bank CEO Christian Sewing, Hackman Capital CEO Michael Hackman and a rendering of Culver Studios
Deutsche Bank CEO Christian Sewing, Hackman Capital CEO Michael Hackman and a rendering of Culver Studios

Hackman Capital Partners has secured more construction financing for its Amazon-leased Culver Studios expansion project.

Deutsche Bank is providing an additional $30.2 million in funding for the creative office and studio project in Culver City, which Hackman broke ground on in December.

The latest funding adds to the German bank’s $590 million construction loan it provided last summer, bringing its total financing for the project up to $620 million. A representative for the firm could not be immediately reached for comment.

Hackman is doubling the leasable square footage at the historic movie studio up to 721,000 square feet. In December, Hackman announced that Amazon would bump up its lease for its Amazon Studios production wing to half a million square feet, around twice as much as originally planned.

The expansion includes adding production space, offices, and sound stages, but Hackman will retain parts of the original Culver Studios built in 1918. Several legendary films were shot at the studio including “Gone with the Wind,” “Citizen Kane,” and “King Kong.” Hackman purchased the property in 2014 for $85 million.

Hackman, led by its namesake and founder Michael Hackman, is busy elsewhere. The firm closed its biggest acquisition to date in December, when it closed a $750 million deal for the 25-acre CBS Television City campus in Fairfax.

Plans there are less clear, but Hackman told The Real Deal his company wants to continue to operate Television City as a studio.

Deutsche Bank meanwhile is financing other projects in Culver City. In December it partnered with Square Mile Capital Management to lend Samitaur Constructs $231.6 million to acquire a Culver office portfolio, including a long-stalled creative office tower.

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