A New Mexico film studio, whose developers propose to build a South Windsor film studio using state tax credits, is no longer on the auction block after its owners agreed to work on a resolution with their lender on loan payments.
It was reported last month that Albuquerque Studios was facing foreclosure after its creditor, Workers Realty Trust II LP of Chicago, said the studios’ parent company, Pacifica Mesa LLC, had defaulted on a loan and owes $21.4 million.
Pacifica Mesa is a subsidiary of California-based Pacifica Ventures, which is partnering with Rhode Island-based Halden Acquisition Group to build a $71 million film studio in South Windsor.
Pacifica Mesa Studios said in a written statement that the foreclosure sale has been cancelled and that all of the parties are working together to resolve their differences.
The studio will continue to operate under current management, Pacifica Mesa said.
Mark Nora, a Chicago attorney who represents Workers Realty Trust, did not immediately respond to a request for comment.
Officials of the Connecticut project recently announced plans to break ground this spring on the state-of-the-art motion picture and television studio, which they said could create close to 2,000 jobs in the state.
