Developers of the $50 million Connecticut Studios complex in South Windsor have received a $5 million loan from Ocean Capital, the commercial lending division of Home Loan Investment Bank.
The financing will support the creation of Connecticut Studios’ new 500,000 square foot motion picture studio.
The project, which has faced several delays and has not yet broken ground, will include nine sound stages totaling approximately 175,000 square feet of space; sufficient space for location shooting; approximately 104,000 square feet of office and support space, and 75,000 square feet of mill and storage facilities; a 125-room, 75,000 square-foot hotel; four restaurants occupying 30,000 square feet of space; a retail building with 16,000 square feet of space; and room for expansion as business grows.
Ralph Palumbo, CFO and a partner of Connecticut Studios, said the loan is part of a nearly $40 million package of public and private financing that will cover the costs of the first phase of construction.
The financing will include the sale of about $15 million in TIF bonds from the town of South Windsor. That debt will be paid off by property tax proceeds from the movie studio.
