TORONTO, Aug. 3 /CNW/ -- GE Real Estate announced today it has provided a
$28.5 million construction-to-permanent loan to Toronto Film Studios Inc.
(TFS) for the 260,000 square foot first phase of a mega film and television
production studio in Toronto's port lands called FILMPORT. The project is
being developed by Filmport Inc. which owns TFS and whose principal
shareholders are The Rose Corporation and ComWeb Corporation. The site on
which FILMPORT is being developed is owned by The City of Toronto Economic
Development Corporation (TEDCO). When fully developed, FILMPORT will comprise
over 500,000 square feet of film production space, and 2.5 million square feet
of commercial office, retail, entertainment and industrial space for
"GE Real Estate is proud to be a financial partner in this innovative
mega studio project in the heart of Toronto's port lands area," commented Alex
Sieber, Vice President and General Manager at GE Real Estate's Business
Property Division. "We have developed considerable respect and appreciation
for all involved in the deal; TFS, The Rose Corporation, ComWeb Corporation,
TEDCO, Lytton Financial, and CIBC World Markets. It is now an exciting time as
this team will surely continue to be a part of a very positive venture for the
City of Toronto."
Added Ken Ferguson, president of Filmport Inc., "FILMPORT is now a
well-capitalized and well-financed project led by a board of directors with
expertise in both real estate development and film and television production.
We're pleased to work with GE and appreciate the enthusiasm that they have
shown in this industry-leading project."
Offered throughout the U.S. and Canada, Business Property's single-tenant
financing products include conventional mortgages, construction to permanent
financing, sale-leasebacks and other structured facilities. The Canadian
division recently expanded its financing programs to include small businesses
and investors who have small businesses as tenants. Additionally, Business
Property has expanded its coverage in Canada, doubling the number of account
executives to better serve clients and referral sources.
GE Real Estate is a leading global resource for commercial real estate
capital. The Business Property division provides single-tenant and
owner-occupied financing solutions to commercial real estate owners,
investors, developers and mortgage brokers. It serves a wide range of
industries, including retail, office, grocery, manufacturing, and
FILMPORT will be a film and media business district anchored by a major
film studio complex. Outside the studio gates, commercial offices will house
post production companies, union and guild offices, film schools, and
amenities such as restaurants and shops. In addition, high-tech industrial
buildings will house equipment suppliers, costume houses, special effects
companies, and other service providers. The overall development will occupy
over 45 acres with up to three million square feet of space in and around the
studio lot for media and knowledge-based companies, making FILMPORT the
largest film and television production cluster outside of LA.
Notes to editors:
About GE Real Estate
GE Real Estate (http://www.gerealestate.com) is one of the world's
premier commercial real estate companies with more than US$62 billion in
assets and a presence in 32 countries throughout North America, Europe, Asia,
and Australia/New Zealand. Backed by GE's AAA rating, GE Real Estate offers a
comprehensive range of capital and investment solutions including equity
capital for acquisition or development, as well as fixed and floating rate
mortgages for new acquisitions or re-capitalizations of commercial real
estate. With a 28% compound annual growth rate since 1993, GE Real Estate is
one of the world's fastest growing and most profitable real estate
enterprises. This extraordinary record of success grows out of a reputation
for collaboration and partnership; a depth of knowledge and experience and a
history of building relationships, finding opportunities and opening doors for
more than 5,000 owners, builders, borrowers and brokers worldwide.
GE Commercial Finance (http://www.gecommercialfinance.com) offers
businesses around the globe an extensive array of financial products and
services. With more than US$259 billion in assets and expertise in the
middle-market, GE Commercial Finance provides loans, operating leases,
financing programs and innovative structured capital to help customers grow.
Headquartered in Norwalk, Connecticut, GE Commercial Finance is a wholly owned
subsidiary of the General Electric Company (NYSE: GE), a diversified services,
technology and manufacturing company with operations worldwide.
For further information:
For further information: Brent Feigenbaum of GE, +1-203-585-0810,
firstname.lastname@example.org; or Pamela Flores of HLB Communications, Inc.,
+1-312-649-0371, email@example.com; or Jessica Goldman of FILMPORT,
+1-416-217-0700, ext. 304, Jessica@applausecommunications.com Web Site: