Bungalow Projects and Bain Capital Real Estate have secured $304 million in construction financing to build Echelon Studios, a pair of next-generation film and television production campuses in Bushwick and Red Hook, Brooklyn. The dual development marks one of the most significant investments in New York City’s production infrastructure in years—and sets new benchmarks for sustainable studio design.
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The financing package is notable not only for its scale but for its innovation. It includes a $156 million Commercial Property Assessed Clean Energy (C-PACE) loan from CounterpointeSRE, which stands as the largest C-PACE transaction in New York State history and the first-ever C-PACE financing for ground-up construction in New York City. An affiliate of Farallon Capital Management provided an additional $147 million, completing the capital stack.
Once built, Echelon Studios Bushwick and Echelon Studios Red Hook will collectively offer 600,000 square feet of premium production space, including 10 state-of-the-art soundstages, extensive office and support space, and over 400 below-grade parking spaces. Each building is being designed with 40-foot clear-to-grid heights, column-free stages, and advanced electric, HVAC, floor load, and acoustic capabilities that exceed industry benchmarks.
Both campuses are all-electric, targeting LEED Gold certification and participating in New York City’s Ultra-Low Energy Building program. Over 25% of each site's energy needs will be generated through rooftop solar arrays, and both properties are part of the New York State Brownfield Cleanup Program, supported by the New York City Industrial Development Agency.
Construction is scheduled for completion in mid-2027, with 2,400 jobs expected across construction and ongoing operations. Future productions will also benefit from the expanded New York State Film Tax Credit Program, which now provides $800 million annually through 2036.
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“This significant investment reflects a growing demand for purpose-built production spaces in New York City,” said project representatives, citing years of undersupply as streaming growth continues to accelerate.
Bungalow Projects’ leadership emphasized the broader mission behind the development.
“We are excited to move forward on developing these state-of-the-art facilities that will cater to all types of episodic and film production and fill New York City’s undersupply of purpose-built stages that are critical to the growth of New York’s content production ecosystem.”
— Travis Feehan, Co-Founder of Bungalow Projects
“We are grateful for the support we received from our lending partners and look forward to their continued support as we break ground on these cutting-edge and sustainable projects that will expand the realm of opportunities for New York City’s vibrant film and television production industry.”
— Susi Yu, Co-Founder of Bungalow Projects
With streaming giants and studios competing for modern production space, Echelon Studios positions Brooklyn as a rising hub for global content creation—combining Hollywood-level infrastructure with New York grit and sustainable engineering.
Originally reported by Amit Chowdhry in Pulse 2.0.
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