Hudson Pacific Properties Inc. and Blackstone have secured a $94 million construction loan for the Sunset Glenoaks Studio facility in Sun Valley.
According to a Commercial Observer report, the project, which is estimated to cost between $180 million and $200 million, received the loan from New York-based RBC Real Estate Capital Partners.
Construction on the project involving seven soundstages covering 241,000 square feet at 11070 W. Peoria St., began during the fourth quarter last year. It has a third-quarter 2023 completion date.
Hudson Pacific President Mark Lammas said during the company’s quarterly earnings call that Sunset Glenoaks is expected to generate roughly $15 million in annual income.
The new studio, which is located near Burbank, will bring to 42 the number of soundstages controlled by the Hudson Pacific and Blackstone joint venture.