Interview with Rahim Charania, Managing Partner at Woodvale
Rahim B. Charania is a business leader with over 25 years of experience, acquiring and reorganizing business operations into efficient, highly profitable businesses. He uses his expertise in business management, strategic planning, finance, and sales to distinguish himself as a leader and an innovator. Mr. Charania’s entrepreneurial skills and creativity have shaped his vision into several successful businesses.
Currently he serves as Founder and Managing Partner of Woodvale, a leading alternative investment firm focused on Commercial Real Estate investments and developments. Woodvale currently has over $500 million in assets under management across the Southeast United States and Texas. Woodvale’s deep experience in special purpose real estate development, equity capitalization and debt re-structuring creates a single source solutions provider for the needs of today’s commercial real estate investor.
In addition to Woodvale, Mr. Charania has founded two other successful businesses that continue to make a measurable impact in the industries they serve. In 2011, he founded American Fueling Systems (“AFS”) a national leader in the fueling industry, providing alternative and mainstream fuels to the transportation and energy sectors. He has taken AFS from an idea to a nationally recognized leader in the energy and fuel marketplace.Previous
In 2016, Mr. Charania created Three Ring Studios (“TRS”), one of the largest studio production campuses in Georgia’s growing film and television production industry. With over 450,000 square feet of production space and over 150,000 square feet of office space, TRS has proven itself to be a premier facility for film and television productions of all types. TRS offers an impressive array of sound stages, state-of-the-art post-production facilities and world-class support services amid an inspiring, historical setting.
These successful businesses have afforded Mr. Charania many opportunities to be recognized for his efforts by industry and civic leaders across the United States. In 2011, he was named one of Atlanta Business Chronicle’s Top 40 Executives under 40; in 2012, Georgia State University honored him with the Outstanding Young Alumnus Award. In 2015, he was recognized as the Businessperson of the Year by the largest Chamber organization in the Southeast, the Metro Atlanta Chamber of Commerce. Most recently he was honored with the 2023 award for Distinguished Fellow by the J. Mack Robinson College of Business. Mr. Charania has been published in many publications including Forbes and Success magazines, sharing his business insights. He received his Bachelor of Business Administration Degree and Executive MBA from the J. Mack Robinson College of Business at Georgia State University.
Mr. Charania’s business credentials only play a part in the impact he has generated. His philanthropic work list is extensive focusing on projects that benefit those most in need in the areas of education and personal development. He readily provides his knowledge and expertise to projects and public speaking opportunities. Currently, he sits on the Board of Directors for the J. Mack Robinson College of Business along with the Center for International Business, Education and Research (CIBER).
Woodvale Buys Southeast Hospitality Portfolio, Successfully Closing Fund, Amid Challenging Market Conditions
ATLANTA (Jan. 21, 2025) – Woodvale, the Atlanta-based private equity real estate firm, has completed the purchase of four Marriott branded hotel properties across three states in the Southeast. The portfolio, which includes Residence Inn, Courtyard, and Fairfield Inn & Suites brands, located in Georgia, Mississippi, and Alabama, totaling 363 rooms, represents an opportunistic addition to Woodvale’s assets under management. The acquisition closes out a fund raised in 2023 for the purpose of purchasing distressed assets in the Southeast.
“We’re very excited about these acquisitions and the value they bring to our investors,” said Rahim Charania, Managing Partner of Woodvale. “This fund was designed to capitalize on opportunistic pricing in a unique market environment, allowing our investors and partners to achieve exceptional returns and I feel we were able to meet those goals with this portfolio”
The debt markets have faced significant challenges in 2024, marked by rising interest rates, a lack of available financing, and a surge of approaching loan maturities across all asset classes. For commercial real estate, these pressures resulted in historically low transaction volumes and sharply declining valuations, creating rare opportunities for well-capitalized investors. Woodvale leveraged these market conditions to acquire the portfolio of four Marriott-branded properties in the Southeast.
The broader real estate market faced significant headwinds in 2024, with many transactions falling apart due to financing constraints. Sellers frequently struggled to find reliable buyers, leading to deals falling through. “Our strategy of purchasing assets all-cash proved to be instrumental, as sellers prioritized certainty of closing,” said Bashir Mansour, Vice President of Acquisitions at Woodvale. “By staying well-capitalized and maintaining an aggressive acquisition approach, we secured favorable pricing while providing sellers with the confidence they needed—a strategy that proved highly effective in this unique market environment.”
The fund’s success has positioned Woodvale to launch a follow-up fund focused on hotel and multifamily acquisitions, expected to deploy in the first half of 2025. “Building on the momentum of our first hospitality fund, we believe there is a continued opportunity to acquire high-quality assets at favorable prices,” Charania added. “The Southeast market remains strong, and we’re optimistic about the opportunities ahead.”
Media images of the portfolio and headshots of Woodvale executives available here.
The hotels in the portfolio are:
- Fairfield Inn Buford – 1355 Mall of GA Blvd. Buford, Georgia 30519
- Fairfield Inn Montgomery – 8970 East Chase Pkwy., Montgomery, Alabama 36117
- Residence Inn Southaven – 7165 Sleepy Hollow Dr., Southaven, Mississippi 38671
- Courtyard Southaven – 7225 Sleepy Hollow Dr., Southaven, Mississippi 38637
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About Woodvale
Woodvale is a leading private equity firm focused on commercial real estate in the Southeast and Central United States. For over 50 years, Woodvale has cemented itself as a leader in the development, acquisition, and management of high-quality commercial properties. Today, Woodvale manages a diverse portfolio valued at over $600 million across multiple sectors in the southeastern United States, including hospitality, media, industrial and retail. Leveraging the combined expertise and market knowledge of the team, Woodvale is dedicated to executing on strategic investments that deliver robust, risk-adjusted returns for investors while fostering positive impacts within the communities we touch For more information, visit https://www.woodvale.com/
Media contact
Rachel Tobin, rachel@tobinink.com, 404-276-5930
Opportunity fund acquires hotel assets near Memphis and in a northern Atlanta suburb
ATLANTA, Dec. 3, 2024 – JLL Capital Markets announced today, on behalf of Woodvale Opportunity Fund I, the closing of a $25 million acquisition of the Southaven Marriott Portfolio, and the $11 million acquisition of the Fairfield Inn & Suites Buford.
The Southaven Portfolio includes the Courtyard Memphis Southaven (85 keys) and the Residence Inn Southaven (78 keys), both located in Southaven, Mississippi, part of the greater Memphis metropolitan area. The Fairfield Inn & Suites Buford includes 94 suites and is located in a northern suburb of Atlanta.
JLL worked on behalf of the buyer, Woodvale Opportunity Fund I, who purchased the portfolio from Chartwell Hospitality.
Built in 2007 and 2006 respectively, these hotels offer modern amenities catering to both business and leisure travelers. The Residence Inn features spacious all-suite accommodations with full kitchens, complimentary hot breakfast and an outdoor pool. The Courtyard boasts The Bistro restaurant, 609 square feet of flexible meeting space and an indoor pool. Both properties provide 24/7 fitness centers high-speed internet access, flat-screen televisions and ample workspaces in their rooms.
The hotels’ strategic location off I-55 offers easy access to major attractions, including Memphis International Airport, Downtown Memphis, Baptist Memorial Hospital DeSoto and popular retail destinations like Southaven Towne Center Mall and Tanger Outlets Southaven.
“Our acquisitions of the Southaven Marriott Portfolio and the Fairfield Inn Buford underscore our commitment to adding high-quality, strategically located assets to our portfolio,” said Bashir Mansour, Vice President of Investments for Woodvale. “We expect these assets to deliver strong returns for our investors while supporting the growth of their respective local hospitality segments.”
The JLL Capital Markets team was led by Managing Director C.J. Kelly and Senior Director Bobby Norwood.
“Both the Southaven Marriott Portfolio and the Fairfield Inn Buford align perfectly with Woodvale’s strategy, allowing them to secure well-positioned assets with strong in-place yield while still offering further upside potential,” said Kelly. “Woodvale’s all-cash acquisition strategy afforded them the opportunity to acquire assets at pricing superior to market standards.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 111,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Woodvale
Woodvale is a leading Private Equity Firm focused on Commercial Real Estate In the Southeast and Central U.S. For over 50 years Woodvale has cemented itself as a leader in the development, acquisition, and management of high-quality commercial properties. Today, Woodvale manages a diverse portfolio valued at over $600 million across multiple sectors in the southeastern United States, including hospitality, media, industrial, and retail. Leveraging the combined expertise and market knowledge of the team, Woodvale is dedicated to executing on strategic investments that deliver robust, risk-adjusted returns for investors while fostering positive impacts within the communities we touch. Known for its balanced approach, Woodvale integrates data-driven insights with deep market knowledge, ensuring each investment aligns with both financial goals and community needs.
Woodvale acquires three hotels in November
WOODVALE, AN ATLANTA-based private equity firm, acquired three hotels in November: the dual-branded Courtyard and Residence Inn Memphis Southaven in Memphis, Tennessee, and the Fairfield Inn & Suites Atlanta Buford Mall of Georgia, Atlanta. The 163-key Memphis hotels were purchased from Chartwell Hospitality, while the 96-room Georgia hotel was acquired from Hotel Equities.
Woodvale is led by Founder and Managing Partner Rahim Charania.
Hunter Hotel Advisors Chief Operating Officer Lee Hunter, along with Senior Vice Presidents David Perrin and Tim Osborne, facilitated the deal. Terms were not disclosed.
The dual-brand hotels in DeSoto County, Memphis, are located near Downtown Memphis, the Beale Street Entertainment District, BankPlus Amphitheater, Baptist Memorial Hospital, St. Jude Children’s Research Hospital, and the University of Memphis. The hotels cater to both leisure and business travelers, offering fitness centers and pools.
“Our acquisition of the Southaven Marriott Portfolio underscores our commitment to adding high-quality, strategically located assets to our portfolio,” said Bashir Mansour, Woodvale’s vice president for investments. “We expect these acquisitions to deliver strong returns for our investors and benefit Southaven’s growing community.”
However, Chartwell Hospitality will continue to manage the hotels after the ownership change.
“We are excited to partner with Woodvale and cultivate a long-term relationship,” said Kevin Green, Chartwell Hospitality’s chief operating officer. “Southaven has been a key market for us over the past 17 years, and we look forward to continuing our success there.”
The Fairfield Inn & Suites Atlanta Buford Mall of Georgia is located near the Mall of Georgia, Lake Lanier, and The Exchange @ Gwinnett. The 96-room hotel features a 24/7 fitness center, meeting spaces, and an indoor pool. The new owner plans to renovate all guestrooms and public spaces.
“The Fairfield Inn & Suites Atlanta Buford Mall of Georgia has been a top performer in the Hotel Equities portfolio for the past nine years,” said Fred Cerrone, Hotel Equities’ founder and former co-owner of the hotel. “While we’re sad to see it leave, we’re proud to see its potential recognized by Woodvale.”
Rahim Charania, of Indian origin, founded Woodvale, a commercial real estate investment firm, in 2018. The firm focuses on the Southeast U.S. and manages over $500 million in assets across various sectors. Charania also established American Fueling Systems in 2011 and Three Ring Studios in 2016.
CBRE recently reported that U.S. hotel performance is expected to rebound in the fourth quarter, despite subdued summer demand and a sluggish third quarter. RevPAR growth for 2024 is now projected at 0.5 percent, down from 1.2 percent in August, largely due to a 40 basis point drop in expected occupancy.
Atlanta-Based Private Equity Company Woodvale Closes Newest Fund to Acquire Distressed Commercial Real Estate Assets in the Southeast
Woodvale LLC, a private equity commercial real estate firm headquartered in Atlanta, is prepared to outlay up to $100 million through its Woodvale Opportunity Fund.
The newest fund by Woodvale is responding to market trends by focusing on the acquisition of distressed assets in the Southeast. Previous successful funds by Woodvale spurred development of the second largest movie studio in Georgia, Cinelease Studios – Three Ring, as well as the development of energy real estate assets across the United States through American Fueling Systems.
“Our newest fund is designed to take advantage of a significant disconnect in the real estate market,” said Rahim Charania, Founder and Managing Principal of Woodvale. “Our team was able to identify signs of distress in the market early on and plans to utilize the Fund’s capital to acquire assets that are operationally sound but are financially underperforming due to higher interest rates and overleverage.”
COVID-19 and other factors have put commercial real estate assets in a state of flux. The work-from-home movement coupled with changing consumer habits has dramatically affected the way people work, live and play.This in turn is impacting the underlying real estate affected, from hospitality and multifamily to office and retail
“This paradigm shift in how we live our lives and interact with physical spaces has created a significant disruption in national and global pricing and the value of commercial real estate,” Charania added.
The fund is targeting distressed assets between $10 million and $40 million. It is primarily focused on purchasing hospitality and office assets. However, because many different asset classes recently have hit the market at significantly discounted rates – creating the kind of environment that favors the success of the fund – multifamily, industrial and retail assets could also be considered.
“We believe that commercial real estate market prices will continue to reset in the next 12 -24 months due to high interest rates and upcoming loan maturities,” said Bashir Mansour, a Senior Associate for Woodvale. “Many lenders are avoiding further exposure in real estate, reducing the availability of new debt. Our fund is designed to relieve balance sheet pressure for lenders and debt holders while providing a way out for borrowers from overwhelming commercial real estate loans.”
Over the next 12-24 months, news outlets are reporting that more than $229 billion in commercial paper will be coming due. This is a staggering number considering the fact that interest rates are the highest in over 30 years and real estate transaction volumes are down nearly 90 percent from this time last year, dramatically reducing the number of buyers in the market.
The combination of these two factors has created an opportunity for buyers that do not require financing contingencies to acquire assets at a discount from last year’s values. As all real estate is local, the Southeast presents a number of opportunities for discounted purchases that still provide a strong long-term growth trajectory.
Woodvale is focused on the Southeast, which has been experiencing rapid population and economic growth, though underlying real estate trends are impacting certain asset classes.
“We’re bullish on the future of the Southeast,” said Justin Fineberg, a Senior Associate at Woodvale. “With growing industries, an affordable cost of living and vibrant communities, the Southeast continues to attract people in significant numbers. We’re seeing population surges and major corporate relocations, all of which are creating a strong base for the future of this great region.”
The Woodvale Opportunity Fund I anticipates its first acquisitions to happen in the first quarter of 2024. The leaders of the organization are aggressive in their intent to outlay all capital in the first six months of the year.
Three Ring Studios Owner Raising $100M To Buy Distressed Real Estate
The owner of one of Georgia’s largest film and television production campuses is raising money to go after distress in more traditional sectors of commercial real estate.
Full story (subscription required) >
Cinelease Studios – Three Ring Breaks Ground on $144 Million Studio Expansion
ATLANTA, March 23, 2022 – Cinelease Studios – Three Ring began a new chapter Tuesday with a ceremonial Golden Shovel event, marking the beginning of a $144 million studio expansion that will bring additional productions, new jobs, and a positive economic impact to the region. The event attracted legislators, officials from the Georgia Film Office, and members of the community, who have seen Georgia’s filmmaking industry flourish over recent years.
“We’re always evaluating incentives and where productions want to be, and that combination is why we built Cinelease Studios – Three Ring here in Georgia in 2020,” said Cinelease Studios General Manager Gannon Murphy. “Georgia has for the last decade-plus, embraced the film and television industry by consistently providing a business-friendly and cost-effective work environment; and after only being open since 2020, we’re doubling down to expand our studio to keep productions coming back to the state year after year.”
In 2011, as Georgia’s entertainment industry emerged and attractive tax incentives repositioned the state, cities like Covington were poised to become the Hollywood of the South. Cinelease was quick to respond to the call to action, utilizing its 45 years of industry experience to diversify into the Atlanta-based studio management division.
Cinelease Studios – Three Ring opened in 2020 as a purpose-built film and television campus with six sound stages, three mill spaces, 12 office bungalows, and an expansive wooded and developed backlot. The studio has been leased at 100% capacity since its opening and clients have included Lionsgate, Paramount Pictures, and Skydance Media. With demand for content at an industry-wide high and all sound stages fully booked through year’s end, Cinelease Studios saw now as the ideal time to embark on this new endeavor.
“The impact of the productions that come here go far beyond the film industry. These investments bring more money, more jobs, and more opportunities to communities like Covington. This expansion is a great example of how rural areas can produce big gains both for their region and all of Georgia,” said Gov. Brian Kemp. “As a major player in the industry, Cinelease is setting the standard and I look forward to their growth here, in the number one state for business.”
The expansion will add eight new stages, enhancing the campus by providing a total of 14 purpose-built sound stages. Upon completion, the stages will total 276,000 square feet of stage space alone, 100,000 square feet of office space, and two new mill spaces will offer 72,800 more square feet of flexible space for construction mill and storage. The designs will also accommodate more office amenities, eight acres of outdoor filmmaking space, and pavement to double the parking currently available.
“Production crews range from a handful to several hundred, but regardless of size, the local spend fuels Georgia’s economy,” says Jessa Grazioplene, Director of Studio Client Relations. “From creating more jobs to renewing long-term leases on land, our vertical growth expansion of our 572,000 square foot purpose-built studio reinforces our local economic commitment.”
Cinelease Studios’ stages have already housed two major episodic television shows that employed over 1,000 crew members combined. The entertainment industry drives nearly $4 billion into Georgia’s economy and this expansion and consequential increase in overall production capacity will make an impactful contribution to the workforce, tax base, and client experience.
With continued partnership with Cinelease and Herc Entertainment Services, the Cinelease Studios – Three Ring expansion is projected to finish in late 2023.
Cinelease Studios is a unique studio management team that was created as a natural extension of the industry-wide recognized Cinelease and Herc Entertainment names. Combining a shared history of serving the film and entertainment industry for 40+ years, Cinelease Studios has created a pathway to the most exclusive studio experience.
Cinelease Studios to Expand Georgia Operations
Atlanta, GA – January 31, 2022 – Governor Brian P. Kemp today announced that Cinelease Studios will expand its Georgia operations, Three Ring Studio in Covington. Cinelease currently serves the Peach State’s film industry via three locations in Clayton, Gwinnett, and Newton Counties. The expansion at Three Ring will include eight new stages, enhancing the campus to a total of 14 purpose-built sound stages and providing a total of 276,000 square feet of stage space, 100,000 square feet of office space, and an additional 72,800 square feet of flexible space, upon its completion in 2023.
“Georgia is proud to be home to a wide range of job creators, including those in the entertainment industry,” said Governor Kemp. “With this substantial investment and expansion of their infrastructure, Cinelease is making it known that they are a major player in film and TV production. I look forward to the new opportunities this expansion will bring to hardworking Georgians.”
The 90-acre, $144 million facility – owned and developed by a joint venture between Rahim Charania with Atlanta-based real estate firm Woodvale and Cary Goldman with Chicago-based real estate firm Timberhill Group – will be one of the largest film studios in the country when complete and the only public-private partnership that has developed infrastructure for the film and TV industry in Georgia. With Cinelease Studios leading the management of the media campus and the supply of media equipment, Cinelease Studios – Three Ring will be Georgia’s first vertically integrated production campus.
“Cinelease has been a pioneer in Georgia’s entertainment industry. Our senior leadership had the foresight to see the potential in the state, and we are proud to have acted as a magnet for the regional expansion of our industry,” said Gannon Murphy, General Manager of Cinelease Studios. “We can confidently say that investing in an expansion of this magnitude reinforces Cinelease’s commitment to making an impactful contribution to the workforce, tax base, and client experience in Georgia.”
Cinelease opened its Atlanta doors in 2007 with 8,000 square feet of warehouse space in East Point. They now employ nearly 60 Georgians. The Georgia Film Office, which is part of the Georgia Department of Economic Development, has worked closely with Cinelease on their Georgia projects. The company is also a member of the Georgia Screen Entertainment Coalition, as well as the Georgia Studio and Infrastructure Alliance.
“We are excited that Cinelease has had such success here in Georgia,” said Pat Wilson, Commissioner of the Georgia Department of Economic Development. “This announcement is a testament to the resiliency of Georgia’s film industry over the last two years. A big thank you to Cinelease for housing productions and providing film industry services to the many film and television shows that have filmed here and are currently shooting in Georgia.”
“Cinelease’s expansion is a testament to the success of Georgia’s film tax credit. While it is only film and television projects that are qualified to earn the tax incentive, thousands of taxpaying support service companies – like Cinelease – are able to grow as well, in response to the level of business,” said Georgia Film Office Director Lee Thomas. “Thank you to Cinelease for their continued commitment to the State of Georgia, and thank you to the state legislature for their continued support of this transformative legislation.”
To celebrate its expansion, Cinelease Studios – Three Ring will hold a ceremonial golden shovel event in the coming weeks.
About Cinelease Studios
Cinelease Studios is a unique studio management team that was created as a natural extension of the industry-wide recognized Cinelease and Herc Entertainment names, combining a shared history of serving the film and entertainment industry for 40+ years. Cinelease Studios has created a pathway to the most exclusive studio experience. For more information, please visit www.cinelease.com/studios.
About Woodvale, LLC
Founded by Rahim Charania, Woodvale, LLC, is a leading alternative investment firm, providing solutions for clients along with strong and consistent returns for investors. Woodvale’s deep experience in special purpose real estate development, equity capitalization, and debt re-structuring provides a single-source solution serving the many needs of today’s commercial real estate users. For more information, please visit www.woodvale.com.
About Timber Hill Group
Founded in 2018 by career industrial real estate executive Cary Goldman, Timber Hill Group is a private equity firm specializing in the acquisition and development of logistics related real estate. The firm also offers development, asset, construction and property management services. For more information, please visit www.timberhillgroup.com.
Contacts:
Katie Byrd – Director of Communications
Office of Governor Brian P. Kemp
katie.byrd@georgia.gov
Andrew Isenhour – Deputy Director of Communications
Office of Governor Brian P. Kemp
andrew.isenhour@georgia.gov
Marie Gordon – Director of Communications
Georgia Department of Economic Development
mgordon@georgia.org
CIM Group Provides $72.0 Million for Expansion of Cinelease Film Production Complex in Covington, Georgia
ATLANTA–CIM Group, a community-focused real estate and infrastructure owner, operator, lender and developer, announced today that a CIM-managed fund has closed a $72.0 million loan to a joint venture between Woodvale and Timber Hill collateralized by Cinelease Studios Three Ring, a 160-acre film production complex in Covington, Georgia.
Loan proceeds will be used for the recapitalization of existing Phase I operations and subsequent construction of Phase II to expand site capacity and capabilities.
Located at 11642 GA Hwy 142 Covington, Georgia, Cinelease Studios Three Ring is a purpose-built media campus constructed for television, film, and custom content creation. Phase I of the studio was built in 2017 and currently offers 110,000 square feet of sound stage space, 60,000 square feet of support space, 30,000 square feet of office, and 600 parking spaces on 50 acres.
The plan is to expand the campus to comprise 250,000 square feet of sound stages, 175,000 square feet of support space, and 100,000 square feet of office space upon Phase II completion.
Cinelease Studios Three Ring is located 35 miles east of Atlanta, “The Hollywood of the South,” just north of I-20 near the planned 170-acre Covington Town Center mixed-use development and 45 minutes from Hartsfield-Jackson Atlanta International Airport.
CIM Group is an active lender that through its CIM Real Estate Debt Solutions business has originated more than $2.25 billion of commercial real estate loans year-to-date in 2021. CIM Group seeks to provide senior and subordinate transitional bridge loans for commercial real estate projects with strong sponsors.
CIM Group applies its broad experience as an owner, operator, and developer of all types of commercial real estate to its lending strategy, and believes this helps differentiate the company from many other debt providers. Through mortgage and mezzanine loans, affiliates of CIM provide bridge and construction financing to owners and developers of commercial real estate in major markets across the United States and works with borrowers to offer an array of lending solutions.
To learn more about CIM Group’s credit strategies, visit www.cimgroup.com/crecs.
About CIM Group
CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com.
Woodvale, Timber Hill Secure Financing for Movie Production Campus Expansion in Covington, Georgia
COVINGTON, GA. — A joint venture between Atlanta-based Woodvale LLC and Chicago-based Timber Hill Group has secured an undisclosed amount of construction financing and recapitalization for the expansion of Cinelease Studios – Three Ring, a TV and film production media campus in Covington. Eastdil Secured arranged the financing through Los Angeles-based CIM Group. Pattillo Construction Corp. is the general contractor for the project. The development cost was not disclosed.
CIM Group provided a $72 million loan for the development. The loan will be used for the recapitalization of existing Phase I operations and the construction of Phase II.
Phase I of the Cinelease Studios was completed in October 2020, with the construction of its second phase slated to start in the first quarter of 2022. Phase I included 233,000 square feet across six sound stages. The project was fully occupied within a month of completion to three production companies: Lionsgate Films, Paramount Pictures and Skydance Media.
Phase II will span 336,800 square feet, including 144,000 square feet of sound stages, 92,800 square feet of mill space, 70,000 square feet of office space and 30,000 square feet of third-party vendor storage spread across 90 acres. Amenities will include eight sound stages ranging in size from 10,000 to 66,000 square feet with 40-foot to 55-foot clear heights. Once complete, the movie production campus will be the second largest film production campus in Georgia at 569,800 square feet.
Cinelease Studios, an operator with 40 years of experience in studio management and equipment rental, manages studio operations and has a local office onsite. Herc Rentals, a TV and film industry equipment rental provider, is also onsite.