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Apollo Provides $212 Million Refi to Brookfield’s DreamWorks Animation Studios

Apollo, on behalf of its insurance platform, provided $212.2 million in refinancing for Brookfield Real Estate Income Trustit’s DreamWorks Animation studios Campus in Glendale, Calif., Commercial Observer may report first.

The seven-year loan was a straightforward deal, with no brokers involved.

In November, Brookfield made her studio debut when she announced plans to purchase the headquarters campus of seven buildings – the birthplace of Shrek and kung fu panda, along with other beloved animated characters, for $327 million. Brookfield REIT officials did not immediately return a request for comment.

Sellers Hana Asset Management and Ocean West Capital Partners previously bought it for around $297 million in 2016, according to ownership records.

The expansive property spans 15 acres, totals 497,403 square feet and includes production and motion capture studios, green rooms, a theater and offices. Built specifically for DreamWorks, the tenant still has 12 years on his lease. Today, it is home to 1,200 employees, including animators and 3D engineers, who benefit from facilities such as a helipad, ping-pong tables and a medical clinic.

Global Apollo Management main Christine Boyd led the negotiations on the seven-year agreement. Apollo was attracted by Brookfield’s sponsorship, and because the company is a regular customer, Boyd said.

“We enjoy working with borrowers that we deal with regularly, and Brookfield’s experience and track record are key,” she said. “Then specifically with the real estate side of the transaction, we really felt it fit our investment thesis with the strength of the entertainment industry in Los Angeles and just our overall view that things in Los Angeles Angeles will continue to move in the right direction when it comes to desktop usage.

The DreamWorks campus occupies a prime location at 1000 Flower Street, with direct access to Glendale’s Media Triangle. The area is home to several other production studios and campuses, including many waltz disney Properties.

Boyd, who is based in Apollo’s San Francisco office, described the location of the DreamWorks campus as “irreplaceable and in a truly unique campus setting with outdoor space and other amenities that are important in the post world. -COVID”.

Apollo Pipeline keep getting busy, particularly when it comes to its fixed-rate loan program, Boyd said. She also sees a lot more in-person human activity in West Coast markets than she covers today.

“With mask mandates gone, it’s interesting to see more people in downtown San Francisco and Los Angeles,” she said. “I think that’s going to translate to more office utilization over the next few months here.”

On the East coast, Apollo made a studio bet in the depths of the pandemic as the main lender behind Hackman Capital Partners and Square Mile Capital ManagementThe purchase of Silvercup Studios in New York in November 2020.

And it was only last week that he struck another big deal, this time offering a $178 million in refinancing for Rubenstein Partners mixed-use building at 25 Kent Avenue in WilliamsburgBrooklyn.

Cathy Cunningham can be contacted at [email protected]