Silver Arch Capital Partners and Procida Funding & Advisors, LLC, closed a $12.5 million loan to continue the transformation of a 170-year-old factory complex in Paterson, New Jersey. With this financing, the building complex now serves as a creative and home space for about 90 filmmakers, photographers, and other creative professionals under its new name, Art Factory Studios.
The prolific space, originally constructed in 1844 with additions in 1916, is dubbed “Hollywood East” thanks to its reputation with filmmaking circles for intricate antique details and resemblance to “Old New York”. The funding fuels redevelopment efforts of these spaces, providing more exhibition and event spaces, retail stores, and studio and office space.
In its new creative role, the 21-building property lets metalworkers, painters, and carpenters build their crafts together in private and open studios amidst antique windows and original brick walls. Between the buildings, cobbled courtyards provide the perfect space for videography and photography.
“Not only is Art Factory Studios already an in-demand studio space and venue, but planned expansions will further solidify the space’s role in the continued revival of historic Paterson,” said Jeffery Wolfer, the CEO and President of Silver Arch Capital Partners of Hackensack.
