Overview
- A group of Hackman Capital lenders led by Deutsche Bank filed a notice of default saying they are owed over $357 million and have taken steps to put Television City up for sale.
- Hackman Capital says it is negotiating with its lending partners and weighing options as the studio market and financing conditions evolve.
- Local owners with adjacent interests, including the Grove’s Rick Caruso and the A.F. Gilmore family that runs the Original Farmers Market, have been reported as possible bidders for the property.
- This move follows earlier lender interventions in Hackman assets, including a default on a $1.1 billion Radford Studio Center loan that led to Goldman Sachs taking control and an expected sale to Netflix.
- A prolonged drop in local production driven by the pandemic, 2023 writers and directors strikes, and studio cutbacks has reduced demand for soundstages and raises the risk that buyers could repurpose studio land for commercial or industrial uses with direct effects on nearby businesses and workers.