First they had a site, then they threaded their way through an obstacle course of local approvals, discussions and sometimes-heated arguments only to discover they had to find another site. Then they traversed another course for approvals on the second property. Then the state bailed on a $50 million infrastructure loan.
In the two years since Plymouth Rock Studios executives made public their plan to build a state-of-the-art digital film studio in Plymouth, they’ve moved to the area, set up shop at Cordage Park, formed both Rock Media and the nonprofit The Rock Educational Cooperation (TREC), and spent $10 million on the approval process. From hosting the Producers Guild of America Awards to securing permission from the Hollywood Chamber of Commerce to use the Hollywood trademark for Hollywood East, PRS has continued to make headlines.
But anxiety continued to build as the public waited month after month for one particular and crucial announcement.
It arrived Thursday morning.
Plymouth Rock Studios has secured a $550 million construction loan for a movie studio complex on the Waverly Oaks Golf Club property on Long Pond Road.
The global financing and investment firm Prosperity International of Orlando, Fla., is the lender.
“They have an investment portfolio north of $20 billion,” PRS Vice President of Planning and Development Bill Wynne said. “The fact that we are able to obtain construction financing on a loan of this amount demonstrates the viability of the vision, design, location and business plan that Earl (PRS CEO Earl Lestz) and David (PRS Chairman and Executive Managing Officer David Kirkpatrick) have put together.”
PRS is slated to complete its purchase of the 240-acre Waverly Oaks Golf Club in November with construction on the access road slated to start in mid-November.
PRS heard about Prosperity International through an industry contact and spent six months negotiating with the global giant before inking an agreement.
Prosperity International is the force behind large-scale developments all over the world, from Divi resorts and hotels in the Caribbean to business offices in Atlanta, Ga., and factories, golf clubs and hospitals in South Africa.
As part of the agreement, PRS must provide Prosperity with pledges of additional collateral in the form of letters of credit and marketable securities. These PRS also has in hand. Wynne wouldn’t reveal the name of the bank, but noted it’s one of the top five worldwide.
“The United States has always been the principal purveyor of media to the global market,” Kirkpatrick said. “Our relationship with Michael Burgess and Prosperity International allows us to continue this terrific tradition of content export by creating tomorrow’s media infrastructure.”
