Hackman Capital Partners is expected to cede ownership of Radford Studio Center, the historic L.A. production facility, to lenders after defaulting on a $1.1 billion mortgage, Bloomberg reported Wednesday.
Hackman, the world’s largest independent studio owner, reportedly told investors last month that it had suspended negotiations to restructure the debt on the 55-acre site, and is expected to turn over the facility to Goldman Sachs.
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Studio owners have struggled to lease space due to a sharp downturn in film and TV production volume since 2022. Bloomberg reported that revenue from the property covered just 21% of Hackman’s debt service costs on
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