Plymouth Rock Studios obtains $550m construction loan from Prosperity Int'l.

Plymouth Rock Studios (PRS) has executed a construction loan for their proposed $550 million film, television and digital studio complex. Prosperity International of Orlando, FL., a firm involved with the developing, financing and implementing of diverse infrastructure projects, will serve as the lender. They have been involved in projects across the globe, including the Caribbean, Europe, Western and South Africa, Latin America and the United States. "The United States has always been the principal purveyor of media to the global market. Our relationship with Michael Burgess and Prosperity International allows us to continue this terrific tradition of content export by creating tomorrow's media infrastructure," said David Kirkpatrick, chairman of Rock Entertainment. "Prosperity International is delighted to be involved with Plymouth Rock Studios. This is a significant economic development project for the town, the commonwealth and the nation, and we are thrilled to participate," said Michael Burgess, managing member of Prosperity International. "This brings us much closer to developing the next generation studio in Plymouth to serve the entertainment industry," said Earl Lestz, CEO of PRS. "Prosperity has recognized that participation in the world's first full service, fully sustainable, smart studio will be an important addition to their portfolio. I join our project partners and tenants in welcoming them to the team." "We are excited to team up with Prosperity. They have a demonstrated international track record in financing significant projects," said president and CEO of Plymouth Rock Real Estate Investments, Bill Wynne. "This is an important milestone as we proceed to construction." The studio will have 14 soundstages and 10-acres of exterior sets, plus production offices, post-production facilities, a theater, hotel, and an amenity village, along with being the world's first LEED certified, environmentally friendly studio complex. As a condition for funding the construction loan, Plymouth Rock Studios must provide the lender with acceptable security in the form of a bank instrument issued from a major bank. PRS is presently in the process of securing the instrument, and the Company expects to have more information on the progress of this next step in the development process shortly. In addition to this most recent financing success, PRS continues to focus on project permitting and leasing. The project has received a unanimous vote of approval for its master site plan from the Plymouth Planning Board and has obtained a waiver from the secretary of environmental affairs to allow construction of an access road that will serve the studio and the neighboring public school campus. Leasing also continues at a fast pace, with leasing commitments for almost 60% of the available office, postproduction and retail space.