News Column

First Niagara gives film center $2.5M credit line [New Haven Register (CT)]

May 1, 2013


First Niagara Bank officials said Tuesday that they have provided a $2.5 million revolving line of credit to a Stamford-based firm that provides financial and production services and facilities for the motion picture and television industries.

The Connecticut Film Center will use the line of credit to expand its film and television production facilities, First Niagara's New England Regional President David Ring said in a statement.

"These productions fuel economic activity and create jobs in Fairfield County and across the state. We look forward to working with CFC as it continues to expand its footprint in Connecticut and its leadership role in the state's television and digital media industry," Ring said.

CFC has been a partner in the acquisition and development of nearly 1.5 million square feet of real estate primarily focused on sports and entertainment. Earlier this year, NBC Sports Network, which includes NBC Sports, NBC Olympics, NBC Sports Digital and Versus, moved more than 500 staffers to the 32-acre former Clairol site in Stamford, which was purchased in 2010 by Connecticut Film Center.

Steven Wise Associates, LLC and Norwalk-based Spinnaker Real Estate Partners were partners with CFC in the Clairol project.

"The rapid growth of Connecticut's television industry necessitates a pool of working capital that will allow us to act quickly when new opportunities arise," Connecticut Film Center President Kevin Segalla said in a statement.

CFC established its headquarters at 300 Stillwater Ave. in Stamford in 2009. The $22 million, 155,000-square-foot facility sits on 8 acres and has state-of-the-art facilities for film, television and digital media production.

Since its establishment, CFC has welcomed productions such as "All My Children" and "One Life to Live," TBS' "Are We There Yet?" and Warner Bros.' "The People's Court."

CFC also operates a 122,000-square-foot soundstage facility in the SoNo section of Norwalk, which has been a part of the production of such movies as "Confessions of a Shopaholic" and "Old Dogs," starring John Travolta and Robin Williams.

A second, smaller soundstage facility of 50,000 square feet is on West Avenue in Norwalk where Showtime's "The Big C" has been shot.

Call Luther Turmelle at 203-789-5706. @LutherTurmelle on Twitter

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