By Greg Turner
November 11, 2009
Plymouth Rock Studios’ financing script needs a rewrite.
The developer said yesterday that it canceled a $550 million construction loan agreement and will have to find financing elsewhere for its ambitious project.
Plymouth Rock said its lender, Florida-based Prosperity International, failed to meet a Friday deadline for certain paperwork and other guarantees.
“It definitely slows the project down a bit,” said Kevin O’Reilly, a spokesman for the project. “One of the good things is that the principals have been talking to other lenders and they’re hoping that something will materialize.”
The deal with Prosperity International, which could not be reached for comment, was announced Sept. 24.
The developers – a team of film executives from California – envision “Hollywood East” in Plymouth, a 1.3-million-square-foot complex with offices, shops and 14 sound stages for film and TV production.
With state and local regulatory hurdles cleared in recent weeks, the project was moving steadily toward a groundbreaking at the 242-acre Waverly Oaks golf course property within about 90 days.
Now that’s delayed indefinitely.
“We’re definitely not back at square one, but in terms of financing – I don’t want to say we’re starting over, because we have been talking to other lenders,” O’Reilly said, “but this one just wasn’t going to work.”