Facility’s collateral base includes existing C23 assets as well as a commitment from Robert Sturm, C23’s founder and chairman. Deal provides C23 with additional film financing and development capital and will be used to accelerate the growth of its management division.
As of Monday, Imperial Entertainment Group was renamed Comerica Entertainment Group. Detroit-based Comerica Bank acquired Imperial Bancorp, the former holding company of Imperial Bank, on Jan. 31.
Headed by president Jeremy Barber, C23’s first feature release is Fox Searchlight’s psychological thriller “One Hour Photo,” starring Robin Williams. Pic is slated for release early next year.
Comerica was repped in the deal by loan officers Jeff Colvin and Carmen Carpenter and legal counsel Benjamin Green. Bruce Vann, of Kelly Lytton & Vann, and James Ewing, senior VP finance, negotiated the facility on behalf of C23.