The ambitious but embattled Studio West 117 project continues to face hurdles both cultural and financial as founders Daniel Budish and Betsy Figgie last year defaulted on loans totalling more than $9 million from Truist Bank.
Daniel Budish and Betsy Figgie were sued by Truist Bank for missing payments. They're now"recapitalizing debt" after a forebearance agreement
"In December we entered into a thoughtful and comprehensive forbearance agreement which is allowing us time to recapitalize the debt," Figgie told Scene in a statement.Budish told Signal, without going into details, that there are plans, approved by the bank, to refinance Studio West 117 “into a social enterprise structure by the end of the year.”
A second phase, slated for 2025, would include a complete renovation of the Phantasy Theater along with a new entertainment spaces. A third phase, also slated for 2025, would see 100 new apartment units constructed. Initial plans also called for senior living for LGBTQ+ residents and a hotel.
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