Deutsche Bank organised nearly $1bn in loans to a Hollywood studio landlord now in default, repeatedly backing private equity group Hackman Capital Partners' high-stakes bet on a streaming-led production boom. Deutsche provided or led roughly $950mn across three troubled loans against Television City and Manhattan Beach Studios in Los Angeles and Kaufman Astoria Studios in New York, all now in default or foreclosure. The bank's retained exposure was lower as each loan was syndicated.

Hackman bought Manhattan Beach Studios in 2019 as part of a $650mn deal, with Deutsche providing roughly $250mn, and acquired Television City from CBS for $750mn with a $350mn Deutsche mortgage. Two years later, Deutsche led a $340mn syndicated loan to finance Hackman and Affinius Capital's acquisition of Kaufman Astoria Studios, retaining $125mn. Higher interest rates and Hollywood production cutbacks following 2023 strikes have made refinancing difficult.

Kaufman Astoria's $340mn loan matured in November 2025 without repayment, prompting Deutsche to file for foreclosure in March. Defaults were recorded on $258mn at Manhattan Beach Studios and $357mn at Television City. The woes spread to MBS Group, a production equipment supplier acquired in the 2019 Manhattan Beach transaction, which defaulted and was taken over by HPS Investment Partners and Oaktree Capital in August.

Deutsche has cut higher-risk US commercial real estate exposure by over 40% since 2022, booking €332mn in credit loss provisions in the first half of 2026.