Woodridge Capital’s $2.5B Century Plaza project scores $1B construction financing

Development of 400-key hotel, two resi skyscrapers and 100,000 sf of retail will break ground later this summer

TRD LOS ANGELES /
Jul.July 08, 2016 12:00 PM

The $2.5 billion redevelopment of the Century Plaza Hotel secured its construction financing this week.

The roughly $1 billion in dough came from a consortium led by a $446 million senior loan from J.P. Morgan Chase, $120 million in mezzanine financing from an investment vehicle managed by Colony Capital and $450 million of EB-5 financing from an LLC dubbed CMB Export.

The mixed use development in Century City is led by Woodridge Capital Partners. The developer is Woodridge CEO Michael Rosenfeld’s Next Century Partners and the architect is Pei Cobb Freed Partners and a host of consultants. Construction, originally slated to begin in March, is expected to start later this summer.

The project, which received approval from the city in 2013, will include two 46-story luxury residential skyscrapers, 100,000 square feet of retail as well as restaurants and a new five-star 400-key hotel and residences. The former hotel on the site was a Hyatt, but a new operator will take over once the renovation is completed.


Related Articles

arrow_forward_ios
Michael Rosenfeld,,Simon Reuben and David Reuben, with a rendering of Century Plaza (Credit: Presley Ann/Getty Images, and Dave Benett/Getty Images)

Michael Rosenfeld’s Woodridge Capital lands $275M loan for Century Plaza

Michael Rosenfeld’s Woodridge Capital lands $275M loan for Century Plaza
Justin Myers, Vice President of Atlas Hospitality

Study: California hotel construction outlook is bleak

Study: California hotel construction outlook is bleak
Century Plaza Towers (Credit: Minnaert via Wikipedia)

Here’s what tenants pay at 2.4M sf Century Plaza Towers

Here’s what tenants pay at 2.4M sf Century Plaza Towers
Matthew Perry and the apartment (Credit: Kevin Winter/Getty Images and Compass)

Matthew Perry slashes price on massive Century City penthouse

Matthew Perry slashes price on massive Century City penthouse
Michael Rosenfeld and a rendering of Century Plaza (Credit: Presley Ann/Getty Images for THR)

Inside Michael Rosenfeld’s $1.8B odyssey at Century Plaza

Inside Michael Rosenfeld’s $1.8B odyssey at Century Plaza
From left: The Century tower and a Sierra Tower

LA condo sales had been improving in Q1: report

LA condo sales had been improving in Q1: report
AEG CEO Dan Beckerman (Credit: Shaun Clark/Getty Images)

AEG plans 160-key hotel next to its DTLA headquarters

AEG plans 160-key hotel next to its DTLA headquarters
Pacific Hospitality Group CEO Tim Busch and a Zen Room at Huntington Beach’s Pasea Hotel and Spa

Desperate for revenue, LA hotels pitch “zen offices” to work-from-homers

Desperate for revenue, LA hotels pitch “zen offices” to work-from-homers
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...