Greenland secures $310M loan to build Metropolis’ third tower

French lender Natixis and Cottonwood Group providing funds to complete 685-unit building

TRD LOS ANGELES /
Aug.August 16, 2018 10:00 AM
A rendering of Metropolis and Greenland USA CEO Hu Gang

Greenland USA has lined up the money to complete its third luxury residential tower at its sprawling Metropolis complex in Downtown Los Angeles.

But will it be Greenland’s for long?

The Los Angeles Business Journal reports that the American wing of Chinese developer Greenland Group scored a $310 million senior construction loan for the 56-story Metropolis Tower III from French lender Natixis and Downtown L.A.-based Cottonwood Group. The 1-million-square-foot tower is currently under construction on Francisco Street and will include 685 condominiums.

It’s still unclear, however, whether Greenland plans to see the project through itself. The firm has reportedly been shopping the unfinished tower since February as an opportunity for a new developer to step in and build. That news broke about a month after reports that Greenland was also shopping the 350-room Hotel Indigo at Metropolis.

The interest in selling off those assets coincided with moves by the Chinese government to stem the outflow of capital from the country and concerns over slow sales at Metropolis’ two other residential towers, which total 822 condo units between them. A few months earlier, in September 2017, Greenland brought in the Agency to take over sales at the two towers from Douglas Elliman.

Greenland opened the second of those two towers earlier this month.

Greenland Group launched its U.S. wing in 2013 and is also in the middle of developing the 22-acre mixed-use Pacific Park project in New York, one of the largest development projects in the city’s history. Earlier this year it started construction on the 42-acre Landing at Oyster Point project in South San Francisco, but pulled out in June, selling its stake to Kilroy Realty.  [LABJ] – Dennis Lynch 


Related Articles

arrow_forward_ios
Jose Huizar gave new details Monday on Pershing Square redesign (Credit: Getty Images and Wikipedia)

An embattled Jose Huizar revives Pershing Square redesign

Architect Simon Park and a rendering of the project (Credit: SSPSTUDIO ARCHITECTURE & URBAN DESIGN)

Boyle Heights slated for another mixed-use project

Monica Rodriguez orchestrated the nixing of a residential project set for the Verdugo Hills Golf Course (Credit: Google Maps, Wikipedia)

The threat of fire doomed this Tujunga resi project. Now the developer will sue

Best of TRD 2019 promo

Coming soon: The Real Deal’s Best of 2019

Greenland Holdings has already decided to sell one downtown Los Angeles Metropolis tower and convert another into apartments, as it struggles to sell two others.

Can influencers and college students save Greenland’s Metropolis?

6550 South Normandie Avenue (Credit: Google Maps)

Haroni Investments to turn parking lot into new apartments

Council President Herb Wesson and a rendering of District Square

City will draw up “anti-displacement zone” ordinance

2201 Rosecrans Ave in El Segundo

Continental snags $55M refi on El Segundo office portfolio

arrow_forward_ios
Loading...