Greenland secures $310M loan to build Metropolis’ third tower
French lender Natixis and Cottonwood Group providing funds to complete 685-unit building
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