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

David and Simon Reuben provide senior mezzanine debt on $1.8B megaproject in Century City

Los Angeles /
Sep.September 14, 2020 09:00 AM
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, 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 just got a big boost for its $1.8 billion Century Plaza megaproject in Century City.

British investors David and Simon Reuben provided the developer $275 million in senior mezzanine debt for the ongoing redevelopment project, in Century City, according to Bloomberg.

The Century Plaza project includes two towers, the renovation of a landmark hotel, and 100,000 square feet of retail and restaurant space.

The Reuben brothers have an estimated net worth of around $12 billion and have been aggressively searching for opportunities in real estate brought on by the pandemic.

Woodridge has raised $450 million for the Century Plaza megaproject through the federal EB-5 visa program. The firm also has a $446 million senior loan with JPMorgan Chase and a $120 million mezzanine loan from Colony Capital.

Woodridge has been pursuing the 331-unit mixed-use development for over a decade. Since marketing began on Century Plaza’s North Tower in March 2019, the project inked $300 million in pre-sales as of July, though another $1.5 billion in unsold units remains.

In late April, the Reuben brothers bought a Fifth Avenue retail condo building from SL Green Realty for $170 million in late April.

In Europe, the duo acquired 618 acres in May outside Madrid, for development, and 222 acres in Spain’s Balearic Islands. [Bloomberg]Dennis Lynch 


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