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 


Related Articles

arrow_forward_ios
Kennedy Wilson CEO William McMorrow and the Camarillo development rendering (Kennedy Wilson)
Kennedy Wilson plans 589-unit community on CSU Channel Islands land
Kennedy Wilson plans 589-unit community on CSU Channel Islands land
Apple unveils 500K sf Culver City expansion plans
Apple unveils 500K sf Culver City expansion plans
Apple unveils 500K sf Culver City expansion plans
Alhambra rejects Ratkovich’s 775-unit development
Alhambra rejects Ratkovich’s 775-unit development
Alhambra rejects Ratkovich’s 775-unit development
Self-storage firm plans 140K sf complex, its second in LA
Self-storage firm plans 140K sf complex, its second in LA
Self-storage firm plans 140K sf complex, its second in LA
DTLA 2040 rezoning plan advances to City Council
DTLA 2040 rezoning plan advances to City Council
DTLA 2040 rezoning plan advances to City Council
CAA president Richard Lovett and ICM chairman Chris Silbermann with 2000 Avenue of the Stars and Constellation Place at 10250 Constellation Blvd (Getty, Viracon, Gensler)
Talent agency megamerger leaves Century City office leases in doubt
Talent agency megamerger leaves Century City office leases in doubt
Ardie Tavangarian (Photo by Kevin Scanlon)
LA’s gentleman builder on developing for the ultra-wealthy
LA’s gentleman builder on developing for the ultra-wealthy
1101 Flower Street in L.A. with  Tony Lombardo of Lendlease and Zhang Xifang of Oceanwide. Xifang reportedly resigned in July 2021. (Google Maps, Lendlease, Oceanwide)
Contractor bails on Oceanwide’s LA megaproject after scoring $42M judgment
Contractor bails on Oceanwide’s LA megaproject after scoring $42M judgment
arrow_forward_ios

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

Loading...