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.