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Greenland lands $250M loan for THEA at Metropolis rental tower

Funds managed by Apollo Global provided debt on 685-unit DTLA building; also financed EOS Investors’ purchase of Viceroy L’Ermitage

Left to right: Viceroy L’Ermitage Beverly Hills and THEA at Metropolis in Downtown (Google Maps, THEA)
Left to right: Viceroy L’Ermitage Beverly Hills and THEA at Metropolis in Downtown (Google Maps, THEA)

Greenland USA secured a $250 million loan for its recently-opened THEA at Metropolis rental tower in Downtown.

Funds managed by Apollo Global Management provided the financing on the 685-unit luxury property, according to the Los Angeles Business Journal. The 56-story tower is one of four at Greenland’s sprawling Metropolis complex.

Apollo-managed funds also provided a $56.5 million acquisition loan to help finance EOS Investors’ recent purchase of the Viceroy L’Ermitage Beverly Hills, according to the report. EOS paid $100 million in October for the 116-key luxury hotel. The acquisition was made at auction following the federal government’s seizure of the property from fugitive financier Jho Low.

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Both loans have five-year terms and are floating rate.

Apollo has been an active lender in L.A. real estate deals. The firm provided a $274.9 million mortgage for Silverstein Properties’ purchase of U.S. Bank Tower in Downtown. The acquisition closed in September.

[LABJ] — Dennis Lynch

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Apollo Global ManagementDowntown LAMetropolis