Greenland puts Metropolis apartment tower in DTLA up for sale

Greenland Group is selling more than its Hotel Indigo in Downtown L.A. — it’s selling another portion of its Metropolis development alongside it, The Real Deal has learned.

The Shanghai-based firm has put the 684-unit Thea at Metropolis tower and the hotel up for sale, according to sources familiar with the listing. JLL is marketing the finished development for sale, but declined to comment.

The rental tower and Hotel Indigo make up two out of four towers at Greenland’s development at West 8th Street and Francisco Street. The other two towers, opened in 2017 and 2018, include 822 condos.

Rents at the complex currently range from $2,400 per month for a studio, to $7,550 per month for a three-bedroom unit. As of Monday, only about 2 percent of the rental units were vacant.

It’s unclear how much Greenland is asking for the rental tower and the hotel. The firm, which is about 50 percent owned by the Shanghai Municipal Government, spent more than $1 billion on the entire development.

This is at least the second time Greenland has put the Hotel Indigo up for sale — in 2018, it was asking $280 million for the hotel.

Now, Greenland is at risk of defaulting on its debt payments and is looking to extend some of its debt maturities.

Last month, the Chinese parent company of Greenland USA was downgraded by S&P Global Ratings to CCC, after the firm asked for more time to repay $488 million in bondholder debt due at the end of June.

Though the company doesn’t seem to have difficulty leasing apartments at the complex, it is struggling to sell off condos.

About 30 percent of condos at the first tower, which opened five years ago, are still available, while about half of the condos at the second tower are still up for sale, according to a source familiar with the matter..

Greenland did not respond to requests for comment.

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