Bank of China lends $390M to Crescent Heights for LA tower

Financing replaces construction loan from Ullico Inc. and preferred equity from Blackstone Group

Feb.February 01, 2017 09:45 AM

A rendering of Crescent Heights’ Ten Thousand apartments at 10000 Santa Monica Boulevard

From the Los Angeles website: Crescent Heights just got its hands on a sky-high loan for its 40-story luxury rental tower Ten Thousand in Los Angeles.

Bank of China gave the Miami and San Francisco-based developer a $390 million first mortgage for the Century City project, Commercial Observer reported. 

The financing replaces a construction loan by Washington D.C.-based financial and insurance firm Ullico Inc. and preferred equity from New York investment firm Blackstone Group.

It was not the developer’s first rodeo with the bank. So far, it has financed $1.4 billion with Bank of China on various projects.

Crescent Heights bought the project site at 10000 Santa Monica Boulevard in 2010 for $59 million.

The 283-unit project was completed earlier this month and boasts a number of ultra luxe amenities. Residents have access to a 74-foot indoor lap pool, a massage and spa treatment area and a pet spa. There’s also a 24-hour doorman, valet attendants, a four-person butler team, private drivers, a lifestyle manager and a house staff of over 60.

And if that wasn’t enough, residents also have access to Charley – a robot programmed to deliver everything from packages to birthday cakes to residents.

Charley is summoned through an iPad Mini, which residents receive when they move in. [CO]Subrina Hudson

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