CENTURY CITY, Calif.--(BUSINESS WIRE)--The highly anticipated Century Plaza Hotel redevelopment secured its construction financing this week from a consortium led by a $446 million senior loan from J.P. Morgan Chase, $120 million mezzanine financing from an investment vehicle managed by Colony Capital and $450 million of EB-5 financing provided by CMB Export LLC Regional Center.
The $2.5 billion Century Plaza mixed use development by Michael Rosenfeld’s Next Century Partners, LLC is expected to get underway later this summer. The project will feature two soaring 46-story luxury residential towers, restaurants, retail shops and a new 5-star 400 room hotel and residences.
The Century Plaza development is expected to generate over 12,300 construction and permanent jobs over the life of the project and substantially increase tax and sales revenues to the City of Los Angeles. When completed, it will be the centerpiece of a vibrant renaissance occurring in Century City including the $800 million expansion of the Westfield Century City Mall and over 10 million square feet of offices, residences, restaurants, retail and entertainment venues.
About Next Century Partners
Next Century Partners, LLC. was formed by Michael Rosenfeld, founder and CEO of Woodridge Capital Partners, LLC. Woodridge is a Los Angeles-based real estate investment and development company that owns a broad range of hotel, resort, residential, and commercial properties throughout the United States.