A rendering of the Century Plaza project in Century City (via Next Century Partners)
The $2.5 billion redevelopment of the Century Plaza Hotel secured its construction financing this week.
The roughly $1 billion in dough came from a consortium led by a $446 million senior loan from J.P. Morgan Chase, $120 million in mezzanine financing from an investment vehicle managed by Colony Capital and $450 million of EB-5 financing from an LLC dubbed CMB Export.
The mixed use development in Century City is led by Woodbridge Capital Partners. The developer is Woodbridge CEO Michael Rosenfeld’s Next Century Partners and the architect is Pei Cobb Freed Partners and a host of consultants. Construction, originally slated to begin in March, is expected to start later this summer.
The project, which received approval from the city in 2013, will include two 46-story luxury residential skyscrapers, 100,000 square feet of retail as well as restaurants and a new five-star 400-key hotel and residences. The former hotel on the site was a Hyatt, but a new operator will take over once the renovation is completed.