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7/12/16
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The Century Plaza Hotel redevelopment project in Century City is set to move forward after having secured needed construction financing. The arrangement is led by a $446 mil senior loan from J.P. Morgan Chase, $120 mil mezzanine financing from an investment vehicle managed by Colony Capital and $450 mil of EB-5 financing provided by CMB Export LLC Regional Center.
The $2.5 bil 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. The development is a major component of a renaissance occurring in Century City, which includes the $800 mil expansion of the Westfield Century City Mall and the addition of over 10 msf of offices, residences, restaurants, retail and entertainment venues.
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