Century Plaza Hotel redevelopment receives $1bn in construction financing

WCN Editorial Team 12 Jul 2016 NORTH AMERICA BUILDINGS

US-based developer Next Century Partners has received $1bn in construction financing for its Century Plaza Hotel redevelopment in Los Angeles, California.

The project secured a $446M senior loan from a consortium led by J.P. Morgan Chase, $120M of mezzanine financing from an investment vehicle managed by Colony Capital and $450M of EB-5 financing provided by CMB Export LLC Regional Center.

The $2.5bn mixed-use development will feature two 46-storey luxury residential towers, restaurants, retail shops and a new five-star 400-room hotel.

The project is expected to commence later this summer and create more than 12,300 construction and permanent jobs.

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