Next Century Partners Receives $1B in Construction Financing for Century Plaza Mixed-Use Project in Los Angeles
LOS ANGELES — Next Century Partners has received $1 billion in construction financing for the Century Plaza mixed-use project in Los Angeles. The $2.5 billion project will include two residential towers, restaurants and retail shops. The existing, five-star Century Plaza Hotel on the site will also undergo a renovation. The project is located at 2025 Avenue of the Stars in the Century City submarket.
Construction is scheduled to commence later this summer. The hotel closed for renovations in March, and is set to reopen in early 2018. It will include a redesigned open-air lobby that connects public plazas and fountains to a two-acre garden surrounded by restaurants and retail.
The hotel has hosted a number of notable events over its 50-year run, including the Grammy Awards and the “Dinner of the Century” in 1969, which honored the first astronauts to reach the moon.
The full, mixed-use project will feature about 100,000 square feet of retail. The 46-story residential towers will include 290 luxury residences.
A variety of loans provided the $1 billion in financing, including 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 from CMB Export LLC Regional Center.
This redevelopment project is part of a much larger renaissance occurring in Century City, which includes the $800 million expansion of the Westfield Century City Mall, as well as more than 10 million square feet of offices, residences, restaurants, retail and entertainment venues.
— Nellie Day