By Kelly Hartog
The $2.5-billion Century Plaza mixed use development project by Michael Rosenfeld’s Next Century Partners, LLC has received $1 billion in construction financing.
The project, which will redevelop the Century Plaza Hotel, received its funds from a consortium that includes a $446 million senior loan from J.P. Morgan Chase, $120 million from an investment vehicle managed by Colony Capital, and $450 million of EB-5 financing from CMB Export LLC Regional Center, according to Business Wire.
The project is slated to begin sometime toward the end of this summer and when complete will boast two 46-story luxury residential towers, restaurants, retail stores, and a new 5-star 400 room hotel and residences.
There will also be a public space component with plazas and fountains that will stretch onto the Avenue of the Stars, where the Purple Line subway extension will eventually stop once it’s complete.
The entire project is expected to be completed by some time in 2018.
