July 12, 2016
Next Century Partners, LLC. secured $1-billion in financing to redevelop the Century Plaza Hotel. Construction financing was led by a consortium that included 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 provided by CMB Export LLC Regional Center.
Construction is expected to kick off later this summer on a $2.5-billion mixed-use development. The project includes two 46-story luxury residential towers, restaurants, retail shops and a new 5-star 400-room hotel and residences.
Next Century Partners, LLC. was formed by Michael Rosenfeld, founder and CEO of Los Angeles-based Woodridge Capital Partners, LLC.
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