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British billionaire siblings David and Simon Reuben, newly at the helm of a large stake in the Century City condo and hotel development Century Plaza, are working out a way to get repaid for loans they made to the project developer that have defaulted.
The brothers, who lent more than $1B to the project, are hashing out “a revised repayment plan” with Next Century Partners, the borrower and an entity controlled by Woodridge Capital Partners’ Michael Rosenfeld, Bloomberg reports.
Settling on a "forbearance arrangement" will secure the project's ability to move forward, the siblings’ firm said in a statement to Bloomberg. The statement did not include financial details of the arrangement.
The project involved a comprehensive overhaul of the 400-room hotel and the addition of 44-story condo towers. The hotel, called Fairmont Century Plaza, opened in 2021 and construction on the project is "substantially complete," according to the Reuben brothers.
The Reubens fended off a UCC foreclosure from mezzanine lender DigitalBridge, formerly known as Colony Capital, and a group of EB-5 investors in the project to hold on to control of significant portions of the project, The Real Deal has reported.
The Reuben brothers said on their website they foreclosed on the Fairmont Century Plaza and more than 100 condos, plus retail space.
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