Greenland USA, the Chinese-based developer of the $1B Metropolis in downtown Los Angeles, has received a $310M senior construction loan from Cottonwood Group and Natixis to complete the mixed-use project’s third residential phase.
The money will fund the building of a 56-story, 1M SF tower with 685 condominiums, 26,585 SF of retail space and 1,821 parking spaces.
“The successful financing of Tower III at Metropolis represents an important step in the fulfillment of our commitment to the L.A. community to deliver a world class project. Metropolis exemplifies our vision for transformative properties that foster the growth of the local community,” Greenland USA Chief Financial Officer Jianhong Zhang said in a news release.
Cottonwood Group Managing Director and co-head of Real Estate Michael Phillips, who helped arranged the loan, said the Metropolis project would transform downtown Los Angeles.
Greenland USA is a subsidiary of the Shanghai, China-based Greenland Group. Metropolis is a 3.5M SF multibillion-dollar, four-tower condominium, hotel and retail development.
Greenland bought the site for $150M and began construction of Metropolis at 889 Francisco St. in downtown Los Angeles in 2014. The development is being built in phases.
Earlier this month the company completed the second residential tower, designed by HED. The 40-story, 461-foot-tall building features 514 condos ranging from studios to two-bedroom units.
Last year, Greenland opened the 350-room Hotel Indigo. With the success of the first two towers, Greenland is now trying to sell the hotel for $280M and the third residential tower to investors, according to LA Downtown News.
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