Akin Gump Represents Colony Capital in Century Plaza Hotel Redevelopment Financing
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(Los Angeles) – Earlier this week, the Century Plaza Hotel redevelopment secured its construction financing from a consortium led by 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. A team from Akin Gump advised Colony Capital in the deal.
The $2.5 billion Century Plaza mixed-use development by Michael Rosenfeld’s Next Century Partners, LLC is expected to get underway later this summer. The project will feature two 46-story luxury residential towers, restaurants, retail shops and a new 5-star 400 room hotel and residences.
The Akin Gump team was co-led by real estate partner Hushmand Sohaili and corporate partner and Los Angeles partner in charge Frank Reddick. The real estate team included partner Tony Salandra and associate Daniel Shlomi, who played a key role, as well as associates Alex Agahzadeh and Kevin Tsai. The corporate team included associate Marc Neiman, while partner David Phelps provided counsel on hospitality issues.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 950 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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