Greenland USA, a subsidiary of Chinese developer Greenland Group, has secured a $310-million construction loan to build the third phase of a $1-billion complex in downtown Los Angeles, according to Mingtiandi.
The construction loan was arranged by real estate investment firm Cottonwood Group and French lender Natixis, the Los Angeles Business Journal reported this week, citing a statement from Cottonwood.
The 56-storey, 685-condo building is the third residential tower of Greenland’s Metropolis project, which also includes the 350-room Hotel Indigo and 70,000 sq. ft. of retail space.
Slated for completion in early 2019, the third tower spans a total of one million sq. ft. and includes nearly 26,600 sq. ft. of retail space.