January 28, 2023 #1 Local News, Information and Event Source for the Century City/Westwood areas.

Foreclosure Auction for Next Century Partners’ Stake in $2.5 Billion Century Plaza Redevelopment Delayed

Auction now to take place February 23 

By Dolores Quintana

Next Century Partners and Woodbridge Capital Partners’ stake in the Century Plaza redevelopment, which is a $2.5 billion deal, has been postponed until February from its original date of December 14th as reported by The LA Business Journal

As reported by The Real Deal.com, Motcomb Estates, David and Simon Reuben’s investment company, now have an agreement with DigitalBridge, a mezzanine lending company, that used to be Colony Capital and the other EB-5 lenders to move the foreclosure auction from December 14 to February 23. This was necessary after Micheal Rosenfield, a developer whose company is Woodridge Capital Partners, defaulted on $1.8 billion in loans. The property is owned by Next Century. The Reubens are holding $1.2 billion of the debt on the redevelopment and they are the ones who initiated the foreclosure against Rosenfield and his properties in September 2022 after DigitalBridge alleged that the Reuben Brothers didn’t initiate the foreclosure promptly to protect their investment. DigitalBridge sued the Reubens and Motcomb Estates to try and recover the losses resulting from the mezzanine loan of $550 million. The Reubens were also sued by the EB-5 lenders who made allegations that the brothers had waged “a wrongful and tortious campaign to destroy (the EB-5 lenders’) undisputed property interest and any real prospect of repayment.”

The redevelopment had been in the works since 2008 and was delayed by the pandemic. Construction on the structures was completed in late 2022. Rosenfield’s original plan to demolish the Century Hotel was resisted by the Los Angeles City Council and the Los Angeles Conservancy and his plan changed to building two residential towers behind the hotel. 

J.P. Morgan loaned the project a $446 million senior loan, Colony Capital put in $120 million, as mezzanine loans, and EB-5 lenders lent the project $450 million in exchange for citizenship in the United States. Even with these loans, Rosenfield was not able to finish the project with the delays and cost skyrocketing and had to borrow even more money after construction began in 2018.

Related Posts

Sage and Seekers to Foster Intergenerational Connections at Palisades High

January 27, 2023

January 27, 2023

Sage and Seekers are slated to begin their winter session at Palisades High School on January 30 By Keemia Zhang...

Lua Kobayashi Celebrates Family Legacy and History Through Art Exhibit in Westwood

January 26, 2023

January 26, 2023

Artist Lua Kobayashi has an exhibition in Westwood featuring pieces of her grandmother’s wardrobe, jewelry, and a diary from her...

A Sushi Taco Restaurant Has Just Opened in Century City

January 26, 2023

January 26, 2023

Lucky Tacoshi up and running in Westfield Century City food court By Dolores Quintana The fast pace of the Westfield...

Column – A California Positive: Kids Swarm Extra Classes

January 24, 2023

January 24, 2023

By Tom Elias It’s become a cliché, the shibboleth that California has lousy public schools and most of the kids...

UCLA’s Center for the Art of Performance Announces 2023 Spring Programs

January 24, 2023

January 24, 2023

Highlights include the return of Ukrainian quartet DakhaBrakha, dancer / choreographer Shamel Pitts, Grammy-winning ensemble Quinteto Astor Piazzolla, jazz piano...

Westside Food Bank Lacking Necessary Eggs to Meet Demand

January 24, 2023

January 24, 2023

Avian flu outbreak and inflation have been driving these shortages Westside Food Bank is turning to alternative suppliers to try...

St. Joseph Center President & CEO Dr. Va Lecia Adams Kellum to Lead LAHSA

January 24, 2023

January 24, 2023

25-year veteran of St. Joseph Center will service as serve as CEO of the Los Angeles Homeless Services Authority Dr....

Mandatory Green Bin Recycling Now In Effect for LA Residents

January 24, 2023

January 24, 2023

Rule now in effect for all residents serviced by LASAN OrganicsLA is a curbside organics recycling program enacted by California’s...

Attorney Jailed for Five and Half Years After Duping Investors in Fraudulent Real Estate Scheme

January 22, 2023

January 22, 2023

Prosecutors say defendant DEREK Jones sold interests in real estate that he did not own DEREK Jones, a disbarred California...

Kendrick Lamar Pays $15.9 Million for Bel Air Estate

January 21, 2023

January 21, 2023

Rapper buys seven bedroom property in East Gate neighborhood By Dolores Quintana Pulitzer Prize-winning composer and world-famous rapper Kendrick Lamar...

UCLA published a study indicating playgrounds contain higher levels of microplastics than other areas in urban parks

January 20, 2023

January 20, 2023

UCLA Study Finds High Concentrations of Microplastics in Playgrounds . @brentwoodnewsla UCLA Study Finds High Concentrations of Microplastics in Playgrounds...

Market Report: Seasonal Squash

January 19, 2023

January 19, 2023

Learn about two squashes currently available at the Santa Monica Farmers Market. @centurycitywestwoodnews What's in season at the Santa Monica...

Work Has Started on Co-living Apartments on Barrington Avenue in West L.A

January 19, 2023

January 19, 2023

1503 S. Barrington Avenue will stand four stories tall and feature 18 new apartments. @centurycitywestwoodnews Work Has Started on Co-living...