Greenland Secures $310M for Metropolis’ 3rd DTLA Tower

Greenland USA obtained $310-million in financing to complete the third luxury residential tower at Metropolis in Downtown Los Angeles. French lender Natixis and Los Angeles-based Cottonwood Group arranged the senior construction loan facility.

The loan will allow the U.S. development arm of Chinese firm Greenland Group to complete Metropolis Phase 2B, a 56-story, 1-million-square-foot tower that encompasses 685 condos and roughly 26,600 square feet of retail space.

Cottonwood and Natixis served as administrative agents and lead arrangers on the financing.

Metropolis is a multi-billion-dollar mixed-use development that includes roughly 1,500 residential units in three towers, an 18-story hotel and 70,000 square feet of retail. Recently, the 40-story, 514-unit condo Tower II opened. The 3.5-million-square-foot project is located on 6.3 acres at 889 Francisco St. near LA Live.

ABOUT COTTONWOOD GROUP: Headquartered in Los Angeles, Cottonwood is a private equity real estate investment firm focused on equity and debt opportunities across all property sectors and geographies. The firm’s ability to act as a lender, investor, operator and sponsor of real estate investments of all sizes and complexities is fundamental to delivering a risk-adjusted absolute return for investors. Investing out of its discretionary funds and separate institutional accounts, Cottonwood targets U.S. real estate opportunities with a capitalization of up to $1 billion.