Greenland USA secured a $250 million loan for its recently-opened THEA at Metropolis rental tower in Downtown.
Funds managed by Apollo Global Management provided the financing on the 685-unit luxury property, according to the Los Angeles Business Journal. The 56-story tower is one of four at Greenland’s sprawling Metropolis complex.
Apollo-managed funds also provided a $56.5 million acquisition loan to help finance EOS Investors’ recent purchase of the Viceroy L’Ermitage Beverly Hills, according to the report. EOS paid $100 million in October for the 116-key luxury hotel. The acquisition was made at auction following the federal government’s seizure of the property from fugitive financier Jho Low.
Both loans have five-year terms and are floating rate.
Apollo has been an active lender in L.A. real estate deals. The firm provided a $274.9 million mortgage for Silverstein Properties’ purchase of U.S. Bank Tower in Downtown. The acquisition closed in September.
[LABJ] — Dennis Lynch