(Bloomberg) — David and Simon Reuben are exploring ways to finalize one of Los Angeles’s biggest real estate projects after taking control over major parts of the $2.5 billion plan through debt financing deals.
The British billionaire brothers are in talks over a revised repayment plan with the US property developer behind the Century Plaza site after it defaulted on loans during the pandemic, according to a statement from the Reubens’ namesake firm. The project, which includes a five-star hotel as well as retail stores and residential units, is almost complete.
Reuben Brothers is now “engaged in discussions on a forbearance agreement with the borrower, Next Century Partners, controlled by Michael Rosenfeld, to ensure the project will move forward,” the siblings’ firm said in the statement, without disclosing financial terms. “With the funding and development secured, Century Plaza can cement itself as a premier luxury residential complex in the center
