TIMSON Immigration
Downtown Los Angeles Marriott - Introduction (New)
|
BUILDING SPECIFICS
|
||
The Developer anticipates beginning construction in June 2019. Construction is anticipated to be completed by September 2021, and the Project’s launch is expected October 2021
|
||
PROJECT LOCATION & ADVANTAGE
|
The Project is expected to be known as the Marriott Downtown L.A., and is expected to consist of the following: (a) an approximately 384-room Moxy branded hotel; (b) an approximately 360-room AC branded hotel; (c) approximately 11,017 square feet of retail space; and (d) an approximately 353-car garage.
The Project is expected to be located at 1248 South Figueroa Street, Los Angeles, California and 601 West Pico Boulevard, Los Angeles, California. The Project is situated directly across the street from the main entrance to the Los Angeles Convention Center and nearby to the Staples Center. The Project is bounded by major thoroughfares such as S. Figueroa Street and West Pico Boulevard.
|
PROJECT TEAM
Forbes BILLIONAIRES 2017
Lightstone Chairman,
David Lichtenstein
Lightstone Founded in 1988, Lightstone is one of the most highly regarded and diversified real estatecompanies in the United States.
The senior members of Lightstone’s development team have been directly responsible for thedevelopment and construction of more than 270,000 square meters of residential projects in New York City.
Founder David Lichtenstein has grown lightstone into one of the largest real estate companies in the USA with over $2.6billion in assets.
LIGHTSTONE ENTERPRISES GRANTED TOP
CREDIT RATINGS OF A+ AND A1 FROM
STANDARD & POOR’S AND MOODY’S
FOR TWO CONSECUTIVE YEARS
CREDIT RATINGS OF A+ AND A1 FROM
STANDARD & POOR’S AND MOODY’S
FOR TWO CONSECUTIVE YEARS
Moody’s and Standard & Poor’s are the leading firms responsible for evaluating the financial strength of companies. They are independent and perform extensive research.
COOPERATE PARTNERS
FINANCE STRUCTURE & JOB CREATION
|
Regional Center
|
EB5 Affiliate Network State of California Regional Center, LLC
|
|
|
Manager Company
|
DTLA Fund 8 Manager LLC
|
|
|
Eb-5 Company
|
DTLA Fund 8 LLC
|
|
|
Project Company
|
Lightstone DTLA LLC
|
|
|
Borrower
|
Figueroa Street Holdings LLC
|
|
|
I-924 approval
|
Application was submitted.
|
|
|
Developer
|
The Lightstone Group LLC is a diversified private real estate company and one of the largest privately held real estate companies in the United States. Lightstone operates in numerous real estate market sectors, and currently has a portfolio of approximately $3 billion worth of investments, which includes, but is not limited to, an aggregate of approximately 6 million square feet of office, retail, industrial and commercial properties, approximately 15,000 residential units, approximately 4,000 hotel rooms, and approximately 12,000 land lots across the United States. Lightstone is headquartered in New York, New York, and in addition to the investments discussed above, is currently developing approximately $3 billion worth of real estate investments throughout the United States, primarily in the residential and hospitality sectors.
|
|
|
Project Descriptions
|
The Project is expected to be known as the Marriott Downtown L.A., and is expected to consist of the following: (a) an approximately 384-room Moxy branded hotel; (b) an approximately 360-room AC branded hotel; (c) approximately 11,017 square feet of retail space; and (d) an approximately 353-car garage.
The Project is expected to be located at 1248 South Figueroa Street, Los Angeles, California and 601 West Pico Boulevard, Los Angeles, California. The Project is situated directly across the street from the main entrance to the Los Angeles Convention Center and nearby to the Staples Center. The Project is bounded by major thoroughfares such as S. Figueroa Street and West Pico Boulevard.
The Project is expected to be approximately 38-stories tall, with approximately 31-stories consisting of hotel rooms atop a 7-story podium. The podium is expected to include restaurant space, outdoor space, retail space, hotel lobbies, and the parking garage. The Project is anticipated to include a significant signage component. The signage is expected to wrap around a portion of the podium, and is expected to include three 50-foot tall signs, two of which are expected to be electronic, comprising approximately 15,500 total square feet of advertising signage. The restaurant is expected to be approximately 7,100 square feet. The outdoor space is expected to include a patio and pool comprising approximately 20,000 square feet.
The Developer anticipates beginning construction in June 2019. Construction is anticipated to be completed by September 2021, and the Project’s launch is expected October 2021.
|
|
|
Guarantee of Funds
|
Personal guaranty from CEO of Lightstone for return of funds in the event of denial of I-526 application.
|
|
|
Project total costs
|
US$ 454,641,400
|
|
|
Marriott Investment
( Mezzanine Loan)
|
US$ 63,000,000 <13.9%>
|
|
|
Lightstone Capital
|
US$ 19,641,400 <4.3%>
|
|
|
Senior Loan
(Project Company)
|
US$ 212,000,000 <46.6%>
|
|
|
Preferred Investment
(Mezz Holding Company)
|
US$ 40,000,000 <8.8%>
|
|
|
EB-5 Loan
|
US$ 120,000,000 <26.4%>
( May choose the option to increase to US$ 200,000,000 )
|
|
|
EB-5 Investment per Unit
|
US$ 500,000
|
Collectively known as Subscription Proceeds (US$ 550,000)
|
|
Issue Fee
|
US$ 50,000
|
|
|
Investment Return
|
0.25% per annum (estimated)
|
|
|
Term of EB-5 Loan
|
5 years (EB-5 Initial Maturity Date December 2023)
(with 2 one-year-extensions)
|
|
|
Number of Investors
|
240 with the option to increase to 400
|
|
|
Job Requirements
|
2400
|
|
|
Estimate Job Creation
|
6515 <271% buffer >
|
|
|
Release of Escrowed Funds to the Limited Partnership
|
80% of the funds will be released upon submission of I-924 and I-526 petition with USCIS and receipt of I-797 Notice from USCIS;
20% of the funds will be released upon approval of I-526 petition with USCIS.
|
|
|
In case of I-526 Petition Denial
|
|
|
|
Source of Fund for Loan Repayment
|
Refinance or Sale of the Hotel.
|
|
|
Completion Guaranty
|
Personal guarantee from the CEO of Lightstone enterprise, David Lichtenstein.
|
|
|
Construction Completion Date
|
The building will be completed in September 2021
|
|