Chemical Bank is providing $162.5 million financing for Biltmore Place, making it the lead lender for the project being developed by a partnership of Westgroup Inc. and First Boston Real Estate & Development Corp.
The multi-use project in downtown Los Angeles includes the renovation of the Biltmore Hotel and the construction of a new 24-story office tower at the corner of 5th Street and Grand Avenue.
Seattle First National and Columbia Savings & Loan Assn. are participating with $25 million and $41.6 million, respectively.
The nearly 130,000-square-foot office tower will bring total office space at Biltmore Place to about 403,000 square feet. The lower eight floors of the new tower will contain 3,000 square feet of retail space. The hotel's 70,000 feet of banquet space and meeting rooms will be renovated and refurbished.