David and Simon Reuben acquired the Century Plaza development from Michael Rosenfeld for a bid of $1B at an April 6 foreclosure sale, an amount that is about 40% of the $2.5B it cost to build the Century City complex in Los Angeles.

The brothers were the only bidders at the foreclosure auction, according to a report in TheRealDeal. The winning credit bid equaled a portion of the senior and mezzanine debt on the hotel property.

Rosenfeld still owns 197 condo units at the property. The UK-based Reuben brothers entered into a forbearance agreement with Rosenfeld to ex0tend the maturity date of the senior loan on the remaining Century Plaza condos by another 12 months, the report said.