Tokyu-Shapery Funds Secured

A joint venture of Japanese conglomerate Tokyu Corp. and San Diego-based Shapery Enterprises today will formally announce it has secured $100 million in financing that will allow it to begin construction in September on a mixed-use development on the block bounded by Broadway and C, State and Columbia streets.

The project, valued at more than $130 million, will consist of a 497-room hotel to be operated by Emerald Hotels of Japan, a Tokyu subsidiary, and a 30-story, 358,000-square-foot office building. General contractor for the project is Dillingham Construction Inc.

The financing is being provided by Tokyu out of its corporate funds, a spokesman said. Construction of the complex should be completed in 1989, he said.