Nick Cannon and Selita Ebanks are engaged to be married!!!

The Drumline actor proposed to the Victoria's Secret model Monday with the help of a jumbotron in Times Square, his rep tells PEOPLE.

The actor got on one knee with a 12-carat diamond ring immediately after they left the Metropolitan Museum of Art Costume Gala, when they were chauffeured in a Rolls Royce to Time Square, according to the rep.

Projected on a giant MTV jumbotron were the words, "Selita will you marry me?" The couple immediately celebrated afterwards at New York nightclub Butter, with Cannon surprising Ebanks by flying in his mother, both her parents and best friends into town.

Guests included Marc Ecko, Tommy Hilfiger, Jacob the Jeweler, Zach Braff and Young Jeezy.

The couple left the party at 3 a.m. so they could catch a private plane back to L.A. that Nick had charted so he could make a 9 a.m. call time for his new film, American Son.