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The Real Deal Los Angeles

Jamison refis Ktown office with $70.5M loan from Square Mile

June 26, 2017 03:30PM

The Wilshire Financial Tower at 3600 Wilshire Boulevard (Credit: 42 Floors)

Jamison secured a $70.5 million refinancing package from Square Mile for its 22-story office tower at 3600 Wilshire Boulevard in Koreatown, the investment firm announced Monday. The new loan will go toward future capital expenses and leasing costs.

Jamison acquired the property, which spans 415,000 square feet, in 1999. It previously refinanced its debt in 2007 with a $85.7 million loan from Wachovia, according to Real Capital Analytics.

Built in 1961, the structure known as the Wilshire Financial Tower is about 75 percent leased.

On the same lot next door, Jamison is planning to build a pair of 23-story residential buildings, according to city documents filed last September. The project calls for 760 units total, in addition to about 6,400 square feet of office space.

The Square Mile loan will not have anything to do with the planned development, its spokesperson told The Real Deal.

Earlier this month, Jamison’s California Market Center saw a major shakeup in equity when Brookfield acquired a controlling stake for $440 million. Square Mile was also involved in that transaction, providing a $30 mezzanine loan, according to the Commercial Observer. [CO] — Cathaleen Chen