Jamison nabs construction loan on another big resi project

Comerica Bank provided the loan, which quickly followed project approval from the city

From left: Comerica Bank CEO Curtis Farmer, Jamie Lee and 2842 West James Wood Boulevard (Credit: LinkedIn and Google Maps)
From left: Comerica Bank CEO Curtis Farmer, Jamie Lee and 2842 West James Wood Boulevard (Credit: LinkedIn and Google Maps)

Three days after scoring city approval for its 193-unit development, Jamison secured a $48 million construction loan on the to build the project, The Real Deal has learned.

City officials approved the Transit-Oriented Communities proposal on May 28, according to documents from the Department of City Planning.

Three days later, Comerica Bank provided the financing, records show.

The planned mixed-use project will rise at 2842 West James Wood Boulevard. It will have 193 residential units — 20 will be set aside as affordable — and 19,500 square feet of commercial space. The 168,400-square-foot project will span six stories.

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Jamison filed plans to build the development in January 2018. The company had taken over the project from developer Young Kim and Archeon International Group, which proposed building a multifamily complex with 224 units.

It was not known how much Jamison paid for the land.

A spokesperson for the firm did not immediately respond to requests for comment.

Jamison is among a handful of prolific developers that are changing the landscape of Koreatown. The multifamily and office developer recently filed plans to build a five-story apartment building outside its home turf. The multifamily project in Sawtelle would include 100 units, nine set aside as affordable.