Jamison nabs construction loan on another big resi project

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

Jun.June 18, 2019 05:00 PM
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.

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.

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