Jamison Scores $50M Refi for Koreatown Apartment Complex

Jamison Services has landed a $50 million loan to refinance a 157-unit apartment building in Koreatown.

The unit of locally based Jamison Realty led by Jaime Lee secured the refinancing for The Roya, the six-story complex that opened two years ago at 760 Serrano Avenue, Commercial Observer reported.

The lender was Affinius Capital. Terms of the deal, as well as any brokers involved in the transaction, were not disclosed.

The Roya complex is expected to benefit from a tailwind of strong demand, mainly due to its walkable location within central Los Angeles and nearby shopping options, according to Tom Burns, managing director for Affinius.

“The property has already been well received by the market, and we expect it to continue to perform,” he told CO.

The Roya, 3.8 miles west of Downtown Los Angeles, has 157 studios, and one- and two-bedroom apartments. The complex has a resident lounge, coworking areas, a fitness center, karaoke room, pool deck and spa and a roof deck with fire pits.

Jamison Services, founded in 2006 by Dr. David Lee, is among the largest multifamily investors in Los Angeles.

The Jamison family of companies has $3 billion in assets under management, including 18 million square feet of commercial and medical office, retail, multifamily and mixed-use properties, according to its website.

Within the past year, the firm has hit financial headwinds.

In December, a 163,170-square-foot office complex owned by Jamison Properties at 16530 Ventura Boulevard in Encino was headed toward receivership, The Real Deal reported.

A month earlier, a $35.4 million commercial mortgage-backed securities loan tied to a 340,000-square-foot office building owned by Jamison at 811 Wilshire Boulevard in Downtown was sent to special servicing, according to TRD.

At the same time, Koreatown’s biggest office landlord defaulted on an $86.5 million commercial mortgage-backed securities loan tied to a 34-story office tower at 3435 Wilshire Boulevard, in Koreatown.

— Dana Bartholomew