Jamison Properties has nailed down a $220 million loan package to refinance the construction debt and provide cash for the Opus, a newly completed apartment complex in Koreatown.
Commercial mortgage banking company BWE arranged the financing from New York Life Real Estate Investors, BWE announced. The deal includes a $205 million five-year, interest-only senior loan and a $15 million floating-rate mezzanine loan that’s co-terminus with the larger senior loan.
Opus comprises a 22-story and a 14-story building with 428-unit luxury apartments spanning an entire block between Wilshire Boulevard and 6th Street. The locally based developer, led by Jaime Lee, completed construction of Opus in June.
Work began early in the leasing to “identify a lender that could refinance the construction debt and provide significant cash well in advance of stabilization.” The property was nearly 90 percent leased at the time of the loan’s closing, per BWE’s release.
“NYLREI, to their credit, was able to provide excellent loan terms on an asset that was not yet fully stabilized,” said BWE’s Max Sauerman, who arranged the financing along with BWE’s Tyler Shebeck.
The two high-rise towers also have 10,000 square feet of ground-floor commercial space that is already 33 percent leased to a coffee shop and a boba shop.
Opus boasts floor-to-ceiling windows, open floor plans and balconies. It offers studio, one-, two- and three-bedroom units. Building amenities include lounges, coworking rooms, fitness centers, a game room, a movie theater, a dog park and grooming station, a rooftop pool with a spa and cabanas, and rooftop bars and dining areas.
Jamison declined to comment, according to a spokesperson.
Jamison has been an active developer in Los Angeles.
In March, the firm landed a $60 million construction loan to convert offices to 210 apartments in Koreatown. In November, the company defaulted on a $86.5 million commercial mortgage-backed securities loan tied to a 34-story office tower at 3435 Wilshire Boulevard.
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