Jamison’s loan on a shopping center located in Koreatown moved to special servicing due to maturity default, according to servicer commentary via Morningstar.
The debt matured in early December and involved parties are reviewing workout strategies, per the servicer commentary dated Jan. 1. Earlier commentary indicated that Jamison was in financing talks to pay the loan off, but that was before the commercial mortgage-backed securities debt came due.
The $55 million loan on 3500 West 6th Street, called City Center on 6th, originated in November 2019 and names David Lee — who co-founded the company that his daughter Jaime Lee now leads — as a sponsor; David Lee is still chairman. The debt has a current balance of about $51 million, per Morningstar.
A Jamison spokesperson said in a statement that the company “engaged CBRE and signed a term sheet with a CMBS provider to refinance the matured loan, which is expected to close in 45 days,” and that “transferring the loan to the special servicer was a strategic decision in an effort to obtain an extension to work out a refinance.”
Special servicer CW Capital Asset Management did not respond to a request for comment.
The three-level, 165,000-square-foot mall was last appraised in September 2020 and received a valuation of $75.6 million, per Morningstar. The mall counts Korean supermarket chain H Mart as a tenant. The shopping center was only 76 percent occupied as of September last year.
Jamison has a number of loans on Los Angeles properties that are in special servicing — 811 Wilshire is one. The latest servicer commentary notes the borrower was unable to pay off the loan and after a deal to sell the downtown office building fell apart, Jamison faces foreclosure, which means not much has changed since The Real Deal’s earlier reporting.
David Lee is the named sponsor on the special serviced loans connected to 811 Wilshire, Equitable Plaza (a 32-story, 688,000-square-foot office tower at 3425 Wilshire Boulevard) and Central Plaza (four, 12-story office buildings located along Wilshire Boulevard), too, according to Morningstar data. But the borrower entered into forbearance agreements on the loans.
The collective current balance of the special serviced debt on the four properties mentioned above totals about $230 million.
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