Jamison secured $60 million in construction financing on an office building at 3424 Wilshire Boulevard in Los Angeles’ Koreatown, records dated late April reveal.
The firm’s founder Dr. David Lee signed the documents, which appear to be for another office to residential conversion. On the Jamison website, the family-company lists 3424 Wilshire as a mixed-use, multifamily and retail project. The office building is 13 stories and more than 200,000 square feet, and the plan is to turn it into 260 apartments via adaptive reuse. Jamison did not immediately respond to a request for comment.
Lam+Tea Engineering has the project on its website, too, and claims the development is at 100 percent construction document completion. Lam+Tea, per its website, will conduct a full review of said construction documents for compliance with California and City of Los Angeles codes and owner requirements.
Jamison purchased the real estate in 2008 from the Roman Catholic Archdiocese of Los Angeles for $31 million, according to reports then, and leased it back to the church.
The company is doing conversions throughout Koreatown and downtown Los Angeles. Earlier this year, it landed a $195 million note to convert 1055 West Seventh Street, a 33-story, 620,000-square-foot office tower into 686 apartments. Last year, Jamison moved to turn a 20-story office building at 3550 Wilshire Boulevard into 495 apartments. It has adaptive reuse projects at 3325 Wilshire Boulevard, the World Trade Center downtown and more.
Jamison just went through a CEO shakeup. Jamie Lee stepped down, but was kept on as an advisor, and her brother Garrett Lee took the corner office. He was president of the Jamison Properties unit, and it is unclear if he has dropped that title. Their other brother Phillip Lee is president of Jamison Services.
Prior to the loan, there appears to have been a related party deal that transferred ownership of 3424 Wilshire between two entities, both connected to Jamison. That deal had a $21 million price tag.
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