Jamison Properties, a Korean American real estate firm, has secured more than $220 million in refinancing for its luxury apartment complex, Opus, located in Los Angeles Koreatown.
The Real Deal reported that Jamison Propertiesย recently completed the refinancing of the Opus project, a newly built luxury apartment development situated between Wilshire Boulevard and 6th Street. The deal was brokered by the commercial mortgage lender BWE, with financing provided by New York Life Real Estate Investors (NYLREI).
Refinancing Deal Details and Project Overview
Opusโ refinancing package includes a five-year, interest-only senior loan of $205 million and a $15 million variable-rate mezzanine loan secured by an equity stake. While the exact plans for using the funds were not disclosed, the refinancing aims to stabilize cash flow and secure funding before the buildingโs full stabilization.
Completed in June 2023, Opus consists of two high-rise towersโone 22 stories and the other 14 storiesโthat span an entire city block. The complex has 428 residential units ranging from studios to three-bedroom apartments. At the time of the refinancingโs closing, Opus had an occupancy rate of approximately 90 percent.
Opus features 10,000 square feet of ground-floor commercial space and offers a range of resident amenities, including a private lounge, co-working spaces, fitness center, game room, movie theater, pet park, rooftop pool, bar, and dining areas.
Earlier in March 2024, Jamison Propertiesย secured $60 million in construction financing for another apartment conversion project in Koreatown. However, in November 2023, the firm defaulted on an $86.5 million loan tied to the Equitable Plaza on Wilshire Boulevard.
The refinancing deal highlights Jamison Propertiesโย efforts to strengthen asset stability and cash flow in the competitive Koreatown real estate market.
BY HOONSIK WOO [woo.hoonsik@koreadaily.com]
