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6/21/16
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Jamison Services has obtained $30 mil in mezzanine financing on its California Market Center (CMC) in downtown Los Angeles. The company, led by Dr. David Lee, is using the funds to refinance the existing debt on the property, provide capital to complete renovations of the ground floor common areas and retail space, and fund leasing costs for recently signed and future tenants.
CMC is a 1.8 msf, mixed-use, wholesale trade-mart property containing retail, office, and showroom space in the city’s Fashion District. The property was originally built in phases between 1963 and 1979 as the fashion hub of the neighborhood. CMC features three interconnected 13-story buildings and includes a bank branch and 2,200 parking spaces in two garages.
The property is currently 55 percent leased to a combination of fashion and showroom tenants, creative office tenants, and retail tenants. Jamison’s business plan going forward is to renovate and open up the ground floor lobby, food court and retail spaces; reposition a portion of the current vacancy as creative office space; and lease up the remaining space to fashion and showroom tenants.
The financing was originated by Matthew Drummond of Square Mile Capital on behalf of Jamison, which has a portfolio of 100 commercial buildings totaling approximately 22 msf, and with a market capitalization of over $3 bil.
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