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7/05/17
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Jamison Services Inc has refinanced its 3600 Wilshire Boulevard property with a $70.5 mil loan secured by Square Mile Capital. In addition to paying off the existing lien, the new loan includes proceeds to fund future capital expenditures and leasing costs.
The property, a 22-story, 415k sf office building located on Wilshire Blvd in the Koreatown neighborhood of Los Angeles. Jamison first acquired the asset in 1999.
The building is situated two blocks west of The Line LA hotel and the Wilshire/Normandie station on the Metro Purple Line. It was built in 1961 and is approximately 75% occupied by a diverse group of tenants. The property spans a full city block from Wilshire to 7th Street and also includes an 825-space parking deck behind the office building.
Square Mile Principal Michael Mestel said, “This transaction gave us the opportunity to provide financing at a secure basis on an asset with great potential. The sponsor has an extensive track record of success throughout Los Angeles and specifically in Koreatown. We believe Koreatown’s appeal from an office perspective will continue to grow as its hospitality, retail, and multifamily offerings expand significantly.”
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