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5/29/25
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A Jamison Properties LP affiliate has landed $220 mil in new financing for Opus, a newly constructed 428-unit luxury apartment project in L.A.’s Koreatown neighborhood. The property, located at 3545 Wilshire Blvd, encompasses an entire block between Wilshire Blvd and 6th St in the heart of Koreatown, which is one of the densest areas of Los Angeles.
The property consists of two high-rise towers connected by a secured parking garage and amenity deck. The units were built to condo specs and include modern finishes such as floor-to-ceiling windows, open floor plans, high ceilings, luxury appliances, balconies, and smart home features.
The unit mix includes studio, one-, two-, and three-bedroom apartments. The property boasts an impressive and extensive amenity package consisting of multiple resident lounges and entertaining spaces, co-working rooms, two state-of-the-art fitness centers, a game room, a movie theater, a golf simulator, a dog park and grooming station, an automated concession room, a rooftop pool with a spa and cabanas, rooftop bars, dining areas, BBQ grills and firepits. The property also includes 10k sf of ground floor commercial space which has very strong leasing activity and is already 33% leased to a coffee shop and a boba shop.
Construction for Opus was completed in June 2024 and pre-leasing started a month prior. By the time TCO was issued in early June, the property was already over 10% leased. Leasing velocity continued at a rapid pace and the property was nearly 90% leased at closing of the loan.
Max Sauerman and Tyler Shebeck, out of BWE’s Los Angeles office, originated a $205 mil senior loan and a $15 mil mezzanine loan from New York Life Real Estate Investors (NYLREI). The $205 mil, five-year senior loan included full-term, interest-only payments. The $15 mil, floating-rate mezzanine loan was co-terminus with the senior loan and was sized to just over breakeven on current pay. All parties worked closely to close the financing in about six weeks from rate lock.
BWE began working closely with Jamison very early in the leasing of the asset to identify a lender that could refinance the construction debt and provide significant cash well in advance of stabilization. Because of the excellent location, superior quality of improvements, and strength of the sponsor, NYLREI was willing to provide non-recourse, fixed rate for Opus before it was fully stabilized.
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