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Jamison has locked in $195M for the conversion of the former Arco tower at 1055 W. Seventh St.
The financing to turn the 33-story, approximately 620K SF office tower into mulitfamily units was provided by Prime Finance, according to Traded. The 1987-built tower was previously the home of petroleum company Arco and most recently bore exterior signage for the L.A. Care Health Plan.
The plan is to turn the tower into 686 units, among the larger conversion projects in the city. Construction has begun on the project.
Jamison has done a few conversion projects in Koreatown and has three under construction and 10 in the pipeline, including this one. This would be the tallest conversion the company has done.
Jamison was in the process of securing entitlements for the 1055 W. Seventh conversion as of September, Jamison Group CEO Jaime Lee told Commercial Observer in the fall. The developer began construction on the tower earlier this month.
Earlier this week, the $55M loan on a Koreatown mall owned by Jamison moved to special servicing.
The loan, secured by the City Center mall at 3500 W. Sixth St., was originated in November 2019. The balance on the loan is $51M, according to The Real Deal.
Four other Jamison properties, including 811 Wilshire in Downtown and Equitable Plaza near Wilshire Boulevard and Normandie Avenue, are also in special servicing. Forbearance agreements are in place for all properties in special servicing, with total debt amounting to about $230M across the four properties, TRD reported.
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