Phillip Lee Of Jamison Services Secures $195 Million Construction Loan For LA Development Site
1055 West 7th Street
$195,000,000
Building Size
—
Asset Type
Development Site
Closing
Jan 15, 2026
AI
A development site located at 1055 West 7th Street in Los Angeles has secured a construction loan amounting to $195 million. This site involves a substantial conversion of a 620,000-square-foot office tower into 686 residential units, representing a significant office-to-residential conversion project upon completion.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $195,000,000
- Asset Size: 620,000 BSF
- Address: 1055 West 7th Street
- Market: Los Angeles
- Lender: Prime Finance Partners
- Landlord: Phillip Lee - Jamison Services
- Broker: Moyer Fluent - Milestone Team - CBRE
- Loan Type: Construction
This transaction is facilitated by Jamison Services under the leadership of Phillip Lee. The project aims to optimize costs and expedite delivery by retaining a portion of the office space, contributing to Jamison's expansion in the Los Angeles multifamily market amidst a broader pipeline of conversion units in the metro area.
Players
Los Angeles Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.08%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93