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.