Koreatown-based Jamison Properties, a subsidiary of Jamison Services, has completed its first ground-up construction project as the first of four new apartment developments that it will open in the Los Angeles market this year.
Maya is a seven-story, 72-unit, market rate apartment building at 535 S. Kingsley Drive in Koreatown and offers one- and two-bedroom units ranging from 580 square feet to 1,265 square feet.
Additions of new apartments haven’t kept up with the demand in the densely-populated neighborhood, said Jamison Properties Chief Executive Garrett Lee in a statement.
“We see that continuing for the foreseeable future, especially as vibrant urban environments such as Koreatown and downtown Los Angeles become the place of choice for young professionals,” Lee said.
Maya was designed by KFA Architects. Wilshire Construction served as general contractor.
The units contain high-end stainless steel appliances, stone countertops, wood-style plank flooring, in-unit washers and dryers and private balconies, among other amenities. The building offers a fitness center, a central courtyard with a pool and clubhouse, underground parking and a rooftop terrace with views of Hollywood and downtown Los Angeles.
Jamison is a major landlord in that neighborhood, owning and developing multiple projects in the densely-populated area. Previously, it converted two former commercial office buildings into multifamily residents.
In 2013, the company opened Westmore, a 127-unit conversion of a former 12-story office building at 3075 Wilshire Blvd in Koreatown. Three years later, Jamison opened Abbey, an adaptive reuse of a 1927 office building into a 110-unit apartment complex at 3550 W. 6th St., also in Koreatown.
Later this year, Jamison will branch out from its Koreatown roots and open Circa, a 648-unit luxury apartment complex at 1200 S. Figueroa St. across from downtown’s LA Live. Circa is being developed in partnership with Hankey Investment Co. and Falcon California Investments.
Refi for Stock Exchange
Westside-based commercial real estate lender iBorrow has provided a $10 million refinance loan on downtown’s old Pacific Stock Exchange Building at 618 S. Spring St.
The borrower plans on using the loan to improve the 15-story, 87,000-square-foot building, which includes a basement and three floors with outdoor terraces, iBorrow said in a statement. The plans include spending $2 million on upgrades and developing the office floors so each unit can be customized for tenants.
The owner is Koreatown resident Michael Chang, according to CoStar Group Inc. records.
“The borrower has successfully owned, developed and managed numerous downtown Los Angeles office buildings,” said iBorrow Chief Executive Brian Good in a statement. “This combination of factors made this loan a compelling one for iBorrow.”
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