June 29, 2017
New York-based Square Mile Capital Management LLC originated a $70.5-million loan secured by 3600 Wilshire Blvd., a 22-story, 415,000-square-foot office building located on Wilshire Boulevard in Los Angeles’ Koreatown neighborhood. Jamison Services, Inc. originally acquired the building in 1999, and is refinancing the existing debt.
Additionally, Square Mile’s loan includes proceeds to fund future capital expenditures and leasing costs. The property is near The Line LA hotel, and the Metro Purple Line’s Wilshire/Normandie station. It was built in 1961, and is roughly 75% occupied.
Square Mile’s Michael Mestel said, “This transaction gave us the opportunity to provide financing at a secure basis on an asset with great potential. The sponsor has an extensive track record of success throughout Los Angeles, and specifically in Koreatown.”
For comments, questions or concerns, please contact Dennis Kaiser