Jamison Lands $50M for LA Community
Affinius Capital provided the financing for the 2023-built property.
Jamison Services Inc. has obtained a $50 million loan to refinance The Roya, a 157-unit community in Los Angeles. Affinius Capital provided the financing.
Existing property debt included a $35.5 million construction loan originated by BMO Bank in 2021, according to Yardi Matrix information.
The Roya is at 760 S. Serrano Ave., in Koreatown. The community is near the Wilshire/Western subway station on D Line, connecting it to downtown Los Angeles, located some 4 miles west.
Designed by AC Martin and completed in 2023, The Roya features studio, one- and two-bedroom units with layouts ranging from 476 to 987 square feet. The six-story building includes 10,000 square feet of ground-floor retail space. Shared amenities feature a resident lounge with coworking spaces, fitness center, karaoke room, pool deck with spa and roof deck with barbecue grills and firepits. The property also includes on-site parking.
Jamison entitled the development by utilizing Transit Oriented Communities incentives, which allow a larger building than zoning regulations would typically permit. In return, 16 of the community’s apartments have been designated as affordable for individuals with extremely low incomes, Urbanize Los Angeles reported. This mix of market-rate and affordable units can be found in other Jamison projects as well, such as a 100-unit community located 6 miles west of The Roya.
Apart from developing new multifamily projects, Jamison is also involved in office-to-residential conversions. In one of its recent adaptive reuse endeavors, the company started the transformation of a 13-story, 233,000-square-foot office building in Los Angeles into a 236-unit community featuring 15,000 square feet of street-level retail. The property at 3325 Wilshire Blvd. is 1 mile from The Roya.
