**BWE Secures $220M in Financing for Jamison’s Opus Apartments in Koreatown**
BWE has announced the successful arrangement of $220 million in financing for Opus, a newly constructed 428-unit luxury apartment property located in Los Angeles’ Koreatown neighborhood. The financing was secured on behalf of an affiliate of Jamison Properties, LP.
The loan package includes a $205 million senior loan and a $15 million mezzanine loan, both provided by New York Life Real Estate Investors (NYLREI). The senior loan is a five-year, full-term interest-only facility with the rate locked at application. The mezzanine loan, featuring a floating rate, is co-terminus with the senior facility and sized to just over breakeven on current pay.
BWE’s Senior Vice President Max Sauerman and Vice President Tyler Sebeck originated the financing.
“Jamison developed a wonderful project and NYLREI, to their credit, was able to provide excellent loan terms on an asset that was not yet fully stabilized,” said Sauerman. “It was refreshing to have a lender that’s comfortable with good real estate, in the right location and at the right basis, despite choppy capital markets.”
Completed in June 2023, Opus is currently approximately 90% leased, highlighting the strong demand for high-quality residential product in the Koreatown submarket.
