A 13-story office tower on Wilshire Boulevard is getting a new lease on life, with Jamison Properties locking in a $60 million construction loan to turn the Koreatown building into hundreds of apartments.
Public records filed in late April show the financing is tied to the conversion of 3424 Wilshire Boulevard, a more than 200,000-square-foot office building that Jamison plans to remake into roughly 260 apartments through adaptive reuse. The records, along with engineering materials for the site, line up with a 260-unit conversion plan previously outlined by The Real Deal. Jamison did not immediately respond to requests for comment on the fresh funding.
Loan documents indicate that Jamison founder Dr. David Lee signed the papers and that the debt is specifically tied to the apartment conversion effort, according to The Real Deal.
Jamison's project listing
Jamison has not exactly kept its interest in the site a secret. On the company’s own projects page, 3424 Wilshire is listed as a mixed-use multifamily and retail development, grouped with other Wilshire-area conversions in the firm’s pipeline. The listing confirms the project as an active entry on Jamison’s roster, per Jamison Properties. Even so, public records and company materials offer only sparse detail on the construction timeline.
Policy and market tailwinds
The loan lands at a moment when City Hall and the market are both nudging owners to rethink half-empty office buildings. Earlier this year, the Los Angeles Times reported that city rule changes, paired with surging investor interest, are speeding up conversions along Wilshire and other major corridors.
Local trade coverage has also noted that lenders and specialized conversion funds are homing in on adaptive reuse opportunities as the math on older office towers gets tougher, according to the Los Angeles Business Journal.
How this fits for Jamison
For Jamison, the $60 million note is one more piece in a larger conversion spree. Earlier in 2026, the firm secured roughly $195 million in financing to turn 1055 West Seventh Street into hundreds of apartments, a marquee job in its growing redevelopment pipeline, according to Commercial Observer. Several other office-to-residential projects along Wilshire and in downtown Los Angeles are also underway, signaling Jamison’s bet that adaptive reuse will continue to feed the region’s demand for rental housing.
Leadership and lingering risks
All of this is happening as the company recalibrates at the top. Jamison recently shifted its leadership structure so that Jaime Lee stepped back from the chief executive role and stayed on as an advisor, while Garrett Lee moved into the CEO seat, a change first reported by The Real Deal.
At the same time, parts of Jamison’s debt portfolio, including a separate Koreatown mall loan, have moved into special servicing, as industry coverage has noted. Those moves underscore the financial tightrope that can come with large, multi-site conversion programs.
The new $60 million loan should allow Jamison to advance construction documents and prep the Wilshire site for buildout. Still, the project must clear city review, lock in contractors and confirm that tenant demand holds up by the time the roughly 260 units are ready for leasing. Neighbors, planners and lenders will be keeping a close eye on how quickly Jamison can move from fresh financing to cranes in the air on this Koreatown block.
