![\"Placeholder\"\/](\"https:\/\/www.newsbeep.com\/us-ca\/wp-content\/uploads\/2025\/10\/placeholder.png\")
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\n The tower was previously home to Arco but more recently bore the name of healthcare company L.A. Care.\n <\/p>\n
Jamison\u00a0has locked in\u00a0$195M for the conversion of the former Arco tower at\u00a01055 W. Seventh St.<\/p>\n
The financing to turn the 33-story, approximately 620K SF office tower into mulitfamily units was provided by Prime Finance<\/a>,\u00a0according to\u00a0Traded<\/a>. The 1987-built tower was previously the home of petroleum company\u00a0Arco and most recently\u00a0bore exterior signage for the\u00a0L.A. Care Health Plan.<\/p>\n The plan is to turn the tower into 686 units, among the larger conversion projects in the city. Construction has begun on the project.<\/p>\n Jamison has done a\u00a0few\u00a0conversion projects in Koreatown<\/a>\u00a0and has three under construction and 10 in the pipeline, including this one. This would be the tallest conversion\u00a0the company has done.<\/p>\n Jamison was in the process of securing entitlements for the 1055 W.\u00a0Seventh conversion as of September, Jamison Group CEO Jaime Lee\u00a0told Commercial Observer<\/a> in the fall. The developer began construction on the tower earlier this month.<\/p>\n Earlier this week, the $55M loan on a Koreatown mall owned by Jamison moved to special servicing.\u00a0<\/p>\n The loan, secured by the City Center mall at\u00a03500 W.\u00a0Sixth St., was originated in November 2019. The balance on the loan is $51M, according to The Real Deal<\/a>.\u00a0<\/p>\n Four other Jamison properties, including 811 Wilshire in Downtown and Equitable Plaza near Wilshire Boulevard and Normandie Avenue, are also in special servicing. Forbearance agreements\u00a0are in place for all properties in special servicing, with total debt amounting to about $230M across the four properties, TRD reported<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"The tower was previously home to Arco but more recently bore the name of healthcare company L.A. Care.…\n","protected":false},"author":2,"featured_media":138857,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[70321,70320,70319,48,52,51,47,50,49],"class_list":["post-138856","post","type-post","status-publish","format-standard","has-post-thumbnail","category-los-angeles","tag-jaime-lee","tag-jamison-properties","tag-jamison-services","tag-la","tag-la-headlines","tag-la-news","tag-los-angeles","tag-los-angeles-headlines","tag-los-angeles-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/138856","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=138856"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/138856\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/138857"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=138856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=138856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=138856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}