The property asset involved in this transaction is the former Pierce National Life Building located at 3807 Wilshire Boulevard, Los Angeles. The asset is categorized as an office type and is undergoing a conversion process to create 210 residential apartments as part of a construction loan agreement. The loan secured for this transformation is valued at $60 million.

Summary of transation details:

• Property Type: Office
• Transaction Amount: $60,000,000
• Lender: Scott Klein & Carl Goldsmith - Beach Point Capital Management
• Landlord: Jamie Lee - Jamison Properties
• Market: Los Angeles
• Note: Jamison Properties has been expanding its office-to-residential conversions, with 1.4 million square feet repurposed into 1,200 units.

The deal features key individuals such as Scott Klein and Carl Goldsmith, representing Beach Point Capital Management, who are providing the construction loan. Jamie Lee, representing Jamison Properties, is managing the property development aspect of the conversion project.