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3807 Wilshire Boulevard

Updated Oct 13, 2026

Jamie Lee Of Jamison Properties Secures $60 Million Construction Loan For Development Site In Los Angeles
FINANCEDDevelopment Site

Jamie Lee Of Jamison Properties Secures $60 Million Construction Loan For Development Site In Los Angeles

3807 Wilshire Boulevard

$60,000,000

Units

1,200

Asset Type

Development Site

Closing

Mar 25, 2025

About this deal

AI

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.

On the Map

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$60,000,000

Development Site

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Players

Scott Klein

Beach Point Capital Management

Lender
Lender
Beach Point Capital Management
Beach Point Capital ManagementLender

Jamie Lee

Jamison Properties

Landlord
Landlord
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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.26%

Cash-on-Cash

-0.08%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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