The asset involved in this transaction is a development site located at 2001 Van Buren Street in Hollywood. The property is part of the Soleste Hollywood Village North project, which is a 12-story structure featuring 300 apartments and eight live-work units. The loan amount secured for this development is $70,800,000, provided as a construction loan by Nationwide Life Insurance Company.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $70,800,000
• Lender: Nationwide Life Insurance Company
• Landlord: Estate Companies - Robert Suris & Jeffrey Ardizon
• Market: Hollywood
• Loan Type: Construction Loan

The loan was secured by Estate Companies, represented by Robert Suris and Jeffrey Ardizon, indicating their involvement in the development financing process. This alignment with trends in the market highlights the growing preference among developers to seek favorable loan terms from insurance firms amid the current economic conditions.