Beach Point Capital Management Lends $60M for L.A. Office-to-Resi Conversion
By Andrew Coen March 25, 2025 1:17 pm
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Multifamily developer Jamison Properties has landed $60 million of construction financing to complete an office-to-residential conversion in Los Angeles, Commercial Observer has learned.
Beach Point Capital Management provided the loan on the developer’s planned adaptive reuse project of the former Pierce National Life Building property at 3807 Wilshire Boulevard in L.A’s Koreatown.
L.A.-based Jamison plans to transform the 1971-built structure into 210 apartments. It initially filed permits in 2022 to convert the upper floors of the 13-story building into 170 residential units along with a 7,100-square-foot lounge and rooftop pool deck, Urbanize Los Angeles reported at the time.
Jamison is also converting a nearby Koreatown former office building into multifamily use at 3325 Wilshire Boulevard with plans for 236 apartments and 15,000 square feet of ground-floor retail space, CO previously reported. The firm has converted 1.4 million square feet of office properties into 1,200 residential units in recent years to comprise 20 percent of its multifamily portfolio, according to Jamison.
Beach Point Capital Management and Jamison declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com
