BH3 Management and F2 Capital have secured a $17.5 million bridge loan for the conversion of Topaz Tower, a 12-story office building in San Pedro. The project, led by developers Forbix and Urban Stearns, will transform the property into a 244-unit multifamily building near the West Harbor mixed-use development.
Originally constructed in 1990, this two-tower property spans an entire city block and includes ground-floor retail space as well as an adjacent parking garage with 650 spaces. The repositioned building will feature studio, one-bedroom, and two-bedroom units averaging at approximately 839 square feet.
“We are thrilled to provide capital for this innovative adaptive reuse project in such a thriving market,” stated Greg Freedman , co-CEO & co-founder of BH3 Management . “Teaming up with F2 Capital , who has a proven track record in this market along with experienced developers like Forbix and Urban Stearns , we are proud to be part of this highly anticipated development.”
