BH3 Management and F2 Capital have jointly funded a $17.5 million bridge loan for the conversion of Topaz Tower, a 12-story office building in San Pedro. The project, led by Forbix and Urban Stearns, will transform the property into a 244-unit multifamily building near the West Harbor mixed-use development valued at $800 million.
Originally constructed in 1990, this two-tower complex spans an entire city block and includes ground-floor retail space as well as an adjacent parking garage with capacity for 650 vehicles. The renovated property will feature studio, one-bedroom, and two-bedroom units averaging approximately 839 square feet.
“We are thrilled to provide funding for this innovative adaptive reuse project in such a thriving market,” stated Greg Freedman , co-CEO & co-founder of BH3 Management . “In partnership with F2 Capital , renowned developers like Forbix and Urban Stearns , we are proud to be involved in this highly anticipated development.”
The article titled “San Pedro Office-to-Resi Conversion Secures Bridge Loan” was originally published on Connect CRE’s website.
