BH3 Management and F2 Capital have provided a $17.5-million bridge loan for Forbix and Urban Stearns’ conversion of Topaz Tower, a 12-story, 294,000 square-foot office building located in San Pedro. The developers have received entitlements to transform Topaz into a 244-unit multifamily building near the $800-million West Harbor mixed-use development.
Originally built in 1990, the two-tower property occupies a full city block and includes 30,000 square feet of ground-floor retail and an adjacent 650-space parking garage. The repositioned property will offer various sized studio, one-bedroom and two-bedroom unit layouts averaging 839 square feet.
“Our firm is excited by the opportunity to provide capital to this innovative adaptive reuse project in a booming market,” said Greg Freedman, co-CEO & co-founder of BH3 Management. “Alongside F2 Capital, which has a long record of success in this market and seasoned developers like Forbix and Urban Stearns, we’re happy to be a part of this highly anticipated development.”
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