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Newmark arranges note sale for Topaz Tower adaptive reuse in San Pedro
The 309,732-square-foot office tower is entitled to convert into 246 market-rate multifamily units at 222 W. 6th St.
Newmark arranged the sale of a note secured by Topaz Tower, a fully entitled adaptive reuse development in San Pedro at 222 W. 6th St., according to ConnectCRE.
The project involves a 12-story, 309,732-square-foot office tower that has been entitled for conversion into 246 market-rate multifamily units, with the plan to include studio through three-bedroom residences.
ConnectCRE said the lender was represented by Executive Managing Director Ryan Plummer, Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Ken White, Senior Managing Director Chris Benton and Managing Director Anthony Muhlstein.
The buyer was 222 PV Harbor View, LLC, a private Los Angeles-based residential developer, and the planned amenity set includes a rooftop deck with a resort-style pool, ocean-view units, balconies and high ceilings.