Thorofare Capital has provided a $26,000,000 floating-rate senior loan for the refinance of The Blackstone Building, a six-story historic mixed-use property located at 901 S. Broadway in Downtown Los Angeles.

Constructed in 1917 as a flagship department store, the building was redeveloped between 2008 and 2010 under the Los Angeles Adaptive Reuse Ordinance and converted into 82 residential units with ground-floor retail. The renovation included a full interior rehabilitation, modernization of building systems, seismic and structural upgrades, and the addition of a two-level subterranean parking garage. The property is recognized as a Los Angeles Historic Cultural Monument and benefits from the Mills Act program, which provides a recurring property tax reduction through an income capitalization valuation agreement.

The building totals 45,252 square feet of residential space and 9,428 square feet of street-level retail. As of July 2025, the property was 93.9% occupied. It is not currently subject to Los Angeles rent control and will become subject to California Assembly Bill 1482 beginning in March 2026. Prior seismic work completed during the 2010 redevelopment supports an exemption from the city’s non-ductile concrete retrofit program based on the building’s steel frame construction and previously completed upgrades.

Loan proceeds were used to refinance the maturing first mortgage, fund closing costs, and support the sponsor’s long-term plan for the property. The interest-only loan is fully funded at closing and features a 24-month initial term with two 12-month extension options, floating at 1 Month Term SOFR plus 3.65 percent with a 3.50 percent floor. This structure provides runway for continued stabilization, retail lease-up, and pursuit of permanent financing.

The sponsor is an experienced real estate owner and operator with a long history of adaptive reuse and historic rehabilitation projects throughout the Los Angeles market.