Thorofare Capital has provided a $22,000,000 floating-rate senior loan to refinance The Harbor Building, a six-story building totaling 259,484 square feet located at 4201 Wilshire Boulevard in Los Angeles’ Mid-Wilshire submarket.

Originally constructed in 1958 and renovated in 1990, the property is positioned for a planned conversion from office to multifamily use. The business plan is supported by the City of Los Angeles’ expanded adaptive reuse framework, which has helped accelerate the path for office-to-residential conversions across the city.

The property is currently 39.6% occupied, generating interim cash flow during the transition period. The building also includes 451 on-site parking spaces, a meaningful attribute for a future residential conversion in this infill Los Angeles corridor.

Loan proceeds were used to refinance the existing maturing loan and provide additional time for the sponsor to complete design and pre-development work, advance the conversion plan, and pursue construction financing for the next phase. The interest-only, floating-rate structure provides flexibility as the project moves toward a full redevelopment and long-term execution.

The sponsor is an experienced Los Angeles-based real estate owner and developer with a long track record of executing adaptive reuse and repositioning projects, including multiple office-to-residential conversions, across the Wilshire Boulevard corridor and other infill submarkets.