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11/17/22
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A venture between The Ratkovich Company and Jerico Development Inc is developing a 42-acre, multi-tenant retail center at the former site of Ports O’ Call Village in San Pedro. The transformative project, West Harbor, is now under construction with completion anticipated in 2024. It is located at 1200 Nagoya Way.
Construction on West Harbor is being financed with a $35 mil senior loan provided by Parkview Financial. This in addition to $55 mil of Commercial Property Assessed Clean Energy (C-PACE) financing, as well as $65 mil of investor equity.
The site is owned by the Los Angeles City Harbor Department, which has executed a long-term ground lease with the developer. The completed projected, delivered over two phases, will include a total of 125.5k sf. West Harbor will be anchored by multiple restaurants, including the first satellite location of Hollywood landmark Yamashiro; King & Queen Cantina with an overwater bar; a market hall for fast-casual dining; Bark Social, a membership off-leash dog park bar and café; a proposed 6,200-seat amphitheater developed in conjunction with the Nederlander Organization—in addition to a number of other tenants.
“Capitalizing a large, ground-up, retail construction project is incredibly difficult in today’s capital markets environment,” said Paul Rahimian, CEO and Founder of Parkview Financial. “The borrower was able to demonstrate to us a well-planned and solid project via success with substantial pre-leasing of nearly 70% of the project to best-in-class tenancy; meaningful equity investment from the sponsor; and backing from San Pedro and The Port of Los Angeles. Ultimately, Parkview’s loan dollars will complete the development after all other capital is deployed.”
In recent years, The Port of Los Angeles has expended more than $100 mil for infrastructure improvements directly supporting the development of West Harbor, including a promenade and town square, Harbor Blvd improvements, a recreational dock, an electrical substation, sewer lift station, and a Maritime Museum public pier.
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