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2/17/25
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West Harbor, a planned 42-acre waterfront dining, entertainment and retail development adjacent to the Port of San Pedro, has been recapitalized with new financing of $61.5 mil. Located at 612 – 1422 S. Harbor Blvd, West Harbor is being developed by a partnership between the City of Los Angeles and the Port of Los Angeles with Jerico Development and The Ratkovich Company.
Opening in phases beginning in late 2025, the project will offer a vibrant collection of entertainment, dining and experiential spaces, making it one of the most significant new destinations in the Los Angeles region. West Harbor features 321.2k sf of leasable building and ground space, of which more than 80% has been pre-leased, with a near-full lease-up expected when the first phase opens this year.
The refinancing, which includes a new senior loan funded by Oceanview Life and Annuity Co, an affiliate of Bayview Asset Management LLC, along with PACE (property assessed clean energy) financing, will support the project’s accelerated development plans and expansion driven by strong leasing momentum. The financing was arranged by Newmark Executive Vice Chairman Bill Fishel, Directors Wyatt Strahan and Alethia Halamandaris and Associates Broderick Flagg and Anna Sporrong.
Aggregating the capital contributions of the developer, the project’s tenants, and the Port of Los Angeles, West Harbor represents an investment of over $500 mil into the community of San Pedro and is redefining the LA Waterfront. The new financing structure provided an accretive capital solution for the completion and stabilization of West Harbor.
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