Los Angeles — A partnership between the City of Los Angeles, the Port of Los Angeles, Jerico Development and The Ratkovich Co. has received $61.5 million for the recapitalization of West Harbor, a waterfront retail development in Los Angeles’ San Pedro neighborhood. The recapitalization will fund the completion and stabilization of the dining, entertainment and retail project, which is adjacent to the Port of Los Angeles. The property is more than 80 percent pre-leased.
Spanning 42 acres, West Harbor offers 117,205 square feet of leasable building area and 204,000 square feet of ground area, as well as a proposed 6,200-seat amphitheater and over one mile of water frontage. West Harbor is scheduled to open in phases beginning in late 2025.
Bill Fishel, Wyatt Strahan, Alethia Halamandaris, Broderick Flagg and Anna Sporrong of Newmark arranged the senior loan and subordinate C-PACE financing, which will fund sequentially behind the existing C-PACE lender. The new lender for the project is Oceanview Life and Annuity Co., an affiliate of Bayview Asset Management.