Newmark has successfully arranged a $61.5-million recapitalization for West Harbor, an innovative waterfront retail destination in Los Angeles’ San Pedro neighborhood. The project, located at 612-1422 S. Harbor Blvd., combines entertainment and dining experiences to create a unique “eatertainment” concept.
The recapitalization will provide the necessary funding to complete and stabilize the 42-acre development, which is a partnership between the City of Los Angeles and the Port of Los Angeles with Jerico Development and The Ratkovich Company.
Executive vice chairman Bill Fishel led Newmark’s team in arranging this financing deal, along with directors Wyatt Strahan and Alethia Halamandaris as well as associates Broderick Flagg and Anna Sporrong. They were able to secure both a new senior loan as well as subordinate C-PACE financing that will follow behind an existing C-PACE lender. Oceanview Life & Annuity Co., an affiliate of Bayview Asset Management LLC, is providing the new loan for this project.
Fishel expressed his excitement about being involved in this transformative waterfront development once again after previously working on other projects such as Alhambra for The Ratkovich Company: “It has been quite rewarding to assist in recapitalizing West Harbor,” he said.”We are eager to see its completion bring positive change to the surrounding community.”
This successful recapitalization marks another milestone for Newmark’s impressive track record in real estate finance deals across various sectors including hospitality, office buildings,and mixed-use developments like West Harbor.
