**Bayview PACE Closes $61.5M Financing for Second Phase of West Harbor in San Pedro**
Bayview PACE has finalized a $61.5 million financing package for the second phase of West Harbor, a 42-acre open-air retail and mixed-use development currently under construction along the Port of Los Angeles waterfront in San Pedro.
The financing includes $10 million in Property Assessed Clean Energy (PACE) funding provided by Bayview PACE, complemented by a $51.5 million senior loan issued in December 2024 by Oceanview Life and Annuity Company. Both Bayview PACE and Oceanview are affiliates of Bayview Asset Management, headquartered in Coral Gables, Florida.
“We’re excited to be able to provide this innovative combination financing for a complete capital stack solution,” said Matt Philip, head of commercial lending at Bayview, who arranged the financing alongside Brian Selander, SVP of originations. “More and more commercial real estate projects are benefiting from this innovative funding solution that supports both refinancings and new construction.”
West Harbor is being developed through a public-private partnership between the Port of Los Angeles and a joint venture between Jerico Development, Inc., based in San Pedro, and The Ratkovich Company of Los Angeles.
