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 on the San Pedro waterfront at the Port of Los Angeles. The financial arrangement includes $10 million in PACE financing from Bayview PACE and a $51.5 million senior loan provided in December 2024 by Oceanview Life and Annuity Co. Both Bayview PACE and Oceanview are affiliates of Bayview Asset Management, based 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 funding along with 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 a public-private partnership between the Port of Los Angeles and a joint venture of San Pedro-based Jerico Development, Inc. and The Ratkovich Company of Los Angeles.
