### West Harbor Developers Recapitalize San Pedro Project
Newmark has successfully arranged a $61.5-million recapitalization for West Harbor, a waterfront “eatertainment” retail destination in Los Angeles’ San Pedro neighborhood. Located at 612 – 1422 S. Harbor Blvd., this 42-acre development is a partnership between the City of Los Angeles, the Port of Los Angeles, Jerico Development, and The Ratkovich Company. The funds will support the project’s completion and stabilization.
The financing package includes a new senior loan and subordinate C-PACE financing, which will be deployed sequentially behind the existing C-PACE lender. Oceanview Life and Annuity Co., an affiliate of Bayview Asset Management, LLC, is the new lender for the project.
Executive Vice Chairman Bill Fishel, along with Directors Wyatt Strahan and Alethia Halamandaris, and Associates Broderick Flagg and Anna Sporrong, led the recapitalization efforts.
“Having previously financed the West Harbor project and worked on other transactions like The Alhambra for The Ratkovich Company, it’s been an exciting journey to assist in recapitalizing this transformative waterfront development,” said Fishel. “We look forward to seeing the completion of this dynamic project and its positive impact on the surrounding community.”
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Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax (www.griffintax.com) and REVVED Up Accounting (www.revvedupaccounting.com). In addition, Steve founded Madison Avenue Technology (www.madisonave.tech). With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.
