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Newmark has successfully arranged a $61.5-million recapitalization for West Harbor, an innovative waterfront retail destination known for its unique blend of dining and entertainment experiences. Located at 612 – 1422 S. Harbor Blvd in the San Pedro neighborhood of Los Angeles, this 42-acre development is a joint venture between the City of Los Angeles and the Port of Los Angeles in partnership with Jerico Development and The Ratkovich Company.
The financing was orchestrated by Newmark’s executive vice chairman Bill Fishel, directors Wyatt Strahan and Alethia Halamandaris, as well as associates Broderick Flagg and Anna Sporrong. It includes both a new senior loan from Oceanview Life & Annuity Co., an affiliate of Bayview Asset Management LLC, as well as subordinate C-PACE financing that will follow behind existing C-PACE lender.
Fishel expressed his excitement about being involved with this project once again after previously providing financing for it. He also mentioned other successful transactions he has worked on with The Ratkovich Company such as Alhambra.
“We are thrilled to have played a role in recapitalizing this transformative waterfront development,” said Fishel.”We can’t wait to see how it positively impacts the surrounding community.”
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