West Harbor, the 42-acre waterfront development on the LA Waterfront in San Pedro, Calif., has secured $61.5 million in financing.
The refinancing combines a new senior loan, funded by Oceanview Life and Annuity Company, and subordinate Commercial Property Assessed Clean Energy (C-PACE) financing to fund the completion and stabilization of the $500 million development at 612 – 1422 South Harbor Boulevard near Long Beach. The development and ownership team is a partnership between the City of Los Angeles and the Port of Los Angeles, along with Jerico Development and The Ratkovich Company.
The entertainment, dining and experiential destination will include 321,205 square feet of leasable building and ground space, of which more than 80 percent has been pre-leased. West Harbor will open in phases starting later this year. It will feature the first satellite location of Hollywood icon Yamashiro as well as Mike Hess Brewing, Poppy + Rose, King and Queen Cantina, and Mario’s Neighborhood Butcher Shop & Delicatessen. Developers also plan a 6,200-seat amphitheater and an art gallery next to the famous San Pedro Fish Market.
“This refinancing allows West Harbor to take advantage of our recent pre-leasing momentum and combine what originally was a two-phase project delivery into a sustained single phase, accelerating full buildout of the entire West Harbor site by years,” Eric Johnson, president of Jerico Development, said in a statement.