Los Angeles’ 42-Acre West Harbor Project Secures $61.5 Million in Financing

Coral Gables, FL and Los Angeles, CA (July 8, 2025) – Bayview PACE today announced the closing of a $61.5 million financing package for the key second phase of West Harbor, the 42-acre open-air retail/mixed-use project now under construction in San Pedro on the Port of Los Angeles waterfront. The financing package includes $10 million of PACE financing from Bayview PACE and a $51.5 million senior loan, which was closed in December of 2024, provided by Oceanview Life and Annuity Co.  Bayview PACE and Oceanview are affiliates of Bayview Asset Management, the Coral Gables, FL-based financial institution with $21 billion in assets under management.

“We’re excited to be able to provide this innovative combination financing for a complete capital stack solution,” said Matt Philip, Bayview’s Head of Commercial Lending who arranged the funding along with SVP of Originations, Brian Selander. “More and more commercial real estate projects are benefiting from this innovative funding solution that supports both refinancings and new construction.”

West Harbor is public-private partnership between the Port of Los Angeles and a joint venture between San Pedro, CA-based Jerico Development, Inc. and The Ratkovich Company of Los Angeles.

Upon completion, the West Harbor “eatertainment” complex will feature  entertainment offerings and a mix of waterfront restaurants and retail. Plans call for 117,205 square feet of leasable building space and 204,000 square feet of ground area, along with a 6,200-seat amphitheater. West Harbor will also include a one-mile-long waterfront promenade, a 1,200-linear-foot public dock for boat access, more than 200,000 square feet of waterfront attractions and excursions, a 175-foot Ferris wheel and other amenities.

The development, which announced several new tenants in late 2024, is more than 80 percent pre-leased. With a first phase building now complete, the second phase funded by Bayview is under construction. Initial opening is planned in early 2026.

“In today’s construction lending landscape, developers can face significant challenges in pulling together appropriate financing and C-PACE is becoming a go-to solution to complement almost any capital stack,” said Head of C-PACE, Anne Hill at Bayview PACE. Bayview’s Commercial Property-Assessed Clean Energy (C-PACE) financing offers favorable and cost-effective terms for qualified improvements in energy, lighting, water systems, building envelope and other resiliency components, and it can be applied to new construction as well as renovations.

“Creative combination financings that include C-PACE are becoming a more standard bridge-finance and construction-finance solution, especially during tight lending and challenging interest rate environments,” added Hill.

General contractor for the project is Santa Fe Springs, CA-based MATT Construction Corp. Architect is Studio One Eleven of Long Beach, CA. The leasing broker for the property is Retail Insite, of Solana Beach.

C-PACE financings to date in the U.S. exceed well over $10 billion, according to the C-PACE Alliance. It has been approved through legislation in 40 states, gaining popularity among real estate owners and the financial institutions looking to serve them.