West Harbor Breaks Ground on LA Waterfront, Secures $90M Loan
West Harbor, a 42-acre dining and entertainment destination along the waterfront, has broken ground in the San Pedro area of Los Angeles, and is expected to be completed in 2024. The project has also closed on $90 million of construction financing, adding to the $65 million of investor equity and funding it has already secured.
The project is being jointly developed by The Ratkovich Company and Jerico Development, and will feature multiple restaurants, a market hall for fast-casual dining, a dog park bar and cafe and a proposed 6,200-seat amphitheater. “I’m proud of our team for their hard work in securing an accretive financing package that will make West Harbor the heart of the LA Waterfront,” said Ratkovich CEO Brian Saenger.
West Harbor was also able to take advantage of $55 million in C-PACE financing for the up-front costs of energy and water-efficient construction and improvements at more favorable terms. The remaining $35 million was provided by a senior construction loan from Parkview Financial. JLL arranged the financing structure for the project.
Image courtesy of project designer Studio One Eleven
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.