Newmark arranged the $61.5-million recapitalization of West Harbor, a waterfront “eatertainment” retail destination located at 612 – 1422 S. Harbor Blvd. in Los Angeles’ San Pedro neighborhood. The recapitalization will fund the completion and stabilization of the 42-acre development, a partnership between the City of Los Angeles and the Port of Los Angeles with Jerico Development and The Ratkovich Company.

Executive vice chairman Bill Fishel, directors Wyatt Strahan and Alethia Halamandaris and associates Broderick Flagg and Anna Sporrong arranged the financing, with both a new senior loan and subordinate C-PACE financing which will fund sequentially behind the existing C-PACE lender. The new lender for the project is Oceanview Life and Annuity Co., an affiliate of Bayview Asset Management, LLC.

“Having previously financed the West Harbor project and been involved with other transactions, such as 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.”