Bayview PACE closed a $61.5-million financing package for the 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 provided in December 2024 by Oceanview Life and Annuity Co. Bayview PACE and Oceanview are affiliates of Bayview Asset Management, based in Coral Gables, FL.
“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 a public-private partnership between the Port of Los Angeles and a joint venture of San Pedro-based Jerico Development, Inc. and The Ratkovich Company of Los Angeles.
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