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West Harbor Secures $65 Million In Total Equity For Dining And Entertainment Destination On La Waterfront

Apr 18, 2022•over 3 years ago

Amount Raised

$65 Million

Los Angeles

Description

West Harbor, the first-of-its-kind 42-acre new ground-up dining and entertainment destination on the Los Angeles Waterfront, has secured an additional $35 million in equity financing from Osprey Investors, a private equity firm that has previously invested in the project. The project has now raised a total of $65 million in outside equity toward its $150 million cost, putting it in a strong position to secure favorable debt financing and reflecting significant, institutional-scale confidence in the project.

Company Information

Company

West Harbor

Location

Los Angeles, California, United States

About

West Harbor is a modern and vibrant harbor-side entertainment district featuring a broad array of retail, dining, and public attractions unlike any other in Southern California and beyond. West Harbor is the realization of the collaborative vision of two long-standing Southern California-based, family-owned businesses (The Ratkovich Company and Jerico Development). The project is being developed in partnership with the City and Port of Los Angeles, who together are redefining what the LA Waterfront can be. Groundbreaking for the project is anticipated in the second quarter of 2022, with a public debut in 2023. Like no space before it, West Harbor will juxtapose the bustling energy of a working port with the public at play, introducing an entirely new destination that expands public access to the entire LA Waterfront. With multiple, compelling means of arriving at the destination: from the large courtesy dock and water taxis to bike paths and Metro's Express Lanes, visitors can essentially drive, bike, walk, and even sail to the destination. West Harbor will further link to the California Coastal Trail, seamlessly connecting the greater Los Angeles region to the destination. Complementing this new entertainment district are nearby businesses both historic and modern, including farmers' and pop-up markets, AltaSea (a cutting-edge marine research center and blue tech incubator), and the vibrant Downtown San Pedro Arts District. To learn more about West Harbor and for updates on the project, visit WestHarborLA.com, follow @westharborlosangeles and West Harbor on Facebook.

Funding Insights

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