WAY Capital Closes $43 Million LoanCore Capital Refinancing for Red Hawk Property Management in Manhattan Beach
WAY Capital has closed $43 million in portfolio financing with LoanCore Capital for Red Hawk Property Management, the firm announced. The loan refinances four mixed-use properties in downtown Manhattan Beach, California, and the transaction was dated Oct. 9, 2026.
Deal Details: $43 Million Refinancing From LoanCore Capital
LoanCore Capital provided the $43 million loan, which WAY Capital arranged on behalf of borrower Red Hawk Property Management. The four properties total 32,062 rentable square feet, which works out to an average loan amount of approximately $1,342 per rentable square foot. That figure is a ratio of loan amount to rentable area and does not represent property value or leverage.
Each of the four properties combines ground-floor retail with second-floor office space. All four sit within a few blocks of the Manhattan Beach Pier, in the city's walkable downtown core.
The Manhattan Beach Portfolio
The collateral consists of the following properties, all in downtown Manhattan Beach:
- 1201 Morningside Drive
- 300 Manhattan Beach Blvd.
- 232 Manhattan Beach Blvd.
- 213 Manhattan Beach Blvd.
The property at 1201 Morningside Drive is marketed as a three-story, 12,000-square-foot Class B office building. It was built in 1985 and renovated in 2021. An office suite there is currently marketed at 1,970 square feet. The properties at 300, 232 and 213 Manhattan Beach Blvd. are part of the refinancing portfolio.
WAY Capital Deal Team
Malcolm Davies and Aiden Foster of WAY Capital led the transaction. In its announcement, WAY Capital thanked Red Hawk Property Management for entrusting the firm with the financing and thanked LoanCore Capital for partnering to complete it.
Downtown Manhattan Beach Market Context
Downtown Manhattan Beach's commercial market is supply constrained. Downtown retail and restaurant spaces are generally smaller than 3,000 square feet, with demand exceeding supply, while office suites are typically boutique-sized, ranging from roughly 500 to 5,000 square feet.
Asking rents reflect the location's premium. Downtown office space is generally marketed at approximately $3.50 to $5.50 per square foot on a full-service basis, while downtown retail is commonly marketed at approximately $5.00 to $8.00 or more per square foot on a triple-net basis. These are asking-rent ranges rather than executed rents.
Investment supply is also limited. Downtown mixed-use and retail buildings trade infrequently and at low cap rates because many are held as long-term or generational assets. That dynamic can make refinancing an alternative to selling for owners seeking to retain control of well-located properties.
Recent local listings show a wide range of pricing by asset quality, location, tenancy and property type. A property at 1112 Ocean Drive was marketed at $25 million, or approximately $2,233 per square foot. An office property was marketed at $6.2 million with a 6.1% cap rate, and a 3,768-square-foot retail/office property on Manhattan Beach Boulevard was marketed at $3.85 million. These listings are not direct comparables to the financed portfolio.
Outlook
The financing places a $43 million loan from LoanCore Capital against four small-format retail and office buildings in a supply-constrained coastal commercial submarket. The portfolio's ground-floor retail and second-floor office configuration matches the boutique tenancy profile that characterizes downtown Manhattan Beach.
Sources
- WAY Capital, "WAY Capital Closes $43 Million Portfolio Financing in Manhattan Beach, CA": https://www.waycapital.com/news/blog-43-million-portfolio-financing-manhattan-beach/