Embarcadero Capital Partners has secured $22.4 million in financing for its redevelopment of Campus 56, a Westside office complex.

The financing comes from Rialto Capital Management and was arranged by CBRE Group Inc.’s Mike Walker and Brad Zampa, with help from Sean Sullivan, Todd Tydlaska, Mike Longo and Greg Grant.

“Campus 56 is very well located in West Los Angeles at the gateway to Playa Vista along Centinela Avenue,” Walker said in a statement. “The property is ideally positioned to benefit from continued demand from the production, content, media and technology companies that cluster here and favor the region.”

Located on 1.76 acres at 5600 and 5650 W. Centinela Ave., the campus contains two buildings; one was erected in 1956 and the other in 1985.

Embarcadero Capital Partners purchased the buildings in 2018 for nearly $12 million from Bergelectric Corp., records show. Bergelectric used the property as its headquarters but had vacated by the time it sold.

After its redevelopment, the campus will have office space and flex space for media, studio and creative office tenants. Amenities will include open concept space, additional parking, landscaping and upgraded systems.

The Westside has the highest office rates of any area during the third quarter of the year at $5.65 a square foot, up 18 cents in a year, according to data from Jones Lang LaSalle Inc.

Despite the pandemic, the office vacancy rate is only 10.9%, up slightly from 10.6% the previous year.

Campus 56 isn’t the only L.A. project to receive funding lately. Parkview Financial announced earlier this month that had loaned Janone Development $16.6 million to construct a six-story, 39-unit apartment building at 1100 to 1110 S. Hobart Blvd., near Koreatown. Work on the project is underway.