Lending Successful

Traceable Local Seafood On The Oregon Coast

by Bayocean Shellfish Company
Traceable Local Seafood On The Oregon Coast

Transforming a historic oyster house into a coastal hub, connecting people with traceable local seafood and Oregon's working-waterfront culture.

Project Summary
  • Location: Tillamook, OR
  • Loan Term: 24 months
  • Net Interest Rate: 8.00% APR
  • Repayments Begin: 1 month after disbursement
$485,000
100% of $485,000

Funded on 11/13/2025

Overview

Bayocean Shellfish Company (Bayocean) is a coastal hospitality company rooted in Oregon’s fishing and aquaculture heritage. Founded by chef-diver Jacob Harth and hospitality leader David Sisler, the business was created to bring transparency, integrity, and local connection back to the state’s seafood culture. Their work honors the people and ecosystems that make Oregon’s coast thrive.

The historic oyster house on Tillamook Bay is being restored as a hub for regional seafood sourcing and community gathering, which includes value-added processing, retail, and restaurant space. The property is being brought back to life through a dynamic partnership between Urban Patterns, development and design partner, and the operating team, chef Jacob Harth and operations manager David Sisler. Local Bayocean LLC, led by Ben Gates and James Lee of Urban Patterns, is the entity that will own the physical space, and once operational, Bayocean Shellfish Company will serve as the operating company. Shared ownership keeps the hard asset and day-to-day execution in concert, preserving rare working-waterfront infrastructure and keeping value circulating within local supply chains. Every product will tell the story of where it was harvested, who caught it, and how it connects to the larger health of the coast.

Through traceable sourcing, waste reduction, and local partnerships, Bayocean embodies a vision of modern coastal enterprise that is both deeply rooted and forward-looking, strengthening livelihoods and celebrating the living waters of Oregon.


Use of Funds

This real estate loan will be used to acquire the property where the new local seafood hub will be located on Tillamook Bay. Planning for the construction and renovation of the old oyster house is already underway. Once the property is acquired, the Urban Patterns team, alongside operating partners, Jacob and David, will be able to move forward with plans and permits to commence construction and get the property operational. This loan will likely be refinanced with a construction loan once all plans and permits are in place.


Stewardship Statement

Bayocean partners with sustainable farmers and fishermen to promote ethical seafood practices. They focus on responsibly managing bycatch, product traceability, and use of local ingredients. Their mission is to move away from the exploitation-driven practices of multinational corporations, and instead champion the collective efforts of small-scale, local fishermen and farmers who are committed to ecological stewardship and community sustainability.

Throughout the term of this loan, Bayocean pledges to:

  • Protect the ecosystem by sourcing seafood with full traceability and prioritize practices that protect marine life, restore habitats, and build climate resilience through thoughtful use of bycatch and sustainable aquaculture.
  • Support the local economy through sourcing over 80% of the products directly from regional producers, which will directly correlate to more money generated for local economies.
  • Provide high-wage jobs (above living-wage), on-site employee housing, and opportunities that blend industry with tourism.


Ecological, Social, and Economic Stewardship Practices

Ecological Stewardship

  • Ensuring visibility into every step of the sourcing process, including the captain's name, fishing vessel, harvest location, and methods of harvest before making a purchase. 

  • Sourcing from farmers and fishermen who utilize practices that avoid depleting wild populations and ensure non-intrustive methods to keep the ecosystem undisturbed.

  • Exemplified by Hayes Oyster Company, an oyster farm located in the bay whose practices include hand-harvesting oysters one by one. Farmed oysters avoid depleting wild populations and actively contribute to the health of the bay by filtering and purifying the water. 

  • Sourcing wild clam harvests, where the use of gentle, non-intrusive methods ensures the bay’s delicate ecosystem remains undisturbed.

  • Incorporating underutilized species in the restaurant menu.

Social Stewardship

  • Creating a transparent, community-rooted food supply chain that connects people directly to the producers in their community. 

Economic Stewardship

  • Setting a new standard for supply chain transparency, with over 80% of its restaurant and retail products sourced directly from local producers and suppliers. This includes seafood, grain, produce, dairy, wine, beer, and locally foraged ingredients.

  • By committing to local sourcing, Bayocean will increase additional funds generated for the local economy. Currently over 90% of the seafood sold and consumed on the Oregon coast is imported from distant markets. It’s estimated that this results in a total economic leakage of $252 million a year (Source: Oregon Coast Visitors Association). Research indicates that just a 10% increase in local seafood usage on the Oregon Coast would generate an additional $90 million for local economies (Source: Radtke, Hans & Davis, Shannon. 2022).

  • Providing living wage jobs and on-site employee housing, addressing the critical lack of affordable housing in the area. 

  • Creating sustainable employment opportunities to ensure more money circulates within the local economy. 

This loan will be made to Local Bayocean LLC, an Oregon limited liability company, who will acquire a historic oyster processing facility located in Tillamook, Oregon, with the goal of redeveloping the site into a dynamic seafood hub. 

The total loan amount is $485,000, which will assist Local Bayocean LLC in purchasing the oyster facility. The total contracted price for the property is $575,000. The remaining balance of the facility purchase will be contributed by owner equity. A 3 month interest reserve will be withheld from the loan proceeds to cover interest payments if the borrower is unable to meet debt obligations or to fund the final three interest payments at the end of the loan term.

This is a secured loan with a first priority deed of trust on the oyster facility as well as a UCC-1 financing statement on all assets held by Local Bayocean LLC. The borrower’s interest rate is 8.50%, with a net interest of 8.0% paid to participating lenders after Steward’s loan servicing fee is applied. The loan carries a 24-month term, with interest-only payments throughout the term, followed by a balloon payment at term maturity.


Steward Underwriting Analysis Download

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