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Michaels Closes on L.A.’s Jordan Downs Redevelopment
Camden, NJ-based The Michaels Organization is set to break ground on the third phase of new housing at Jordan Downs, after successfully achieving a financial closing this month. Located in the Watts neighborhood of Los Angeles, this is the latest milestone in a comprehensive redevelopment of the city’s largest public housing community by the Housing Authority of the City of Los Angeles, along with Michaels and Bridge Housing.
The $58-million Phase S3 development will provide 92 new apartments, affordable to households earning between 30% and 80% of the Area’s Median Income (AMI). Phase S3 units will be offered in a variety of floor plans, featuring one- through four-bedrooms, and will feature sustainable finishes and energy-efficient appliances.
Financing for Phase S3 includes equity from Berkadia’s purchase of 9% Federal Low-Income Housing Tax Credits, and permanent loans through Freddie Mac, the State of California’s Affordable Housing and Sustainable Communities program, and the Housing Authority of the City of Los Angeles.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Development

