Sub Markets

Property Sectors

Topics

California CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New call-to-action
California  + Finance  | 

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

Connect

Inside The Story

Connect With The Michaels OrganizationConnect With Berkadia

About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Financing
  • ◦Development
New call-to-action
New call-to-action