BRIDGE Housing Lands $11M Refi for Affordable LA Development

Park Place at Jordan Downs rendering. Image courtesy of JLL Capital Markets

BRIDGE Housing Corp. has received $10.5 million in construction takeout refinancing for Park Place at Jordan Downs, an 80-unit affordable housing development in Southeast Los Angeles.

A JLL Capital Markets team led by Senior Director Anson Snyder arranged the loan on behalf of the borrower. JLL Real Estate Capital LLC will service the 17-year, fixed-rate, Fannie Mae loan.

Yardi Matrix data shows that the developer took out several loans in 2020 to finance the construction of the fully affordable project, including:

• a $22.7 million construction loan from Wells Fargo Bank
• a $10 million construction loan from a private lender
• a $1.9 million self-financed construction loan from BRIDGE Housing

Park Place at Jordan Downs is set to cater to residents earning between 30 and 80 percent of the area median income. Plans call for one-, two-, three- and four-bedroom floorplans. The community will provide a business center, a community room, a playground, a computer lounge, outdoor areas with barbecues, laundry facilities, controlled access and parking spaces. The development will be designed as a green building, seeking LEED Silver certification.

Situated in an Opportunity Zone in the Watts neighborhood, Park Place will rise on an 18.3-acre site at 2062 E 99th Place, in an area where residents will have immediate access to numerous retail, dining and entertainments options. The property will remain subject to a 75-year, unsubordinated net ground lease held by the Housing Authority of the City of Los Angeles.

A massive redevelopment in the works

Park Place at Jordan Downs project is part of the City’s multibillion-dollar, public housing redevelopment plan. HACLA intends to revitalize the Jordan Downs community with the construction of new affordable and market-rate housing, parks and green areas, retail spaces and new infrastructure.

The Jordan Downs redevelopment will take place in several phases. BRIDGE Housing, The Michaels Organization and Primestor Inc. are the three main co-developers of the multiple-phase project, which will eventually feature 1,569 new market-rate and affordable housing units, 115,000 square feet of neighborhood retail space, a large community center and 9 acres of new parks.

The project relies on a 100 percent non-displacement plan and adopted a “Build First” strategy, aiming to create new opportunities for its residents while minimizing disruption.

Converted in the 1950s into public housing, Jordan Downs was originally developed as semi-permanent housing for the war workers during World War II. In the late 2000s, HACLA commenced a planning effort for the redevelopment of Jordan Downs. In 2018, a $30 million Choice Neighborhoods Initiative grant from HUD was provided to support new housing development.