Philadelphia, PA – July 12, 2021 – Berkadia Affordable Housing and CIT are pleased to announce the closing of Jordan Downs Phase S2, a new construction development in the Watts neighborhood of Los Angeles, California. Jordan Downs Phase S2 will provide 81 units of affordable housing and is part of a transformative 70-acre multi-phase redevelopment effort, led by Michaels, BRIDGE Housing, and The Housing Authority of the City of Los Angeles (HACLA). Once complete, the redevelopment will transform the 700 existing public housing units into a development comprising 1,400 units of housing and new community amenities for the Watts neighborhood.
Phase 1 of the Master Plan includes 250 affordable housing units and was completed in 2020. Phase 2 of the Master Plan includes Phase S3, which closed in March 2020 and is on schedule to be completed by March 2022. This marks Berkadia’s third investment in the Jordan Downs redevelopment totaling over $83 million of LIHTC equity.
“Jordan Downs Phase S2 is an essential redevelopment effort in the state of California and Berkadia is thrilled to be a part of such a transformational project,” said Marge Novak, SVP and Head of Capital Markets at Berkadia.
“CIT is proud to support the development of Jordan Downs to provide safe and affordable housing to residents in California,” said Steve Solk, President of Consumer Banking at CIT. “Our financial commitment to this project will benefit the Watts neighborhood for generations to come.”
Jordan Downs Phase S2 is being financed by equity from Berkadia’s $70MM multi-investor LIHTC fund that closed in April 2021. Construction financing for Jordan Downs Phase S2 was provided by Chase and CIT.