A partnership among the City of Los Angeles’ Housing Authority, The Michaels Organization and BRIDGE Housing has received $37.3 million in financing for the third phase of the 119-acre Jordan Downs mixed-use project in Los Angeles.
Dubbed Phase S3, the project is set to bring 92 affordable housing units to the redevelopment of a 700-unit public housing community dating from 1955. CIT Bank, a subsidiary of CIT Group, provided the loan.
The third phase is expected to be completed in early 2022. It also will complete more than 120,000 square feet of retail space and a 50,000-square-foot community center.
“During these challenging times, our communities need affordable housing more than ever,” said Steve Solk, president of consumer banking at CIT. “Our financial commitment to the Jordan Downs Apartment Project will help break down barriers and spark transformative change across the Watts neighborhood.”
Michaels and BRIDGE broke ground on the first
