$10.5M refinancing secured for Los Angeles affordable housing development
JLL Capital Markets arranged the construction takeout refinancing for the 80-unit Park Place at Jordan Downs in Southeast Los Angeles, California
LOS ANGELES, March 6, 2023 – JLL Capital Markets announced today that it has arranged $10.5 million in construction takeout refinancing for Park Place at Jordan Downs, an 80-unit affordable housing development in Southeast Los Angeles, California.
JLL represented the borrower, BRIDGE Housing Corporation, to secure the 17-year, fixed-rate Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
Built in 2022, Park Place is both a rent- and income-restricted at consist of 30%, 40%, 50%, 60% and 80% AMI. The property is a part of the Housing Authority of the City of Los Angeles’ (“HACLA”) multibillion-dollar plan to redevelop the Jordan Downs public housing development. Upon completion, the entire development will have nearly 1,600 new affordable and market-rate apartments, some of which will be owner occupied. The complex will include more than 150,000 square feet of commercial space, a large community center and several public parks.
The property is situated at 2062 East 99th Place in the Watts neighborhood of the Southeast Los Angeles submarket.
The JLL Capital Markets Debt Advisory team was led by Senior Director Anson Snyder.
Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About BRIDGE Housing Corporation
BRIDGE Housing’s mission is to strengthen communities and improve the lives of residents, beginning--but not ending--with affordable housing. A leading nonprofit developer and owner of affordable housing, BRIDGE creates and manages a range of high-quality, affordable homes for families and seniors in California, Oregon and Washington. Since it was founded in 1983, BRIDGE has participated in the development of more than 18,000 homes. For more information, visit www.bridgehousing.com.