LOS ANGELES — CIT and its Pasadena, Calif.-based bank subsidiary CIT Bank has provided a $37.3 million investment in the Jordan Downs Apartments project, a previously announced 92-unit affordable multifamily complex in the Watts neighborhood of Los Angeles. The Michaels Organization is developing the property.
Slated for completion in early 2022, the apartment community will feature 23 one-bedroom, 41 two-bedroom, 24 three-bedroom and four four-bedroom units, with 17 apartments designated for residents with physical disabilities and hearing or visual impairments. Residences will be available for households earning between 30 percent and 80 percent of the area median income.
The apartment project is the third phase of the larger mixed-use redevelopment project designed to revitalize Watts community. CIT plans to make further investments in the Watts community later this year, including the possibility of opening a new branch in the area.