LOS ANGELES — JLL Capital Markets has arranged a $10.5 million construction takeout refinancing for Park Place at Jordan Downs, an affordable multifamily project in Los Angeles. The borrower is BRIDGE Housing Corp.
Anson Snyder led the JLL Capital Markets Debt Advisory team to secure the 17-year, fixed-rate Fannie Mae loan. JLL Real Estate Capital, a Fannie Mae DUS lender, will service the loan.
Built in 2022, Park Place features 80 apartments that are both rent- and income-restricted at 30 percent, 40 percent, 50 percent, 60 percent and 80 percent of area median income. The property is part of the Housing Authority of the City of Los Angeles’ multibillion-dollar plan to redevelop the Jordan Downs public housing community.
Upon completion, the entire development will have nearly 1,600 affordable and market-rate apartments. The complex will also include more than 150,000 square feet of commercial space, a large community center and several public parks.
Park Place at Jordan Downs is located at 2062 E. 99th Place in the Watts neighborhood of southeast Los Angeles.