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MONTEBELLO, CALIF. — Hunt Mortgage Group has provided $20 million in refinancing for Beverly Towers, an affordable seniors housing property located at 1315 W. Beverly Blvd. in Montebello.
The borrower is Montebello Senior Housing, a California limited partnership backed by key principal Stephen Doty.
Built in 1975, the property features 189 units in a mix of one-bathroom efficiency units and one-bedroom/one-bathroom apartments. The community is restricted to residents age 62 or older and is a Section 8 Low-Income Housing Tax Credit property.
The property currently operates subject to a HUD Section 236(e)(2) use agreement that became effective in 2003 when the pre-existing Section 236 financing was retired.