REBusinessOnline

Hunt Mortgage Provides $20M Refinancing for Affordable Seniors Housing Property in Montebello, California

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.

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