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Hunt Mortgage Group Refinances an Affordable Senior Housing Property Located in Montebello, California

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Hunt Mortgage Group Refinances an Affordable Senior Housing Property Located in Montebello, California

— Total funding equals $20 million —

Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a loan in the amount of $20 million to refinance an affordable senior housing property located in Montebello, California.

Beverly Towers is an age 62+ Section 8 LIHTC affordable multifamily property located at 1315 West Beverly Boulevard. The property has 189 units and is comprised of one, eight-story high rise building. Built in 1975, the property offers 133 one-bathroom efficiency units and 56 one-bedroom, one-bathroom apartments. Beverly Towers also contains leasing and social services coordinator offices on the first floor.

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. Terms of the agreement that the owner continues to agree to accept the Section 8 HAP Contract project based rental assistance and continues to make the housing affordable to tenants whose income is 80 percent of median income or lower.

The borrower is Montebello Senior Housing, LP, a California limited partnership backed by key principal Stephen Doty. Doty is President of Doty-Burton Associates development corporation as well as the Chief Executive Officer of Living Opportunities Management Company (LOMCO), a full-service property management company that currently manages the property. Kent Davis serves as President of LOMCO and is responsible for refinance acquisitions and property management opportunities.

“Steve and Kent are experienced owners, investors and developers of multifamily properties,” noted Aaron Wooler, Managing Director at Hunt Mortgage Group. “Doty-Burton Associates was founded in 1967 as a developer of multifamily housing and has developed more than 5,000 units located in California and the Pacific Northwest area. In addition, through LOMCO, they currently manage 13 affordable housing communities providing 2,271 units for the elderly and disabled.”

The property has historically benefitted from a project-based Section 8 HAP Contract. The borrower is currently in the process of applying for a new 20-year HAP Contract in conjunction with this transaction.

“Steve and Kent are experienced HUD and affordable property management company with a long tenure in the local community,” added John McAlister, Managing Director at Hunt Mortgage Group. “We were thrilled to partner with them on this transaction and play a part in providing quality affordable housing to seniors in the local community.”

Property amenities include on-site leasing and management offices, central laundry facility, community room area with kitchen, game room with pool table, ping-pong table and exercise equipment, library room with large screen TV and an outside community garden. Parking is provided via 76 self-serve surface spaces with four handicap van accessible spaces.

Beverly Tower is located in Los Angeles County, in the southwest portion of the Los Angeles MSA. The property is situated in the central portion of the city in a mixed-use area of commercial, industrial and residential uses. The community is conveniently located on West Beverly Boulevard with high visibility and easy access to local services and conveniences throughout Montebello.

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Japan’s jobless rate seen up in January due to COVID-19 emergency measures – Reuters poll

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Japan's jobless rate seen up in January due to COVID-19 emergency measures - Reuters poll 1

TOKYO (Reuters) – Japan’s jobless rate is expected to have edged up in January as service industry businesses suffered renewed restrictions on movement to fight spread of the coronavirus in some areas, including Tokyo, a Reuters poll of economists showed on Friday.

While industrial production activity picked up in Japan, emergency curbs rolled out last month such as asking restaurants to close early and suspending the national travel campaign hurt the jobs market, analysts said.

The nation’s unemployment rate likely rose 3.0% in January, up from 2.9% in December, the poll of 15 economists found.

The jobs-to-applicants ratio, a gauge of the availability of jobs, was seen at 1.06 in January, unchanged from December, but stayed near September’s seven-year low of 1.03, the poll showed.

“As the impact from the coronavirus pandemic prolongs, it is hard for firms, especially the service sector, to expect their business profits to improve,” said Yusuke Shimoda, senior economist at Japan Research Institute.

“So, their willingness to hire employees appear to be subdued and it is difficult to see the jobs market recovering soon.”

Some analysts also said the government’s steps to support employment and existing labour shortages will likely prevent the jobless rate from worsening sharply.

The government will announce the labour market data at 8:30 a.m. Japan time on Tuesday (2330 GMT Monday).

Analysts expect the economy to contract in the current quarter due to the emergency measures to counter the spread of the disease.

(Reporting by Kaori Kaneko; Editing by Simon Cameron-Moore)

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China’s economy could grow 8-9% this year from low base in 2020 – central bank adviser

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China's economy could grow 8-9% this year from low base in 2020 - central bank adviser 2

BEIJING (Reuters) – China’s gross domestic product (GDP) could expand 8-9% in 2021 as it continues to rebound from the COVID-19 pandemic, Liu Shijin, a policy adviser to the People’s Bank of China, said on Friday.

This speed of recovery would not mean China has returned to a “high-growth” period, said Liu, as it would be from a low base in 2020, when China’s economy grew 2.3%.

Analysts from HSBC this week forecast that China would grow 8.5% this year, leading the global economic recovery from the pandemic.

If 2020 and 2021’s average GDP growth is around 5%, this would be a “not bad” outcome, said Liu, speaking at an online conference.

China is set to release a government work report on March 5 which typically includes a GDP growth target for the year.

Last year’s report did not include one due to uncertainties caused by the coronavirus. Reuters previously reported that 2021’s report will also not set a target.

(Reporting by Gabriel Crossley and Muyu Xu; Editing by Sam Holmes and Ana Nicolaci da Costa)

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Japan’s January factory output rises for first time in three months, retail sales drop

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Japan's January factory output rises for first time in three months, retail sales drop 3

By Daniel Leussink

TOKYO (Reuters) – Japan’s industrial output rose for the first time in three months in January thanks to a pickup in global demand, in a welcome sign for an economy still looking to shake off the drag of the coronavirus pandemic.

But retail sales, a key gauge of consumer spending, posted their second straight month of declines in January as emergency measures taken in response to the pandemic hit consumption.

Official data released on Friday showed factory output advanced 4.2% in January, boosted by sharp rises in production of electronic parts and general-purpose machinery, as well as a smaller increase in car output.

“Manufacturers will continue to increase output over the near term as long as there won’t be any big shock,” said Taro Saito, executive research fellow at NLI Research Institute.

While economic growth will likely be negative in the first quarter, the strength in manufacturing would offset the negative impact of a state of emergency at home, which is mainly affecting the services sector, he said.

The rise in output, which followed a 1.0% fall the previous month, was largely in line with a 4.0% gain forecast in a Reuters poll of economists. Manufacturers surveyed by the Ministry of Economy, Trade and Industry (METI) expect output to grow 2.1% in February, followed by a 6.1% decline in March.

The government kept its assessment of industrial production unchanged, saying it was picking up.

Factory output fell in November and December as a rebound in car production ended on sagging global demand, but since then strong demand for tech-making equipment and electronic goods has helped turn the tide.

Still, some analysts worry that Japan’s economic recovery will remain hobbled by weaker conditions at home and as lockdown measures taken around the world to contain the COVID-19 crisis, particularly in Europe, weigh.

The government also released data on Friday showing retail sales fell 2.4% in January compared with the same month a year earlier, in a sign households tightened their purse strings as the coronavirus staged a resurgence.

The fall, which was in line with a 2.6% drop seen by economists in a Reuters poll, was largely due to sharp contractions in general merchandise and fabrics apparel spending. It followed a 0.2% fall in December.

Compared to a month earlier, retail sales in January fell 0.5% on a seasonally adjusted basis for the third straight month of declines. But the pace of decline was slower than in the previous two months.

“We think consumer spending will only fall around 1% quarter-on-quarter this quarter,” said Tom Learmouth, Japan economist at Capital Economics.

“We expect it to rise fairly strongly over the coming quarters as the recovery resumes and is soon given a shot in the arm by vaccines,” he added.

(Reporting by Daniel Leussink; Editing by Sam Holmes and Richard Pullin)

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