Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

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.