MONTEBELLO, Calif. — Hunt Mortgage Group has provided $20 million in refinancing for Beverly Towers, an affordable seniors housing property in the Los Angeles suburb of Montebello.
The borrower is Montebello Senior Housing, a California limited partnership backed by key principal Stephen Doty. Living Opportunities Management Company (LOMCO) manages the property.
Built in 1975, the property features 189 units. 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.