CA Affordable Senior Housing Lands $20M Refi
Located 10 miles east of central L.A., the 189-unit Beverly Towers provides housing for tenants 62 and older, with incomes less than 80 percent of median income.
Hunt Mortgage Group has provided $20 million in refinancing for Beverly Towers, a 189-unit affordable senior community in Montebello, Calif. The borrower was Montebello Senior Housing LP, while LOMCO manages the property.
Beverly Towers is a 62+ Section 8 LIHTC affordable community, operating under a HUD Section 236(e)(2) use agreement. According to the Section 8 HAP Contract project-based rental assistance agreement, tenants must earn 80 percent of median income or lower. The borrower is currently in the process of applying for a new 20-year Hap Contract.
Built in 1975, the property is located at 1315 W. Beverly Blvd., a roughly 10-mile drive east of central Los Angeles. The site provides easy access to interstates 605, 710 and 5, as well as Route 60. The community features 133 efficiency and 56 one-bedroom units. Common-area 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
- community garden
In February, Hunt Mortgage Group arranged the refinancing of another Los Angeles-area affordable community. The $5.2 million Freddie Mac loan was used to pay off existing debt and invest in capital improvements.
Image courtesy of Yardi Matrix