LA-Area Affordable Senior Housing Lands Refi
- Aug 07, 2018
Following the recent $20 million financing of a 189-unit affordable senior property in Montebello, Calif., Hunt Mortgage Group has provided an $8.4 million loan for the refinancing of Monterey Park Senior Village. The affordable, age-restricted housing community is in Monterey Park, Calif.
The seven-year loan has a 30-year amortization and two years of interest-only schedule. Developed in 2002, through the Low-Income Housing Tax Credit Program, the 114-unit property is available for residents 55 and older.
Monterey Park Senior Village is located at 1935 Potrero Grande Drive, a roughly 9-mile drive of downtown Los Angeles. All apartments are incorporated into a single, three-story building. Common-area amenities at the community include:
- on-site management/leasing office
- two laundry rooms
- lobby with lounge area and kitchen
- exercise room
- courtyard gazebo
The financing agreement restricts all residential units to be occupied by tenants earning at most 60 percent of the area median income. The community is currently owned by AMG & Associates LLC.
Image via Google Street View