Hunt Real Estate Capital announced that it provided a loan in the amount of $8.4 million to refinance an affordable senior housing property located in Monterey, California.
Monterey Park Senior Village consists of 114 residential units contained within one, three-story low-rise multifamily building. The property was developed in 2002 through the Low-Income Housing Tax Credit Program and is within its extended use period. Monterey Park serves low-income senior (55+) households.
The borrower is Monterey Park Senior Village, L.P., a California Limited Partnership and is backed by AMG & Associates, LLC. AMG is a land development company based in Encino, California that specializes in the development of affordable and market-rate rental housing in California and other western states. Alexis M. Gevorgian is the principal owner and managing member involved in the deal.
“Alexis has more than 20 years of land development and real estate finance experience,” explained Paul Weissman, Senior Managing Director and head of originations for Affordable Housing Finance at Hunt Real Estate Capital.
The loan term is seven-years with a 30-year amortization schedule and 24 months of interest-only. The borrower has committed in the tax credit regulatory agreement to restrict 100% of residential units at rents affordable to tenants earning 60% of the Area Median Income.
“We were pleased to partner with the borrower on this transaction and play a part in providing quality affordable housing to seniors in the local community,” concluded Weissman.
Property amenities include an on-site management/leasing office, two laundry rooms, a lobby with lounge area and full kitchen for resident use, exercise room and courtyard gazebo.
Monterey Park Senior Village is within the City of Monterey Park, which is located approximately ten miles west of downtown Los Angeles.