Greystone has provided a $29,121,000 HUD-insured loan to refinance a 185-unit multifamily property in Lompoc, California. The transaction was originated by Eric Rosenstock, Managing Director, and Jesse Yodice, Vice President, both of Greystone, on behalf of Kailani Village.
The $29.1 million HUD-insured Section 223(f) financing carries a 35-year term and amortization, along with a fixed interest rate in the mid-2s. Kailani Village, located in Santa Barbara County, is a midrise rental property constructed in 1965 that consists of 46 one-bedroom, 71 two-bedroom and 3 three-bedroom units, as well as 14 four-bedroom units. All of the units are subject to rent restrictions based on the area’s median income, and as a result, the property qualifies as affordable housing.
“We chose Greystone because of their deep expertise in multifamily HUD lending – they understood the uniqueness of this property and worked tirelessly to deliver the right financing terms for our capital needs,” said Kenneth P. Slaught, principal of the borrower. “Throughout every phase of this transaction, our team exceeded our expectations, which is why we look forward to working with Eric and his team in the future.”
“Our number one goal in every transaction is to deliver a service experience that far surpasses clients’ expectations,” said Mr. Rosenstock. “My extensive lending experience and Greystone’s multifamily lending platform enables me to give our clients access to the best financing options in every market, with the most sophisticated and seamless execution possible.”