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.
