Greystone recently provided a $29,121,000 HUD-insured loan to refinance a 185-unit multifamily property in Lompoc, Calif. The transaction was originated by Greystone Managing Director Eric Rosenstock and Vice President Jesse Yodice, on behalf of Kailani Village, Greystone announced in a press release.

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 three three-bedroom units, as well as 14 four-bedroom units, according to the release.

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,” Kenneth Slaught, principal of the borrower, said in the release “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,” Rosenstock said. “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.”