Greystone Provides $29M Refi for California Affordable Community

1 min read

The 185-unit community is just off State Route 1, in Lompoc, Calif.

Kailani Village

Investec Real Estate Cos. has secured a $29.1 million in refinancing for its 185-unit Kailani Village in Lompoc, Calif. Greystone originated the 35-year HUD-insured Section 223(f) financing with a fixed interest rate.

Built in phases between 1965 and 2000, the property has one- to four-bedroom floorplans ranging from 665 to 1,224 square feet, according to Yardi Matrix data. All units are subject to rent restrictions based on the area median income. Amenities include a community room, a playground and seven laundry facilities.

Located at 220 W. North Ave., the community is just off Cabrillo Highway, a short distance from a number of dining, retail and entertainment options. Lompoc Library is about half a mile east of the property, while La Purisima State Historic Park is 4 miles northeast. Lompoc Valley Medical Center is 2 miles southeast.

Greystone Managing Director Eric Rosenstock and Vice President Jesse Yodice formed the team that originated the financing on behalf of the borrower. In October, Cushman & Wakefield formed a strategic joint venture with the acquisition of a 40 percent stake in Greystone for half a billion dollars.

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