by Marlize Van Romburgh
Pacific Coast Business Times

Limoneira Co. has refinanced debt on Windfall Farms, its large San Luis Obispo County real estate development.

The Santa Paula-based citrus and avocado grower increased its Windfall Farms debt held with Farm Credit West to $13 million, from $10.5 million outstanding, and extended the maturity date to May 1, 2013, according to its filings with the U.S. Securities and Exchange Commission.

Windfall Farms is a 720-acre thoroughbred breeding farm outside Paso Robles. The property is "surrounded on all four sides by wine-grape vineyards and provides a one of a kind development opportunity for a world class winery," according to Limoneira's website. Currently, parcels of at least 40 acres are available, but Williamson Act restrictions expire in 2012, at which time parcels as small as 10 acres can be created for homes with small farms.

The refinanced, non-revolving Windfall Farms debt will be used to repay the original loan and for added cash flow and development, Limoneira said in SEC filings.