Believed to be the first lender to perform the bridge to HTC in-house in conjunction with C-PACE
Irvington, NY, February 26, 2024–(BUSINESS WIRE)–X-Caliber Funding (X-Caliber), a national direct commercial real estate lender, and CastleGreen Finance ( CastleGreen) C-PACE) financing today announced the refinancing of the Fairmont Breakers Hotel & Spa in Long Beach, California.
With these latest financings, X-Caliber and CastleGreen have provided a total of $122.2 million in funding to the project. To date, two X-Caliber affiliates have provided $64.45 million in bridge financing secured by first mortgages and historic tax credits (HTCs), and CastleGreen has provided )'s Open PACE program.
These loans demonstrate X-Caliber's broad product portfolio and ability to provide effective, flexible and professional financing solutions to borrowers.
Chris Callahan, President and CEO of X-Caliber, said: “We are thrilled to bring this unique financing combination to such an impactful project, which perfectly aligns with our financing products and business model. We are very pleased to be able to offer this.” “Tax credits are intended to restore, reuse, and preserve iconic landmarks like the Fairmont Breakers Hotel, providing borrowers with greater flexibility to support their capital needs.X- The Caliber team has expertise in tax credits and C-Caliber. PACE and we are excited to be one of the first companies in the country to offer this highly efficient product combination to our customers under one umbrella. I am very happy.”
C-PACE provides low-cost, long-term financing for energy efficiency, water conservation, and renewable energy projects, making it a perfect match for historic renovations and adaptive reuse.
“The partnership between historic tax credits and C-PACE financing is a double win; it breathes new life into aging structures while promoting energy savings and environmental responsibility,” says CastleGreen Finance Money said Sal Tarsia, Managing Partner. “This structure is a smart choice for borrowers seeking effective renovation financing that reduces energy consumption and increases property value while preserving history. We are delighted and proud to continue working with Pacific 6 to restore it to its grandeur.'' We worked with our affiliate company X-Caliber to complete this creative structure. We have raised unprecedented funds under one roof. ”
This is the second combination that X-Caliber and CastleGreen has executed, combining the first mortgage, C-PACE, and historic tax credits to fund renovation projects. The team completed a $54.97 million mortgage and C-PACE joint transaction in April 2022 for the same sponsorship of 110 Ocean Center, also located in Long Beach, Calif., and completed the first round to execute HTC. We collaborated with three parties. The borrower says the loan combination worked well for both of his historic projects, given the property's age and goal of preserving its historic integrity.
“CastleGreen understood the game-changing potential of C-PACE that other companies did not,” said John Molina, founding partner of Pacific Enterprises. “Their funding made the renovation of our historic Downtown Long Beach possible. They are more than just a lender, they are an essential partner in our success.”
The project is designed to be energy efficient and is estimated to reduce water consumption by 6,241,339 gallons per year, resulting in cost savings of $2,517,043 over the life of the loan.
The renovated Breakers Hotel has been rebranded under the Fairmont brand and features 185 guest rooms, a rooftop pool, several restaurants and a renovated iconic Sky Room. One of Long Beach's oldest buildings, his 15-story hotel was built in 1926 and has a history of hosting stars such as John Wayne, Clark Gable, Cary Grant, and Elizabeth Taylor. there is. Many of Long Beach's notable amenities are within walking distance, including the convention and entertainment center, restaurant district, aquarium, and Long Beach Cruise Terminal. The hotel closed in 1988 and most recently operated as an assisted living facility.
Fairmont Breakers Long Beach is scheduled to open this spring.
About X-Caliber – www.x-caliber.com
X-Caliber is a nationally recognized commercial real estate financing franchise whose affiliates provide direct mortgage financing through a broad and innovative lending platform offering FHA, Bridge, USDA, and C-PACE financing. , services, advice and investment opportunities.
X-Caliber invests in the best capital available to achieve your business goals while focusing on some of this country's biggest challenges, including affordable housing, the environment, senior care, and local business. We focus on providing solutions to our clients.
X-Caliber executes billions of dollars in loan transactions and has several lines of business, including X-Caliber Capital LLC, an FHA lender and servicer; X-Caliber Funding LLC, Bridge to the HUD Platform. CastleGreen Finance focuses on C-PACE financing. X-Caliber Rural Capital, a USDA licensed lender. X-Caliber Investment Management, a professional investment firm. X-Caliber Advisors is a commercial real estate advisory firm.
X-Caliber and its affiliates have team members in 14 states nationwide.
About CastleGreen Finance – www.CastleGreenfinance.com
CastleGreen is a private capital source focused on Commercial PACE financing. CastleGreen brings extensive commercial real estate experience across a wide range of financial sectors. By combining the CastleGreen team's real estate experience with its core C-PACE capabilities, we have the knowledge and resources to build a superior capital stack that meets all of our clients' needs and helps them unlock the potential of commercial real estate. to the client. We understand that the most important part of any real estate transaction is offering capital at closing. Our team focuses on the details of every transaction to ensure we get our clients across the finish line.
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