X-Caliber Funding, a leading national direct lender for commercial real estate, has recently completed the refinance of the Fairmont Breakers Hotel & Spa in Long Beach. This project was made possible through a collaboration with CastleGreen Finance, an affiliate of X-Caliber that specializes in providing capital through Commercial Property Assessed Clean Energy (C-PACE) financing. Together, these two companies have contributed $122.2 million towards this project.
To date, X-Caliber and its affiliates have provided $64.45 million in bridge loans secured by first mortgages and historic tax credits while CastleGreen has financed an additional $57.75 million through the California Statewide Communities Development Authority’s Open PACE Program.
According to Chris Callahan, President and CEO of X-Caliber: “We are thrilled to offer this unique financing solution for such a significant project that perfectly aligns with our lending products and business model.”
The newly renovated Breakers Hotel is now operating under the prestigious Fairmont brand and boasts 185 luxurious guest rooms along with amenities such as a rooftop pool, multiple dining options including The Sky Room which underwent extensive renovations as well.The hotel holds great historical significance being one of Long Beach’s oldest buildings dating back to 1926 where it has hosted notable guests like John Wayne,Cary Grant,and Elizabeth Taylor.
This successful partnership between X-Caliber Funding and CastleGreen Finance highlights their commitment towards supporting impactful projects while utilizing innovative lending solutions tailored specifically for each client’s needs.
