X-Caliber Funding, a leading national direct lender for commercial real estate, recently completed the refinance of the Fairmont Breakers Hotel & Spa in Long Beach. This project was made possible through a partnership 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 entities have contributed $122.2 million to this project.
To date, X-Caliber and CastleGreen have provided $64.45 million in bridge loans secured by first mortgages and historic tax credits. Additionally, CastleGreen has provided an additional $57.75 million through the California Statewide Communities Development Authority’s Open PACE Program.
“We are proud to offer this unique financing solution for such a significant project that perfectly aligns with our lending products and business model,” stated Chris Callahan, President and CEO of X-Caliber.
The newly renovated Fairmont Breakers Hotel boasts 185 guest rooms along with amenities such as a rooftop pool and multiple restaurants including The Sky Room which underwent extensive renovations as well.The 15-story hotel is one of Long Beach’s oldest buildings originally built in 1926; it has hosted notable guests like John Wayne,Cary Grant,and Elizabeth Taylor over its history.
