X-Caliber Affiliates: $122M Refinance for Historic Long Beach Hotel

X-Caliber Affiliates: $122M Refinance for Historic Long Beach Hotel

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.

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

Share the Post:

Related Posts