X-Caliber Closes $26.3MM Financing with First Rural PACE-X Transaction
Ground-Up Construction of a Branded Hotel in Micropolitan Area
Irvington, NY –November 18, 2024– X-Caliber Holdings LLC, (X-Caliber), a national, direct commercial real estate lender focused on impact lending, today announced it closed a $26.3MM financing with its first Rural PACE-X transaction for the ground-up construction of a new hotel in Silverthorne, Colorado.
Upon completion, the 111-room hotel will be a Holiday Inn Express brand under IHG Hotel & Resorts and is being developed by highly experienced sponsor REV Development.
The financing consists of $20MM of conventional senior-secured financing through an affiliate of X-Caliber Rural Capital and $6.3MM of Commercial Property Assessed Clean Energy (C-PACE) financing through CastleGreen Finance.
The conventional funds are intended to provide construction-through-stabilization financing for up to five years. C-PACE funds are intended to be long-term but are prepayable at the borrower’s discretion.
By providing lower-cost capital through blending C-PACE and conventional construction loan funds, a Rural PACE-X execution can help reduce development costs, making energy-efficient building practices more accessible and economically viable for property owners and developers.
Rural PACE-X is the latest product delivered by X-Caliber that combines conventional funding and a C-PACE structure that delivers high-leverage financing for ground-up construction projects in micro-rural areas. The loan was originated by X-Caliber’s Eric Carlson.
“By leveraging our expertise in both USDA lending and C-PACE financing, we’re not only able to support the development of the hotel, but the entire ecosystem of local businesses that will benefit from increased tourism and economic activity,” said Chris Callahan, President and CEO of X-Caliber.
The project will create 36 direct permanent jobs.
“This ground-up hotel construction is a prime example of how tailored financial solutions for impactful businesses can drive sustainable growth in underserved rural regions,” said Jordan Blanchard, Co-Founder of X-Caliber Rural Capital.
The pipeline for the Rural PACE-X product is gaining strong momentum and its impact is unique.
“The innovative approach by Rural PACE-X addresses the challenges faced by rural areas, ensuring that development is not just about immediate financial gain, but also about long-term environmental stewardship and a sustainable future,” said Sal Tarsia, Managing Partner, CastleGreen Finance.
Silverthorne’s new Holiday Inn Express is anticipated to open in 2025.
For more details and full Rural PACE-X product parameters and information, click here.
About X-Caliber Capital Holdings LLC (“X-Caliber”) – www.x-caliber.com
X-Caliber Capital Holdings is a nationally recognized commercial real estate finance franchise whose affiliate companies provide direct mortgage lending, servicing, advisory, and investment opportunities. Our diverse and growing lending and investment entities support and leverage our expansive and innovative lending platforms that offer FHA, bridge, USDA, and C-PACE financing.
About CastleGreen Finance – www.CastleGreenfinance.com
CastleGreen Finance is an affiliate of X-Caliber Capital Holdings and embraces the collaboration of commercial real estate construction along with a green energy and carbon emission reduction strategy by providing property owners with the financing tools needed to create and redevelop clean, sustainable, energy-efficient real estate through a superior capital stack.
About X-Caliber Rural Capital – www.xrcusda.com
X-Caliber Rural Capital is an affiliate of X-Caliber Holdings, a national real estate lending and investment firm. X-Caliber Rural Capital is a national, licensed and approved U.S. Department of Agriculture lender that provides financing for rural business and economic development projects under four flagship programs that fall under the OneRD Guaranteed Loan Initiative. The Company is dedicated to creating attractive solutions for its borrowers that meet the needs of rural communities throughout the country.
