X-Caliber Funding and CastleGreen Finance announced the closing of a $94 million joint transaction as part of a multimillion-dollar renovation to reopen the Long Beach, CA landmark Breakers Hotel & Spa. The funding was comprised of a renovation loan and commercial property assessed clean energy (C-PACE) financing, earning the distinction of being the largest financing of a single asset under the program in the state of California.
The $94 million in financing is part of a $167 million project led by Pacific6 Enterprises, a Long Beach, CA partnership, led by John Molina, who purchased the Long Beach Breakers Hotel & Spa in 2017.
“This was our first joint transaction with our affiliate company, CastleGreen, and we were excited to combine our unique capabilities through the C-PACE program to help Pacific6 execute their vision of bringing this hotel back to life while providing more than 220 jobs and significant economic stimulation to vibrant downtown Long Beach,” said President and CEO of X-Caliber Chris Callahan.
