X-Caliber Capital Holdings announced it has closed a $182.2 million Rural PACE-X financing package to fund the ground-up construction of Marcella Landing at Deer Valley, an ultra-luxury ski community being developed by Reef Capital Partners in Park City, Utah.
The financing combines $107.2 million of conventional senior-secured debt with $75 million of C-PACE funding, creating what X-Caliber described as a single, coordinated capital structure designed to match the project’s phasing, construction timeline, and sustainability-related upgrades.
X-Caliber said Rural PACE-X is its proprietary approach that blends Commercial Property Assessed Clean Energy (C-PACE) financing with conventional lending. In this transaction, the senior-secured component was provided by an affiliate of X-Caliber Rural Capital, XRL-ALC, LLC (XRA), while the C-PACE portion was delivered through X-Caliber affiliate CastleGreen Finance.
Marcella Landing is planned as a 50-residence community with direct resort access and membership to the Marcella Club. Reef said Phases I and II will deliver 28 residences, with work spanning horizontal infrastructure and vertical construction for ski-in, ski-out townhomes, along with a private ski lodge and amenity center. The project is slated for phased completion over the next two years.
X-Caliber framed the structure as a solution for complex, timing-sensitive developments in rural markets where access to conventional institutional capital can be more constrained. By pairing senior financing aligned to construction and sales milestones with long-tenor, fixed-rate C-PACE for eligible energy, water, and resiliency measures, the lender said the approach can reduce carry on qualified capital expenditures while preserving liquidity and limiting the need for excessive early-phase equity.
CastleGreen said the $75 million C-PACE assessment is intended to support project-level upgrades that improve efficiency and resiliency across shared systems for future owners. The companies estimated lifecycle cost savings of more than $2 million from the efficiency measures, including annual electricity savings of 180,197 kWh and water savings of 634,111 gallons per year.
X-Caliber said the loan was originated and structured by its advisory team of Gregg Delany, Ken Lorman, and Gabe Mashaal, and noted that Reef CFO Jon Day was closely involved in guiding the project’s financing strategy.
KEY QUOTES:
“Marcella Landing is a premier residential development in one of my favorite places in the United States, and Rural PACE-X enabled a capital structure tailored to the project’s complexity and execution requirements. The solution provided the borrower with greater flexibility, reduced the overall cost of capital, and aligned the financing with the project’s development timeline—helping move the project forward with confidence.”
Chris Callahan, President and CEO, X-Caliber
“This closing marks an important step forward for Marcella Landing at Deer Valley and enables us to advance the project with the level of quality and long-term focus we intended. We appreciate X-Caliber’s thoughtful and innovative financing approach, which provided a flexible, sustainability-driven solution well suited to the complexity and scale of this development.”
Jon Day, Chief Financial Officer, Reef Capital Partners
“A resort development of this level demands a highly tailored capital solution, especially when situated in a market outside traditional lending footprints. Our involvement at Marcella Landing focused on delivering senior financing that matched the project’s sophistication and phasing, while integrating seamlessly with the Rural PACE-X structure to support disciplined execution in a market where conventional solutions are often limited.”
Jordan Blanchard, Co-Founder, X-Caliber Rural Capital
“Our challenge was to structure our long-term capital to best serve a short-term business plan. The $75 million C-PACE assessment works with the senior loan under a coordinated distribution structure, providing the sponsor with the freedom to seamlessly deploy capital where it matters – from roads and utilities infrastructure to vertical construction – without straining cash. At the same time, the C-PACE is expected to support improved energy efficiency and resiliency across shared systems for future unit owners.”
Sal Tarsia, Managing Partner, CastleGreen Finance
