X-Caliber, CastleGreen Close $431 Million Construction Loan for Coco Palms Resort Redevelopment
X-Caliber Rural Capital and CastleGreen Finance closed a $431 million debt package for the redevelopment of the historic Coco Palms Resort in Kauai, Hawaii, blending a $185.6 million senior loan with $245.3 million in C-PACE financing at an 80 percent loan-to-cost ratio.
X-Caliber Rural Capital closed a $431 million debt package for Reef Capital Partners' redevelopment of the Coco Palms Resort in Kauai, Hawaii, a 351-room hotel property that has been closed since Hurricane Iniki damaged it in 1992. X-Caliber provided a $185.6 million senior construction loan, while affiliate CastleGreen Finance supplied $245.3 million in Commercial Property Assessed Clean Energy financing. The debt closed at an 80 percent loan-to-cost ratio and was originated through X-Caliber's Rural PACE-X platform by Gabe Mashaal.
The borrower is Reef Capital Partners, working with operator Highgate on the 32-acre property, which appears on both the National Register of Historic Places and the Hawaii Register of Historic Places. Elvis Presley filmed the 1961 movie "Blue Hawaii" at the resort. Jon Day, Reef's chief financial officer, said the restoration aims to honor Kauai's culture, history, and people.
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