X-Caliber closes $182.2 million Rural PACE-X financing for ground-up construction of ski community

Park City, UT X-Caliber Capital Holdings LLC, “X-Caliber,” a nationally recognized direct commercial lender and servicer whose affiliates provide mortgage lending, servicing, advisory, and investment solutions, announced the closing of a $182.2 million Rural PACE-X financing for the ground-up construction of Marcella Landing at Deer Valley, a ski community developed by Reef Capital Partners.

Rural PACE-X is a proprietary loan product offered by X-Caliber that combines Commercial Property Assessed Clean Energy (C-PACE) and conventional financing. The combination consists of $107.2 million of conventional senior-secured financing provided by an affiliate of X-Caliber Rural Capital, XRL-ALC, LLC (“XRA”), and $75 million of C-PACE financing through X-Caliber affiliate CastleGreen Finance.

“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,” said X-Caliber president and CEO Chris Callahan. “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.”

Marcella Landing offers direct resort access and membership to the Marcella Club, with Phases I and II delivering 28 of the planned 50 residences through a blended execution that supports both horizontal infrastructure and vertical construction for ski-in, ski-out townhomes, a private ski lodge, and an amenity center.

Jon Day, CFO at Reef Capital Partners, has decades of experience in complex financing solutions and has been closely involved in guiding the vision and execution of the project.

“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,” said Day. “We appreciate X-Caliber’s thoughtful and innovative financing approach, which provided a f lexible, sustainability-driven solution well suited to the complexity and scale of this development.”

The loan was originated and structured by the X-Caliber Advisors team comprised of Gregg Delany, Ken Lorman, and Gabe Mashaal. The senior-secured financing was provided by X-Caliber Rural Capital affiliate XRL-ALC, LLC (“XRA”), whose role in the capital stack further strengthened the overall financing structure for the project.

“A resort development of this level demands a highly tailored capital solution, especially when situated in a market outside traditional lending footprints,” said Jordan Blanchard, co-founder of X-Caliber Rural Capital. “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.”

The team also incorporated C-PACE financing to enhance the overall structure, providing longterm, efficient capital that aligned with the project’s development and operating needs.

“Our challenge was to structure our long-term capital to best serve a short-term business plan,” said Sal Tarsia, managing partner at CastleGreen Finance. “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.”

The energy efficiency improvements are designed to result in lifecycle cost savings of over $2 million (over the lifetime of the improvements). This $2 million includes annual electric savings of 180,197 kWh/yr and water savings of 634,111 gallons per year.

The Rural PACE-X approach illustrates how complex, timing-sensitive developments in rural markets—where access to institutional capital is often more limited—can be financed without requiring excessive equity in early phases. By aligning senior financing with construction and sales milestones and pairing it with long-tenor, fixed-rate C-PACE for eligible energy, water, and resiliency improvements, the structure can help reduce carry on qualified capital expenditures, preserve liquidity, and support consistent project execution—benefits that are particularly meaningful for large, phased developments in rural resort communities.

The project is slated for phased completion over the next two years.