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Realberry and Proper Hospitality have secured a $298 million financing package to overhaul the historic Cal Neva Hotel into the Lake Tahoe Proper Resort and Casino in Nevada, with completion targeted for 2027. The capital stack is designed to support a comprehensive redevelopment of the property while incorporating energy and water efficiency measures throughout the project.
The financing structure is anchored by $223 million in Commercial Property Assessed Clean Energy (C-PACE) financing provided by Nuveen Green Capital. This component is earmarked to fund upgrades to key energy and water systems and improvements to the building envelope, aligning the redevelopment with contemporary efficiency and sustainability objectives. In addition, the capital package includes a $75 million senior secured construction loan from Banc of California, supplying conventional construction debt alongside the C-PACE funding.
Upon completion, the reimagined year-round resort is planned to feature 197 guest rooms, suites and private villas, reflecting a hospitality program that blends traditional hotel accommodations with more private lodging options. The project will introduce multiple food and beverage venues, including restaurants and bars centered around the property’s longstanding Circle Bar, which has been a recognizable element of the original Cal Neva experience.
The redevelopment plan also calls for expanded leisure and wellness offerings, with two distinct pool experiences, a spa and a range of recreational facilities. For group business and events, the property is expected to provide meeting and event spaces highlighted by a restored 225-seat theater, as well as a casino component integrated into the resort’s broader entertainment and hospitality program.
First opened in 1926, the Cal Neva property occupies a unique position on the northeast shore of Lake Tahoe, straddling the California-Nevada border. The current financing marks a significant step toward repositioning the nearly century-old resort under the Lake Tahoe Proper Resort and Casino flag while maintaining its historic setting along the state line.
The post Realberry, Proper Hospitality Secure $298M to Redevelop Cal Neva into Lake Tahoe Proper Resort appeared first on CRE Market Beat.
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