X-Caliber Finalizes $182.2MM Financing for Ultra-Luxury Ski Community in Park City
X-Caliber Capital Holdings LLC, widely known across the United States for its role as a direct commercial lender and servicer, has completed a landmark financing transaction that underscores the growing sophistication of capital structures used in large-scale rural and resort developments. The firm announced the successful closing of a $182.2 million Rural PACE-X financing package to support the ground-up construction of Marcella Landing at Deer Valley, a luxury ski-oriented residential community in Park City, Utah, being developed by Reef Capital Partners.
A milestone financing for a next-generation luxury resort community
Marcella Landing at Deer Valley represents one of the most ambitious residential developments currently underway in the U.S. mountain resort market, combining high-end design, direct ski access, and a comprehensive amenities offering within one of the country’s most desirable alpine destinations. The successful execution of this financing marks a pivotal milestone for the project, enabling Reef Capital Partners to advance construction with a capital structure specifically engineered to support both the project’s complexity and its phased development timeline.
X-Caliber’s involvement reflects its growing reputation for delivering customized lending solutions in markets and asset classes that often fall outside the scope of traditional institutional financing. By deploying its proprietary Rural PACE-X product, the firm was able to integrate conventional senior-secured lending with long-tenor C-PACE financing, providing a flexible and cost-efficient structure tailored to the needs of a large-scale, sustainability-focused resort development.
Understanding the Rural PACE-X financing structure
Rural PACE-X is a proprietary financing solution developed by X-Caliber that blends Commercial Property Assessed Clean Energy (C-PACE) funding with conventional senior-secured debt. This hybrid approach is designed to address the unique challenges faced by developers operating in rural or non-core markets, where access to traditional capital sources can be constrained and project timelines are often highly sensitive to financing flexibility.
In the case of Marcella Landing, the $182.2 million financing package consisted of $107.2 million in conventional senior-secured financing and $75 million in C-PACE funding. The senior-secured portion was provided by XRL-ALC, LLC, an affiliate of X-Caliber Rural Capital, while the C-PACE financing was delivered through CastleGreen Finance, another X-Caliber affiliate specializing in sustainable capital solutions.
This integrated structure allowed the development team to align capital deployment with construction milestones while preserving liquidity and reducing the overall cost of capital. By combining shorter-term senior financing with long-duration, fixed-rate C-PACE assessments, the Rural PACE-X model supports disciplined execution without forcing developers to front-load excessive equity in the early stages of construction.
Strategic rationale behind the financing approach
According to X-Caliber President and Chief Executive Officer Chris Callahan, the Marcella Landing transaction exemplifies how tailored capital structures can unlock value in complex developments that might otherwise struggle to secure efficient financing. He emphasized that the Rural PACE-X solution was deliberately designed to reflect the project’s execution requirements, phasing schedule, and long-term operational goals.
Callahan noted that Marcella Landing stands out as one of the premier residential developments in the United States, particularly given its location within the Deer Valley resort ecosystem. He explained that the financing approach reduced capital constraints during construction, improved flexibility across phases, and aligned repayment obligations with the project’s anticipated revenue generation and stabilization timeline.
By lowering the weighted average cost of capital and extending repayment horizons on qualifying improvements, the structure helped ensure that the development could move forward with confidence despite the inherent complexities associated with luxury resort construction in a rural market.
Overview of Marcella Landing at Deer Valley
Marcella Landing is envisioned as a high-end, ski-in, ski-out residential enclave offering direct access to Deer Valley Resort and exclusive membership in the Marcella Club. The development is planned to include a total of 50 luxury residences, with Phases I and II delivering 28 homes through a blended construction approach that integrates horizontal infrastructure and vertical building activity.
The community is designed to feature townhomes with premium finishes, a private ski lodge, and a centrally located amenity center, all carefully positioned to maximize mountain access, privacy, and views. The development strategy reflects growing demand among affluent buyers for turnkey resort properties that combine lifestyle amenities with long-term value and sustainability.
By structuring construction in phases, Reef Capital Partners aims to manage risk, align supply with market demand, and maintain consistent execution quality throughout the buildout process. The Rural PACE-X financing plays a critical role in supporting this strategy by providing capital that can be deployed across infrastructure, utilities, and vertical construction without creating undue strain on short-term cash flows.
Reef Capital Partners’ vision and execution
Reef Capital Partners brings decades of experience in real estate development, investment management, and complex capital structuring. The firm’s leadership team has been closely involved in shaping the vision for Marcella Landing, ensuring that the project reflects both the expectations of luxury buyers and the operational realities of resort-oriented development.
Chief Financial Officer Jon Day, who has extensive experience structuring sophisticated financing solutions, played a central role in guiding the execution of the Marcella Landing financing. Day emphasized that the closing represents a significant step forward for the project, allowing the development team to proceed with construction at the level of quality and long-term focus originally envisioned.
He highlighted the importance of working with a financing partner capable of understanding the nuances of the project, including its scale, sustainability goals, and phased delivery model. According to Day, X-Caliber’s approach provided the flexibility and innovation required to support a development of this magnitude in a rural resort setting.
The role of X-Caliber Advisors in structuring the transaction
The financing was originated and structured by the X-Caliber Advisors team, including Gregg Delany, Ken Lorman, and Gabe Mashaal. Their role involved coordinating multiple capital sources, aligning lender and sponsor objectives, and ensuring that the financing structure could accommodate the project’s construction and sales milestones.
The team’s ability to integrate senior-secured financing with C-PACE funding was instrumental in creating a cohesive capital stack that balanced near-term execution needs with long-term financial efficiency. By leveraging internal affiliates and specialized expertise, X-Caliber was able to streamline the financing process and reduce friction often associated with multi-layered capital structures.
This collaborative approach underscores X-Caliber’s broader strategy of acting not just as a lender, but as a capital solutions provider capable of delivering end-to-end financing strategies for complex commercial and residential developments.
Senior financing support from X-Caliber Rural Capital
The senior-secured financing component was provided by XRL-ALC, LLC, an affiliate of X-Caliber Rural Capital. This portion of the capital stack played a critical role in strengthening the overall financing structure by providing reliable, construction-focused capital aligned with the project’s phasing and execution schedule.
Jordan Blanchard, Co-Founder of X-Caliber Rural Capital, emphasized that resort developments of this caliber require highly customized financing solutions, particularly when located outside traditional urban lending footprints. He noted that the team’s focus was on delivering senior financing that matched the project’s sophistication while integrating seamlessly with the Rural PACE-X framework.
Blanchard also highlighted the challenges developers often face when seeking conventional financing in rural markets, where lender familiarity and risk tolerance can be limited. By participating directly in the capital stack, X-Caliber Rural Capital helped mitigate these challenges and ensured continuity across the financing structure.
Integrating sustainability through C-PACE financing
A defining feature of the Marcella Landing financing is the inclusion of $75 million in C-PACE funding provided by CastleGreen Finance. C-PACE financing enables developers to fund eligible energy efficiency, water conservation, and resiliency improvements through long-term, fixed-rate assessments that are repaid alongside property taxes.
Sal Tarsia, Managing Partner at CastleGreen Finance, explained that one of the central challenges in structuring the deal was aligning long-term capital with a relatively short-term development and sales plan. By coordinating the C-PACE assessment with the senior loan under a unified distribution structure, the financing allowed the sponsor to deploy capital where it was most needed without placing undue pressure on cash flow.
The C-PACE component supports investments in shared systems and infrastructure that enhance the overall sustainability and resiliency of the development, benefiting both the developer during construction and future unit owners over the long term.
Quantifiable energy and water savings
The sustainability improvements funded through the C-PACE portion of the financing are expected to generate significant lifecycle cost savings over the life of the assets. These improvements are projected to result in more than $2 million in total savings, reflecting reductions in both energy and water consumption.
Specifically, the development is expected to achieve annual electric savings of approximately 180,197 kilowatt-hours and water savings of more than 634,111 gallons per year. These efficiencies not only lower operating costs but also enhance the long-term value proposition of the residences by reducing utility expenses and supporting environmental stewardship.
In a market where buyers increasingly prioritize sustainability alongside luxury and lifestyle, these improvements are expected to further differentiate Marcella Landing within the competitive resort real estate landscape.
Addressing financing challenges in rural resort markets
The Marcella Landing transaction illustrates how innovative financing structures can address the unique challenges associated with large, timing-sensitive developments in rural markets. Traditional institutional lenders often hesitate to finance projects outside major metropolitan areas, particularly when those projects involve phased construction, luxury components, and complex infrastructure requirements.
By aligning senior financing with construction and sales milestones and pairing it with long-tenor, fixed-rate C-PACE funding for eligible improvements, the Rural PACE-X structure reduces carry costs on qualified capital expenditures and preserves liquidity during critical development phases.
This approach is particularly well-suited to large resort communities, where infrastructure investments are substantial and returns are realized over extended timelines. The ability to finance these investments without excessive early-stage equity commitments can significantly enhance project feasibility and sponsor flexibility.
Implications for future developments
The successful closing of the Marcella Landing financing positions X-Caliber as a leading provider of integrated capital solutions for rural and resort-oriented developments nationwide. As developers increasingly seek financing structures that balance sustainability, cost efficiency, and execution certainty, hybrid products like Rural PACE-X are likely to play a growing role in the market.
For Reef Capital Partners, the financing enables continued progress toward delivering a premier residential community that aligns luxury living with long-term environmental and financial performance. The project is slated for phased completion over the next two years, with construction advancing in line with the development’s strategic vision.
A model for disciplined, sustainable growth
Marcella Landing at Deer Valley stands as a case study in how thoughtful capital structuring can support ambitious development goals while managing risk and promoting sustainability. By combining conventional senior financing with C-PACE funding under a unified framework, X-Caliber delivered a solution that reflects the evolving needs of modern real estate development.
As resort communities continue to expand into rural and semi-rural markets, the lessons from this transaction are likely to resonate across the industry. Innovative financing models that align capital with execution, sustainability, and long-term value creation may increasingly define the next generation of successful developments.
For additional information on Rural PACE-X product parameters and financing capabilities, X-Caliber encourages interested parties to explore its full suite of capital solutions designed to support complex commercial and residential projects nationwide.
