Execution combines senior debt and C-PACE to finance ground-up construction for luxury ski-in, ski-out townhomes at Marcella Landing at Deer Valley.

IRVINGTON, N.Y. --(BUSINESS WIRE)

X-Caliber Rural Capital (“XRC”) a licensed USDA OneRD lender and affiliate of X-Caliber Capital Holdings LLC, (“X-Caliber”), announced that its affiliate XRL-ALC, together with American Lending Center (“ALC”), closed on a $107.2MM Rural PACE-X financing for the ground-up construction of Marcella Landing at Deer Valley, a luxury ski community in Park City, Utah, developed by Reef Capital Partners.

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Marcella Landing is a community situated on a prominent ridge overlooking the new Deer Valley East Village.

Marcella Landing is a community situated on a prominent ridge overlooking the new Deer Valley East Village.

The $107.2MM senior loan is part of a total $182.2MM financing provided through X-Caliber’s proprietary lending product Rural PACE-X that also includes $75MM of Commercial Property Assessed Clean Energy (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 reflects the kind of thoughtful, forward-looking development that strengthens rural communities while meeting modern design and efficiency standards,” said John Shen, Founder and CEO of American Lending Center. “We are glad to see a project of this scale move forward, bringing new jobs and long-term economic activity to a rural region that will benefit from its continued growth.”

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 luxury ski-in, ski-out townhomes, a private ski lodge, and an amenity center.

Jon Day, Chief Financial Officer 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 the innovative financing approach, which provided a flexible, 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.

“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 long-term, 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 $2MM (over the lifetime of the improvements). This $2MM 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 reduce carry on qualified capital expenditures and preserve liquidity. These benefits support consistent project execution and are particularly meaningful for large, phased developments in rural resort communities.

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

For more details and full Rural PACE-X product parameters and information, click here.

About X-Caliber Capital Holdings LLC (“X-Caliber”)– www.x-caliber.com
X-Caliber Capital Holdings is a nationally recognized commercial real estate finance franchise whose affiliate companies provide direct mortgage lending, servicing, advisory, and investment opportunities. Our diverse and growing lending and investment entities support and leverage our expansive and innovative lending platforms that offer FHA, bridge, USDA, and C-PACE financing.

About American Lending Center – https://usa-rc.com/
American Lending Center Holdings (ALCH) is a mission-driven financial service organization dedicated to fostering economic growth. ALCH has played a critical role by supporting businesses in underserved and rural communities. Since its inception, ALCH has helped create or retain 140,000+ jobs and provided impactful financing solutions to empower businesses nationwide.

About X-Caliber Advisors, LLC (“X-Caliber Advisors”)– www.x-caliberadvisors.com
X-Caliber Advisors is a nationally recognized commercial real estate advisor that assists developers and owners in their financing needs. XCA is able to access and combine X-Caliber’s various loan products to create an optimal capital structure in a one-stop shopping experience.

About X-Caliber Rural Capital – www.xrcusda.com
X-Caliber Rural Capital is an affiliate of X-Caliber Holdings, a national real estate lending and investment firm. X-Caliber Rural Capital is a national, licensed and approved U.S. Department of Agriculture lender that provides financing for rural business and economic development projects under four flagship programs that fall under the OneRD Guaranteed Loan Initiative. The Company is dedicated to creating attractive solutions for its borrowers that meet the needs of rural communities throughout the country.

About CastleGreen Finance – www.CastleGreenfinance.com
CastleGreen Finance is an affiliate of X-Caliber Capital Holdings and embraces the collaboration of commercial real estate construction along with a green energy and carbon emission reduction strategy by providing property owners with the financing tools needed to create and redevelop clean, sustainable, energy-efficient real estate through a superior capital stack.

About Reef Capital Partners
Reef Capital Partners is a vertically integrated real estate investment, development, and operations firm dedicated to enhancing communities through transformative and impactful projects across North America. Reef creates a sense of belonging to something extraordinary by delivering unforgettable experiences that endure for generations. Signature developments include Black Desert Resort, a 600-acre luxury destination in Greater Zion featuring a Tom Weiskopf-designed golf course, curated residences, and premier events like the PGA TOUR, and Marcella Club, home to exclusive communities with a Tiger Woods-designed championship golf course and world-class amenities. Reef’s portfolio also includes Main and Sky, Cornerstone Golf Club Sweetens Cove, and Cutalong at Tributer Resort, showcasing the firm’s commitment to innovative design and community impact.

By aligning investment expertise with development vision, Reef Capital Partners is reshaping the future of luxury living, hospitality, and recreation. Learn more at www.reefcp.com.

Bonnie Habyan
Chief Marketing Officer
914.815.9806

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