Fairmont Breakers Receives $122 Million
By: Brynn Shaffer
The historic Fairmont Breakers Hotel in Long Beach has received $122 million in refinancing for the refurbishment and reopening of the property.
New York-based X-Caliber Funding and its affiliate, CastleGreen Finance, provided the loan. Roughly $64.5 million of that financing are bridge loans, secured by a first mortgage and historic tax credits, while the rest comes from Commercial Property Assessed Clean Energy financing, or C-PACE financing, a type of commercial property financing which uses borrowed capital to pay for the upfront costs associated with energy efficient or renewable energy improvements.
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