The Long Beach landmark Breakers Hotel & Spa, located at 210 E. Ocean Blvd., underwent a multi-billion dollar renovation project. The project was led by John Molina and the team at Pacific6 Enterprises, who purchased the hotel in 2017. The hotel is a 197,035 square foot property with 185 keys. The renovation was financed through a $94 million loan provided by X-Caliber Funding LLC and CastleGreen Finance. This funding is the largest financing of a single asset under the C-PACE program in the state of California. The loan consists of a $48.5 million first mortgage renovation loan and a $45.5 million C-PACE finance.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $94,000,000
• Address: 210 E. Ocean Blvd.
• Market: Los Angeles
• Size: 197,035 SF
• Keys: 185

Berkadia's Matt Raptosh arranged the financing for the transaction. For more information about C-PACE finance, reach out to Sal Tarsia at [email protected]. The funding was provided by X-Caliber Funding LLC and CastleGreen Finance, with X-Caliber Funding being a national, direct commercial real estate lender, and CastleGreen Finance focusing on Commercial Property Assessed Clean Energy (C-PACE financing). The joint transaction between these lenders marks a major step in the renovation of the Breakers Hotel & Spa, a prominent landmark in Long Beach.