Jon Day & Reef Capital Partners Secure $431 Million Loan From X-Caliber For Coco Palms Resort
4-1543 Kuhio Highway
$431,000,000
Building Size
—
Asset Type
Hotel
Closing
Jun 8, 2026
AI
The property involved in the transaction is the redevelopment of the iconic Coco Palms Resort, located at 4-1543 Kuhio Highway in Kapaa, HI. The loan amount associated with this project is $431,000,000, which is allocated for construction purposes. The asset spans approximately 32 acres along Kauai's eastern shoreline and will feature a 351-room resort alongside the restoration of historic structures and improvements to infrastructure.
Summary of transaction details:
- Property Type: Hotel & Resort
- Transaction Amount: $431,000,000
- Lender: X-Caliber
- Landlord: Jon Day & Reef Capital Partners
- Loan Type: Construction
- Financing Breakdown: $185.6 million in conventional senior-secured financing and $245.35 million in Commercial Property Assessed Clean Energy financing
- Notable Aspects: Plans for reviving iconic dining, retail, and event spaces
This transaction involves key individuals including Jon Day, Gabe Mashaal, Chris Callahan, Jordan Blanchard, and Sal Tarsia. The financing solutions provided by X-Caliber Rural Capital and its affiliates reflect a strategic approach to redevelopment, utilizing the firm's proprietary Rural PACE-X financing solution to ensure the successful transformation of the property.
Players
Market Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93