Chad McWhinney, Troy McWhinney, And Brad Korzen Secure $298M Loan For Cal Neva Hotel Redevelopment

The asset involved in this transaction is the historic Cal Neva Hotel, located at 2 Stateline Road in Crystal Bay, NV. The deal involves a loan amount of $298,000,000 with plans to redevelop the property into Lake Tahoe Proper Resort and Casino, which is set to open in 2027.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $298,000,000
• Lender: Nuveen Green Capital & Banc Of California
• Landlord: Chad McWhinney & Troy McWhinney - Realberry; Brad Korzen - Proper Hospitality
• Financing Details: $223 million in C-PACE funding from Nuveen Green Capital for energy and water efficiency upgrades, plus a $75 million senior construction loan from Banc of California

This transaction features key figures such as Chad McWhinney and Troy McWhinney representing Realberry, along with Brad Korzen who represents Proper Hospitality. Their collaboration aims to revitalize the Cal Neva Hotel property, which has historical significance.