X-Caliber Expands Marcella Landing Financing to $313.2 Million
X-Caliber Capital Holdings LLC, a nationally recognized direct commercial lender and servicer, has announced the closing of an additional $131 million Rural PACE-X financing package for Phase II of Marcella Landing at Deer Valley East Village in Park City, Utah. The luxury residential development is being developed by Reef Capital Partners as part of the broader Deer Valley East Village expansion.
The latest financing package is designed to support construction of a second phase of luxury townhomes, along with related infrastructure improvements. The transaction includes $64 million in conventional senior-secured construction financing provided by X-Caliber Rural Capital affiliate XRL-ALC, LLC (XRA), together with $67 million in Commercial Property Assessed Clean Energy (C-PACE) financing provided through CastleGreen Finance, another X-Caliber affiliate.
With the completion of the Phase II financing, X-Caliber’s total financing commitment to Marcella Landing has reached approximately $313.2 million. The latest transaction builds on $182.2 million in Rural PACE-X financing completed earlier in 2026 for the project’s initial phase. Both financing transactions were originated by Gabe Mashaal of X-Caliber Rural Capital.
The financing demonstrates the flexibility of X-Caliber’s Rural PACE-X platform, which combines conventional senior-secured financing with C-PACE capital within a coordinated structure. The approach is intended to give developers access to multiple sources of capital while supporting construction requirements and eligible energy-efficiency, resiliency, and infrastructure improvements.
Chris Callahan, President and CEO of X-Caliber, said Marcella Landing represents the type of transformative residential development the company aims to support. He also highlighted the significance of the project’s location and said the expanded Rural PACE-X structure provides the borrower with a coordinated capital solution while maintaining flexibility throughout the development timeline.
Rural PACE-X is a proprietary financing solution developed by X-Caliber to combine senior-secured financing and C-PACE financing into a single capital structure. According to the company, the product is designed to provide developers with greater financing flexibility, long-term fixed-rate capital for eligible improvements, and an efficient overall cost of capital.
Since the launch of Rural PACE-X in September 2024, X-Caliber and its affiliates have closed more than $1 billion in financing volume through the platform. The Marcella Landing transaction further demonstrates how the structure can be applied to large-scale residential developments requiring substantial construction and infrastructure investment.
The latest financing will help advance Marcella Landing within Deer Valley East Village, a major expansion of the Deer Valley ski resort in Park City. The community is planned as an exclusive gated collection of luxury townhomes featuring architecture by internationally recognized firm Olson Kundig.
Marcella Landing is being positioned as a high-end mountain residential destination, offering direct ski access, luxury wellness amenities, and connections to the Marcella Club lifestyle platform. The development forms part of the larger Marcella luxury residential and membership community being established within the Deer Valley East Village expansion.
Jordan Blanchard, Co-Founder of X-Caliber Rural Capital, said the expansion of Marcella Landing reflects the strength of the project and continued demand in the luxury resort residential market. He noted that the Phase II financing was structured around the project’s construction schedule, allowing the senior financing and C-PACE components to operate together through the Rural PACE-X platform.
The $67 million C-PACE component is particularly important to the project’s long-term capital structure. C-PACE financing can support eligible improvements associated with energy efficiency, resiliency, and infrastructure. By incorporating this long-duration capital alongside construction financing, the structure is intended to provide the developer with additional flexibility while advancing sustainability-related elements of the development.
Sal Tarsia, Managing Partner at CastleGreen Finance, said the objective was to provide long-duration capital that complements Reef Capital Partners’ construction and development strategy. The additional C-PACE assessment is structured to work alongside the senior construction financing, enabling capital to be deployed across infrastructure and vertical construction while supporting long-term sustainability objectives.
Reef Capital Partners has been closely involved in the development and execution of Marcella Landing. Jon Day, the company’s Chief Financial Officer, brings extensive experience in complex financing transactions and has played a key role in guiding the project.
Day said the completion of the additional financing package will allow the developer to build on the progress achieved during the first phase of Marcella Landing. He also emphasized the value of X-Caliber’s ability to deliver strategic and innovative financing solutions that support the community’s continued development and long-term vision.
The additional $131 million commitment comes at a time when luxury resort communities continue to attract significant development interest. Marcella Landing benefits from its location within Deer Valley East Village, which is emerging as one of the most significant luxury ski resort developments underway in North America.
Through the combined use of senior construction financing and C-PACE capital, X-Caliber is supporting the next stage of Marcella Landing’s development while providing the project with a coordinated financing structure. The total commitment of approximately $313.2 million underscores the scale of the development and the lender’s continued involvement in its expansion.
As Phase II progresses, the financing is expected to support construction of additional luxury townhomes and infrastructure, further establishing Marcella Landing as a key component of the growing Deer Valley East Village community.
Source Link:https://www.businesswire.com/
