X-Caliber Capital Holdings LLC has closed an additional $131 million Rural PACE-X financing package to support the second phase of Marcella Landing at Deer Valley East Village in Park City, Utah.

The new funding round raises X-Caliber’s total commitment for the Reef Capital Partners project to roughly $313.2 million. The lender previously completed an initial $182.2 million financing deal for the luxury ski resort’s first development phase earlier this year. Gabe Mashaal of X-Caliber Rural Capital originated both deals.

The latest $131 million package combines $64 million in conventional senior-secured construction financing provided by X-Caliber Rural Capital affiliate XRL-ALC, LLC (“XRA”), alongside $67 million in C-PACE financing arranged via CastleGreen Finance, another X-Caliber affiliate. The funds will cover infrastructure upgrades and vertical construction for a new phase of luxury townhomes.

Chris Callahan, President and CEO of X-Caliber, commented on the deal:

“Marcella Landing represents exactly the type of transformative residential development we are committed to supporting and is located in an area that holds a special place for me and my family. The expanded Rural PACE-X structure provided the borrower with a highly coordinated capital solution that supports continued vertical construction while preserving flexibility across the broader development timeline.”

Designed by architecture firm Olson Kundig, Marcella Landing is an exclusive gated townhome scheme featuring direct ski access, luxury wellness facilities, and inclusion in the Marcella Club lifestyle platform. It forms part of the wider Deer Valley East Village expansion, currently one of North America’s largest luxury ski resort projects.

Jordan Blanchard, Co-Founder of X-Caliber Rural Capital, noted the ongoing appeal of the market:

“The expansion of Marcella Landing reflects both the strength of the project and the continued demand we are seeing in the luxury resort market. Our team structured the Phase II financing to align with the project’s construction phasing while seamlessly integrating the senior financing and C-PACE components within the Rural PACE-X platform.”

X-Caliber’s proprietary Rural PACE-X platform pairs senior-secured construction loans with long-term, fixed-rate Commercial Property Assessed Clean Energy (C-PACE) capital for qualifying energy-efficiency, infrastructure, and resiliency upgrades. The firm has closed more than $1 billion in Rural PACE-X transactions since introducing the product in September 2024.

Addressing the C-PACE integration, Sal Tarsia, Managing Partner at CastleGreen Finance, stated:

“Our objective was to continue delivering long-duration capital that complements the sponsor’s construction and development strategy. The additional $67 million C-PACE assessment works alongside the construction financing under a coordinated structure that provides the sponsor with enhanced flexibility to efficiently deploy capital across infrastructure and vertical construction while supporting long-term sustainability goals.”

Reef Capital Partners Chief Financial Officer Jon Day praised the transaction:

“The successful completion of this additional financing package allows us to continue building on the momentum established during the first phase of Marcella Landing. We appreciate X-Caliber’s ability to provide strategic and innovative financing solutions that support the continued growth and long-term vision for this community.”

The multi-phase development is scheduled for completion over the next three years.