Summary
Lake Tahoe Proper Resort and Casino is set on 9 acres straddling the California-Nevada border on the northeast shore of Lake Tahoe. Previously the site of the historic Cal Neva Resort, built in 1926, the year-round property will include 197 guest rooms, suites, and private villas; multiple restaurants and bars anchored by the iconic Circle Bar; 40,000-square-feet of spa and recreation facilities, including pickleball and padel courts and two pools; 10,000-square-feet of meeting and event space, including a 225-seat theater; a kids and teen club; retail; ski valet; and a casino.
Opportunity
NGC provided $223 million in C-PACE financing to fund key energy and water efficiency measures as well as building envelope improvements, alongside senior lender Banc of California, which provided a $75 million senior loan. By utilizing C-PACE, the sponsor, Realberry, was able to complete its capital stack and fully fund construction while taking advantage of C-PACE’s low-cost and flexible payment terms. This included a delayed payment structure with an interest-only period following construction completion, ultimately enabling the project to transition seamlessly into permanent financing.
