Realberry and Proper Hospitality closed on a $298 million financing package for the redevelopment of the historic Cal Neva Hotel into Lake Tahoe Proper Resort and Casino in Nevada, slated to open in 2027.

The recently closed financing includes $223 million in C-PACE financing, from Nuveen Green Capital (NGC), to capitalize key energy and water efficiency measures, as well as the building envelope. Additional financing includes a $75 million senior secured construction loan from Banc of California.

The reimagined year-round property will include 197 guest rooms, suites and private villas; multiple restaurants and bars anchored by the iconic Circle Bar; two pool experiences, a spa and recreational facilities; and meeting and event spaces, including a restored 225-seat theater and a casino.

First opened in 1926, Cal Neva straddles the California-Nevada border on the northeast shore of Lake Tahoe.

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