X-Caliber and CastleGreen Announce $55M in Financing of Long Beach Multifamily Renovation

X-Caliber Funding and affiliate company CastleGreen Finance have closed a joint financing transaction as part of a multimillion-dollar remake of the Ocean Center Luxury Apartments in Long Beach, CA. The loan includes $21 million in Commercial Property Assessed Clean Energy (C-PACE) financing. 

The financing is part of a renovation project led by Pacific6, a firm that focuses on projects that bring positive economic and social advancement to the community. The Ocean Center project will modernize the 80-unit, 14-story complex with state-of-the-art kitchens, spacious bathrooms and community amenities including a terrace and fitness center. 

C-PACE will provide the borrowers with long-term, low-cost financing and allow for energy upgrades that significantly reduce greenhouse gas emissions at an estimated rate of 189 metric tons of carbon dioxide a year. Chris Callahan, President and CEO of X-Caliber said in a news release, “With this transaction, we delivered excellent terms while making an environmental and economic impact that will span decades.”