California + Bay Area + Finance | August 30, 2023

X-Caliber Closes Financing to Refi, Expand Almond Processing Plant

Commercial real estate lender X-Caliber said its affiliate companies, X-Caliber Rural Capital (XRC) and
CastleGreen Finance, closed a $33.5-million combined transaction for a refinance, a
new facility construction and a renewable energy system for California Custom Processing
(CCP) in Madera.

XRC provided $29.5 million through the USDA’s Food Supply Chain Guaranteed Loan Program, while
CastleGreen provided $4 million of Commercial Property Assessed Clean Energy (C-PACE) financing
through the California Statewide Communities Development Authority – Open PACE Program. The loan was originated by X-Caliber’s Mike Hammond, executive managing director, origination.

The current CCP almond processing facility is 65,000 square feet. The USDA loan will be used for
the refinance of the property owner’s debt and to finance the new facility construction of an
adjacent 52,500-square-foot building. The C-PACE structure will finance the renewable energy improvements, including a rooftop solar array and battery storage on the existing facility, as well as seismic resiliency improvements for the facility expansion.

Connect Orange County will take place Sept. 27, 2023 at VEA | Newport Beach Marriott in Newport Beach, concurrently with Connect Healthcare Real Estate on Sept. 27 and 28. Click here to register for Connect Orange County, and here to register for Connect Healthcare Real Estate.

Connect

Inside The Story

X-Caliber

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

Order Reprints