Historic Hawaii Resort Owner Secures $431M

June 23, 2026

X-Caliber originated the financing package.

Reef Capital Partners has secured $431 million for the redevelopment of Coco Palms Resort in Kauai, Hawaii. X-Caliber provided the funds through its Rural PACE-X platform.

The financing package comprises a $185.6 million loan from X-Caliber Rural Capital and $245.4 million in C-PACE funds provided by CastleGreen Finance. Combined, the notes will provide 80 percent loan-to-cost financing.

The Coco Palms redevelopment is currently underway, with the property slated for reopening in 2028.

Part of both the National Register of Historic Places and the Hawaii Register of Historic Places, Coco Palms Resort opened in early 1953 and shut down in 1992 due to major damage from Hurricane Iniki.

Reef Capital Partners acquired the property 30 years later, in 2022, and began rebuilding it in 2024. Plans call for 351 new guestrooms across low-rise hotel buildings and cottages, as well as the restoration of historic structures, dining, retail and event spaces.

Amenities are to include three swimming pools, a 10,000-square-foot spa and a 300-seat cultural center. Highgate will oversee property management upon its delivery.

The new Coco Palms will occupy 32 acres at 4-241 Kuhio Highway, near Wailua Beach Park and close to other natural attractions. Kinipopo Shopping Village and multiple dining options are within walking distance.

X-Caliber Vice President of General Lending Gabe Mashaal originated the financing.