Historic Nevada Hotel Scores $298M for Redevelopment
Financing includes the largest C-PACE loan in state history.
Realberry and Proper Hospitality have secured a $298 million financing package for the redevelopment of the Cal Neva Hotel in Cristal Bay, Nev. The historic property will be remodeled into Lake Tahoe Proper Resort and Casino.
The financing includes the first C-PACE transaction in Washoe County and the largest in the history of Nevada—Nuveen Green Capital originated a $223 million C-PACE loan which will be used to capitalize energy and water efficiency measures, as well as the exterior shell of the property.
Additionally, Banc of California issued a $75 million senior construction loan for the project. Other investors in the fund comprised private and family offices, among which entrepreneur Hayes Barnard.
Realberry—previously known as McWhinney—acquired the property in 2023, according to the Tahoe Daily Tribune.
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Co-developed in partnership with Kor Real Estate Partners, the project is slated for completion in 2027. Kelly Wearstler will oversee interior design at the resort.
Cal Neva came online 100 years ago at 2 Stateline Road on some 13 acres. The property is north of Lake Tahoe and some 40 miles south of Reno, Nev.
The redevelopment calls for 197 units, which include guest rooms, suites and private villas. Amenities will comprise an indoor and outdoor private event spaces, a casino, a restored 225-seat theater, a spa, lakefront pools and multiple restaurants and bars. Moreover, the property will include three padel courts and a free-standing pickleball building.
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