Realberry and Proper Hospitality have closed on a $298 million financing package for the redevelopment of the Cal Neva Hotel into the Lake Tahoe Proper Resort and Casino, slated to open in 2027.
The property was codeveloped by Realberry, a Colorado-based real estate investment and development firm, in partnership with Kor Real Estate Partners. The restoration preserves Cal Neva’s architectural character and cultural significance while building something genuinely new: a resort unlike anything else in the mountain west, according to the developers. Interiors are designed by Kelly Wearstler.
“Lake Tahoe Proper is everything that defines this brand, brought together in one singular, iconic place,” said Brad Korzen, cofounder/CEO, Proper Hospitality. “Innovative wellness, culture, energy and spaces that are genuinely unlike anything else. Through our partnership with Realberry, we have pushed wellness and culture to the forefront at our existing properties in Santa Monica and Austin. Lake Tahoe Proper is the opportunity to take all of that to an entirely new level.”
The recently closed financing includes $223 million in C-PACE financing from Nuveen Green Capital (NGC) to fund key energy and water-efficiency measures, as well as the building envelope. The transaction represents the largest C-PACE financing in Nevada’s history and the first ever in Washoe County. Additional financing includes a $75 million senior secured construction loan from Banc of California. The project has attracted investment from private investors and family offices, including entrepreneur Hayes Barnard.
“Cal Neva is one of the most storied hospitality properties in the West, and we feel a deep responsibility to get the execution right with Lake Tahoe Proper,” said Chad McWhinney, CEO, Realberry. “This is exactly the kind of legacy asset Realberry believes in. Our focus has been on rigorous restoration, and this financing milestone allows us to continue to thoughtfully reestablish this asset as a premier hospitality destination in Lake Tahoe, balancing preservation and long-term stewardship.”
First opened in 1926, Cal Neva straddles the California-Nevada border on the northeast shore of Lake Tahoe. During its golden era in the 1960s, the resort became a magnet for Hollywood stars, drawing icons including Marilyn Monroe, Dean Martin and Sammy Davis Jr. to its shores, along with political figures such as John F. Kennedy. Its showroom—engineered so performers could see every face in the audience—was among the largest non-amplified theaters of its time, while a network of private tunnels allowed guests to move discreetly through the resort, cementing its aura of glamour and mystique.
Nearly a century later, Lake Tahoe Proper reclaims that legacy, marking the end of a transitional chapter that preserved the site and sets the stage for its next era. The reimagined year-round property will include 197 guestrooms, suites and private villas; multiple restaurants and bars anchored by the Circle Bar; two pool experiences, a spa and recreational facilities; and meeting and event spaces, including a restored 225-seat theater and a casino.
“We are thrilled to partner with Realberry to capitalize this landmark project—the largest in the state of Nevada—which will transform this iconic property into a state-of-the-art resort and casino destination in North Lake Tahoe,” said Jonathan Kloos, senior director, lender partnerships and new products, NGC. “By using C-PACE, the sponsor was able to restore the historic lodge to today’s modern efficiency standards while delivering new energy-efficient villas and cabins. C-PACE gave the sponsor flexibility during the capitalization and equity-raise process, with a financing structure that supported the needs of all parties. This deal is a great example of how C-PACE can be leveraged to optimize a capital stack and why it has steadily moved from a creative solution to a market staple.”
