Realberry and Proper Hospitality Secure $298 Million Financing for Redevelopment of Historic Cal Neva into Lake Tahoe Proper Resort and Casino

Following the closing of a major funding round, the legendary Cal Neva starts a new chapter as a design-driven resort and casino set on Lake Tahoe

LAKE TAHOE, Nev., April 3, 2026 /PRNewswire/ -- Realberry and Proper Hospitality today announced the closing of a $298 million financing package for the redevelopment of the historic Cal Neva Hotel into Lake Tahoe Proper Resort and Casino, slated to open in 2027. The financing marks a major milestone in repositioning one of the American West's most iconic resort properties, enabling a full-scale restoration that will transform the landmark into a design-driven destination blending hospitality, wellness and gaming along the shores of Lake Tahoe.

Co-developed by Realberry, a Colorado-based real estate investment and development firm, in partnership with Kor Real Estate Partners, the project revives a property that has captivated the American imagination for a century. 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. Interiors are designed by Kelly Wearstler, whose work defines the visual language of contemporary luxury hospitality.

"Lake Tahoe Proper is everything that defines this brand, brought together in one singular, iconic place," said Brad Korzen, Co-Founder and CEO of 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 capitalize 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 notable 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 of 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 guest rooms, suites and private villas; multiple restaurants and bars anchored by the iconic Circle Bar; two pool experiences, a spa and recreational facilities; and meeting and event spaces, including a restored 225-seat theater and a casino.

ADDITIONAL PARTNER QUOTES

"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 of Lender Partnerships and New Products at 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."

"Banc of California is proud to support Realberry on this landmark redevelopment, which will help drive tourism, investment and long-term economic growth in the Lake Tahoe region," said Chris Erickson, President, Colorado Region, Banc of California. "Projects like this play an important role in strengthening the region's economy, bringing new energy, creating jobs and preserving an iconic piece of its history. We're pleased to work alongside a team committed to delivering a world-class destination that will serve the community and visitors for years to come."

"It's exciting to see the Lake Tahoe Proper team take advantage of C-PACE financing to improve the resort's energy efficiency," said Brian Beffort, Washoe County Sustainability Manager. "These investments will help reduce energy use and lower their energy bills. More importantly, these investments will reduce dangerous emissions, which in turn will keep air quality healthier and views more beautiful in the Tahoe basin. We appreciate the project team's leadership in protecting our region's public health and quality of life."

ABOUT REALBERRY Realberry is a diversified real estate investment, development and management firm headquartered in Colorado. The company invests in, develops and operates real estate across the hospitality, multifamily, commercial, mixed-use and master-planned community sectors throughout the United States. Founded in 1991, Realberry applies a disciplined approach to portfolio management focused on long-term value creation, financial discipline and responsible development. The company partners with institutional and accredited individual investors through a sponsor-led investment platform designed to provide access to real estate opportunities nationwide.

Realberry's integrated platform includes in-house capabilities spanning acquisition, development, asset management and operations. The company's strategy emphasizes transparency, rigorous oversight and alignment with investors and communities. For more information, visit realberry.com.

ABOUT THE KOR GROUP The Kor Group is an international real estate investment and management company with extensive holdings and development experience in commercial real estate properties. Since its inception in 1999, Kor has acquired and developed hospitality, residential, and office assets valued in excess of $3 billion. Central to Kor's investment strategy is value creation through distinctive design and branding. By fusing creative design with an agile investment and development discipline, Kor has amassed a portfolio of high performing assets and has built a signature brand translatable across its properties. www.thekorgroup.com

ABOUT PROPER HOSPITALITY Proper Hospitality creates and operates luxury lifestyle hospitality experiences, from flagship hotels to a portfolio of independent properties, each defined by elevated design, intentional locations, and world-class amenities that connect guests to a deeper sense of place. The company currently manages Proper-branded hotels in Santa Monica, Downtown Los Angeles, San Francisco, and Austin; The Shelborne By Proper in Miami; and The Collective. properhotel.com

ABOUT NUVEEN GREEN CAPITAL With over $5 billion originated, Nuveen Green Capital is a national leader in sustainable commercial real estate financing solutions and an affiliate of Nuveen, the $1 trillion+ asset manager and wholly owned subsidiary of TIAA. The company, which was founded by C-PACE industry pioneers who helped design the nation's first successful statewide C-PACE program, has grown to offer a market-leading suite of accretive CRE financing products and a full-service lending platform with all underwriting, legal, and asset management functions executed in-house. Nuveen.com/greencapital.

ABOUT BANC OF CALIFORNIA Banc of California, Inc. is a bank holding company with over $34 billion in assets and the parent company of Banc of California. Banc of California is one of the nation's premier relationship-based business banks, providing banking and treasury management services to small-, middle-market, and venture-backed businesses. Banc of California is the largest independent bank headquartered in Los Angeles and the third largest bank headquartered in California and offers a broad range of loan and deposit products and services through 79 full-service branches located throughout California and in Denver, Colorado, and Durham, North Carolina, as well as through regional offices nationwide. The bank also provides full-service payment processing solutions to its clients and serves the Community Association Management industry nationwide with its technology-forward platform, SmartStreet™. The bank is committed to its local communities through the Banc of California Charitable Foundation, and by supporting organizations that provide financial literacy and job training, small business support, affordable housing, and more. Member FDIC. www.bancofcal.com.

ABOUT KELLY WEARSTLER Kelly Wearstler's Los Angeles-based studio spans interior design, architecture, industrial design, and creative direction. Founded in 1995, the practice has evolved into an interdisciplinary global brand whose influence extends across hospitality, retail, residential, and culture. kellywearstler.com

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SOURCE Proper Hospitality