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 … Full story available on Benzinga.com