IRVINGTON, N.Y.--(BUSINESS WIRE)--Aug 24, 2026--
X-Caliber Capital Holdings LLC, “X-Caliber,” a nationally recognized direct commercial lender and servicer whose affiliates provide mortgage lending, servicing, and investment solutions, today announced the closing of an additional $131 million Rural PACE-X financing package for Phase II of Marcella Landing at Deer Valley East Village, an ultra-luxury ski community in Park City, Utah, developed by Reef Capital Partners.
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The new Rural PACE-X financing consists of $64 million of conventional senior-secured construction financing provided by an affiliate of X-Caliber Rural Capital, XRL-ALC, LLC (“XRA”), and $67 million of C-PACE financing through CastleGreen Finance, an affiliate of X-Caliber. The financing will support the construction of a second phase of luxury townhomes and related infrastructure improvements.
The transaction builds upon the project’s previously announced $182.2 million Rural PACE-X financing completed earlier this year for the initial phase of development, bringing X-Caliber’s total financing commitment for Marcella Landing to approximately $313.2 million to date. Gabe Mashaal of X-Caliber Rural Capital originated both transactions.
“Marcella Landing represents exactly the type of transformative residential development we are committed to supporting and is located in an area that holds a special place for my family and me,” said Chris Callahan, President and CEO of X-Caliber. “The expanded Rural PACE-X structure provided the borrower with a highly coordinated capital solution that supports continued vertical construction while preserving flexibility across the broader development timeline.”
Rural PACE-X is a proprietary financing solution offered by X-Caliber that combines conventional senior-secured financing with Commercial Property Assessed Clean Energy (“C-PACE”) financing into a single coordinated capital structure. The structure is designed to provide developers with greater flexibility, long-term fixed-rate capital for eligible improvements, and a more efficient overall cost of capital. Since the product launch in September 2024, X-Caliber and its affiliates have closed over $1 billion in Rural PACE-X volume.
Located within the highly anticipated Deer Valley East Village expansion in Park City, Utah, Marcella Landing is an exclusive gated luxury townhome community featuring residences designed by internationally renowned architecture firm Olson Kundig. The development offers direct ski access, luxury wellness amenities, and access to the Marcella Club lifestyle platform.
“The expansion of Marcella Landing reflects both the strength of the project and the continued demand we are seeing in the luxury resort market,” said Jordan Blanchard, Co-Founder of X-Caliber Rural Capital. “Our team structured the Phase II financing to align with the project’s construction phasing while seamlessly integrating the senior financing and C-PACE components within the Rural PACE-X platform.”
The financing structure incorporates long-term C-PACE capital to support eligible energy-efficiency, resiliency, and infrastructure improvements associated with the project.
“Our objective was to continue delivering long-duration capital that complements the sponsor’s construction and development strategy,” said Sal Tarsia, Managing Partner at CastleGreen Finance. “The additional $67 million C-PACE assessment works alongside the construction financing under a coordinated structure that provides the sponsor with enhanced flexibility to efficiently deploy capital across infrastructure and vertical construction while supporting long-term sustainability goals.”
Jon Day, Chief Financial Officer at Reef Capital Partners, has decades of experience in complex financing solutions and has been closely involved in guiding the vision and execution of the project.
“The successful completion of this additional financing package allows us to continue building on the momentum established during the first phase of Marcella Landing,” said Day. “We appreciate X-Caliber’s ability to provide strategic and innovative financing solutions that support the continued growth and long-term vision for this community.”
Marcella Landing is part of the broader Marcella luxury residential and membership community located within the transformative Deer Valley East Village expansion, one of the largest luxury ski resort developments currently underway in North America.
The project is slated for phased completion over the next three years.
For more information about Marcella Landing at Deer Valley, visit https://marcellaclub.com/real-estate/marcella-landing-at-deer-valley/.
For more information about X-Caliber and its expansive lending platforms, visit www.x-caliber.com.
About X-Caliber Capital Holdings LLC (“X-Caliber”) – www.x-caliber.com
X-Caliber Capital Holdings LLC is a nationally recognized commercial real estate finance franchise whose affiliate companies provide direct mortgage lending, servicing, and investment opportunities. Our diverse and growing lending and investment entities support and leverage our expansive and innovative lending platforms that offer FHA, bridge, USDA, and C-PACE financing.
About X-Caliber Rural Capital (“XRC”) – www.xrcusda.com
X-Caliber Rural Capital is an affiliate of X-Caliber Holdings LLC, a national real estate lending and investment firm. X-Caliber Rural Capital is a national, licensed, and approved U.S. Department of Agriculture lender that provides financing for rural business and economic development projects under four flagship programs that fall under the OneRD Guaranteed Loan Initiative. The company is dedicated to creating attractive financing solutions that meet the needs of rural communities throughout the country.
About CastleGreen Finance – www.castlegreenfinance.com
CastleGreen Finance is an affiliate of X-Caliber Capital Holdings and embraces the collaboration of commercial real estate construction along with a green energy and carbon emission reduction strategy by providing property owners with the financing tools needed to create and redevelop clean, sustainable, energy-efficient real estate through a superior capital stack.
About Marcella Landing at Deer Valley – www.marcellaclub.com
Marcella Landing at Deer Valley is an exclusive luxury residential community located within Deer Valley East Village in Park City, Utah. The gated townhome development features contemporary mountain residences designed by Olson Kundig and offers direct access to world-class skiing, wellness amenities, and the broader Marcella luxury lifestyle community.
About Reef Capital Partners – www.reefcp.com
Reef Capital Partners is a vertically integrated real estate investment, development, and operations firm dedicated to enhancing communities through transformative and impactful projects built in an environmentally, culturally, and historically sensitive way. Reef creates a sense of belonging to something extraordinary by delivering unforgettable experiences that endure for generations. By aligning investment expertise with development vision, Reef Capital Partners is reshaping the future of sustainable development, luxury living, culturally focused hospitality, and recreation.
Marcella Landing is a private collection of Olson Kundig –designed townhomes with slopeside access, premium wellness amenities, and Marcella Club privileges.
Marcella Landing is a private collection of Olson Kundig–designed townhomes with slopeside access, premium wellness amenities, and Marcella Club privileges.
KYIV, Ukraine (AP) — European leaders joined President Volodymyr Zelenskyy in Kyiv on Monday for celebrations marking the 35th anniversary of Ukraine’s Independence Day as Russia pressed on with its 4-year-old invasion of the country.
One of President Vladimir Putin’s key goals in starting a war with Russia’s neighbor in February 2022 was to return Kyiv to Moscow’s orbit. Ukrainian lawmakers voted on Aug. 24, 1991, to proclaim the country’s independence, and a nationwide referendum later that year overwhelmingly approved it.
With no significant changes on the front line for months and no apparent progress after more than a year of U.S.-led peace efforts, both countries are locked in a spiral of escalating aerial attacks that are killing civilians and smashing infrastructure.
U.K. Prime Minister Andy Burnham, on his first overseas trip since taking office last month, joined almost a dozen other European leaders, as well as other dignitaries in Kyiv on Monday.
“For Ukraine, independence is not an abstract idea. We defended it against all odds,” Ukrainian Foreign Minister Andrii Sybiha said on social media. “In times like these, nations learn how important it is to have allies by your side.”
Burnham co-chaired a meeting of what's been dubbed the Coalition of the Willing — a group of over two dozen countries helping Ukraine resist Russia's onslaught.
Burnham said he is pushing British industry to help a Ukrainian project that is working on a low-cost alternative to the U.S.-made Patriot air defense systems that are desperately needed but are in short supply. He urged other countries to encourage Washington to adopt stiffer sanctions on Russia and press Moscow to accept U.S. attempts to secure an unconditional ceasefire.
Zelenskyy said in a speech at Kyiv’s St. Sophia Square that the presence of European leaders reflected continental fears about Russia’s wider ambitions.
“We all understand that in this Russian war against us — against Ukraine — far more is being decided than the future of Ukraine and Eastern Europe,” he said.
“No nation in a war like this could rely solely on its own weapons," Zelenskyy said. "No nation could withstand attacks of such intensity without the world’s help.”
The leaders brought pledges of further military and financial support. Burnham announced his government has agreed to allow defense company MBDA to release classified information relating to British components used in the SCALP long-range missile. That paves the way for France and Ukraine to advance plans for the weapon's production in Ukraine.
SCALP is the French version of the U.K.’s Storm Shadow missile, with both systems incorporating shared technology.
“Ukraine has been Europe’s protector, not a drain on our security, but the front line of keeping Europe safe,” Burnham said, adding that Kyiv and its partners “must keep up the pressure on Moscow.”
Kremlin spokesman Dmitry Peskov said the Kremlin views the plan “extremely negatively.” He accused the U.K. of “taking part in this war” on Kyiv’s side.
Ukraine has leaned heavily on NATO countries for help fighting Russia’s bigger army, although relations with the United States have been cooler under President Donald Trump.
Russia, meanwhile, is getting help from North Korea and China.
Ukraine’s swift development of innovative drone technology has enabled it to blunt Moscow’s battlefield progress as well as hit targets deep inside Russia, as far as 2,000 kilometers (1,200 miles) from their border. The speeches in St. Sophia Square were accompanied by a parade of domestically produced weapons.
Both Russia and Ukraine are trying through long-range strikes to inflict economic pain, disrupt military supplies and erode public morale.
Ukraine's long-range drones have repeatedly hit facilities in Russia's vital oil industry, causing fuel shortages, and have also engaged in a campaign against Russia's largest online retailer, Wildberries.
But foreign suppliers also have to take into account their own needs, weapon production levels and the depth of stockpiles.
As the air war has intensified, Ukraine’s stocks of Patriot interceptors to counter Russia’s ballistic missiles have dwindled. Kyiv urgently needs more interceptors before winter, when Russia routinely bombards its power grid, but the demands of the Iran war and slow output of the sophisticated interceptors have left Ukraine short and vulnerable.
Three teenagers were killed and six children were wounded in the southern Russian city of Krasnodar, Russia’s children’s rights ombudswoman Maria Lvova-Belova said, as Ukraine attacked several warehouses of Ozon, another online retailer, for the third straight day, according to officials and the company.
Ozon said a large fire raged at its logistics facility in the suburbs of Krasnodar following the overnight attack.
A drone also hit the grounds of an Ozon logistics center in the southern Russian region of Adygeya, said regional Gov. Murat Kumpilov, although the company said its warehouse wasn’t damaged.
In all, four Ozon premises appeared to have been targeted.
Meanwhile, Ukraine’s General Staff said its forces struck the Russian state-owned Kamenetsky Combine defense company in the Rostov region overnight, starting a fire. The plant produces rocket and missile fuel, it said.
Russia's Defense Ministry said its air defenses overnight intercepted and destroyed 351 Ukrainian drones over eight Russian regions, the Crimean Peninsula and the Azov and Black seas. Moscow illegally annexed Crimea in 2014.
The ministry also said its forces overnight struck Ukrainian ports and vessels delivering military cargo.
Russia has also turned its sights on Ukrainian shopping malls, supermarkets and gas stations in recent months. Russian drones struck a shopping center in central Ukraine in a daytime attack Friday, killing 16 people and wounding 130, Ukrainian officials said.
Ukraine’s southern Odesa region came under a large-scale Russian missile and drone attack Monday, with food storage facilities and energy infrastructure among the targets, regional authorities reported.
Eighteen people, including two children, were injured in a Russian drone strike on Chernihiv in northern Ukraine, according to Ukraine’s Emergency Service.
It was not possible to independently verify each side's reports.
Follow the AP’s coverage of the war in Ukraine at https://apnews.com/hub/russia-ukraine
Smoke raises above a shopping mall following a Russian air attack in Odesa, Ukraine, Monday, Aug. 24, 2026. (AP Photo/Michael Shtekel)
From left, Luxembourg's Prime Minister Luc Frieden, Moldova's President Maia Sandu, Finland's President Alexander Stubb, Britain's Prime Minister Andy Burnham, Ukraine's President Volodymyr Zelenskyy, Ukraine's Prime Minister Sergiy Koretsky, EU Council President Antonio Costa, Lithuania's President Gitanas Nauseda listen to France's President's Emmanuel Macron speaking via video conference during the Coalition of the Willing meeting, in Kyiv, Ukraine, Monday, Aug. 24, 2026. (Henry Nicholls/Pool photo via AP)
In this photo distributed by the head of Krasnodar Yevgeny Naumov official telegram channel, local citizens listen to a representative of administration standing near the apartment building after a Ukrainian drone attack on Karasunsky district in Krasnodar region, Monday, Aug. 24, 2026. (Head of Krasnodar Yevgeny Naumov official telegram channel via AP)
Britain's Prime Minister Andy Burnham, left, looks at Ukraine's President Volodymyr Zelensky delivering a speech during a commemorative ceremony marking Ukraine's 35th Independence Day outside St. Sofia cathedral in Kyiv, Ukraine, Monday, Aug. 24, 2026. (Henry Nicholls/Pool Photo via AP)
Ukraine's President Volodymyr Zelenskyy, left, hands over the Ukraine state award to European Council President Antonio Costa during a commemorative ceremony in Kyiv, Ukraine, Monday, Aug. 24, 2026, marking Ukraine's 35th Independence Day. (AP Photo/Efrem Lukatsky)
Ukraine's President Volodymyr Zelenskyy hands over the flag of a military unit during the ceremony to mark Ukraine Independence Day in Kyiv, Ukraine, Monday, Aug. 24, 2026. (AP Photo/Efrem Lukatsky)
Ukrainian and foreign officials attend a ceremony marking Ukraine's Independence Day in Kyiv, Ukraine, Monday, Aug. 24, 2026. (AP Photo/Efrem Lukatsky)
Britain's Prime Minister Andy Burnham, left, talks with President of the European Council Antonio Costa aboard a train headed to Kyiv, at an undisclosed location in Ukraine, late Sunday, Aug. 23, 2026. (Henry Nicholls/Pool Photo via AP) CORRECTION: Corrects date from Aug. 24, 2026 to Aug. 23, 2026.
Britain's Prime Minister Andy Burnham, left, talks with President of the European Council Antonio Costa aboard a train headed to Kyiv, at an undisclosed location in Ukraine, Monday, Aug. 24, 2026. (Henry Nicholls/Pool Photo via AP)
Ukraine's Foreign Affairs Minister Andrii Sybiha, left, greets Britain's prime minister Andy Burnham upon his arrival by train, in Kyiv, Monday, Aug. 24, 2026. (Henry Nicholls/Pool Photo via AP)
Britain's Prime Minister Andy Burnham, centre, walks out of a train upon his arrival , in Kyiv, Monday, Aug. 24, 2026. (Henry Nicholls/Pool Photo via AP)
Britain's prime minister Andy Burnham, centre, smiles upon his arrival by train, in Kyiv, Monday, Aug. 24, 2026. (Henry Nicholls/Pool Photo via AP)
