Coco Palms secured $431 million in construction financing in June 2026, a milestone that puts real capital behind a restoration that has been announced and stalled repeatedly over the past two decades.
The financing came from X-Caliber, a national commercial real estate lender, through a product that pairs conventional debt with Commercial Property Assessed Clean Energy funding. About $185.6 million is senior-secured debt, and roughly $245.35 million is C-PACE financing tied to the resort’s energy efficiency design. Together the two pieces cover 80 percent of total project cost, and the conventional portion is structured to carry the project from construction through stabilization over a period of up to five years. The energy systems are projected to save more than $11 million over the lifetime of the improvements.
The project covers approximately 32 acres in Wailua and calls for 351 rooms and suites. The scope includes restoring historic structures, rebuilding guest accommodations, upgrading infrastructure, and returning the property’s dining, retail, and event spaces to use. Reef Capital Partners is the developer and Highgate will operate the hotel. Reopening is currently projected for 2028.
The developer and lender both pointed to the property’s listings on the National Register of Historic Places and the Hawaiʻi Register of Historic Places as central to how the work is being approached. The project is expected to generate over a thousand construction jobs and 350 full-time positions once operating.
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