The view of Lake Tahoe from the Tahoe Beach Club property, as seen in August 2020.
The second phase of a high-end community on the Nevada side of Lake Tahoe’s South Shore recently secured a $115 million construction loan through ACORE Capital, a commercial real estate firm and debt fund manager.
Tahoe Beach Club completed its first phase last year, with the first group of homeowners arriving in September 2019, according to a June 10 press release provided on behalf of Salt Lake City-based Excel Realty Holdings, which controls ownership of the private residential community in Stateline.
Greenville, South Carolina-based real estate firm IMI Worldwide Properties is also part of the ownership group.
According to the press release, the $115 million loan from ACORE also facilitated Excel’s repurchase of $34 million of preferred equity provided by HNGreen Hollow Capital Partners in September 2019, which was used to construct the property’s beachfront club and Phase II redesign.
According to Excel, 48 new homes are included in the second phase, which broke ground in May and is expected to be complete in mid-2023. The first selection of homes within Phase II will be ready for a mid-2022 move-in date.
“We are pleased to have closed on this new line of financing with ACORE Capital,” Excel Realty Holdings CEO Mark Burton said in a statement. “We value our relationship with ACORE and IMI Living and we anticipate a successful year of construction and sales as we introduce the next chapter of this lakefront community.”
Tahoe Beach Club will offer 143 residences when complete. Phase II homes will range in size from 1,256-square-foot, two-bedroom homes starting at $1.6 million to 2,831-square-foot, four-bedroom units at over $4 million.
“Tahoe Beach Club is the only community being built offering direct access to the lake, and the new phase of construction is thrilling to see,” Tahoe Beach Club CEO Patrick Rhamey said in a statement. “With our unmatched location, superior five-star amenities and year-round experiences, Tahoe Beach Club has had tremendous success in the marketplace.”