SANTA MONICA, CA-Florida-based REIT CNL Lifestyle Properties Inc., which bought the Pacific Park amusement park on the pier here for $34 million early this year, has secured a five-year, $20 million loan on the property that was arranged by American Real Estate Capital of Coral Gables, FL. Michael Tabor of American Real Estate Capital tells GlobeSt.com that CNL, after paying all cash for Pacific Park in January, elected later to place debt on the property.
The property is a two-acre amusement park on the Santa Monica Pier that offers family-style entertainment with 12 rides, 18 midway games as well as multiple attractions, an oceanfront food plaza, entertainment and specialty shops.
As GlobeSt.com reported in January when Orlando, FL-based CNL bought Pacific Park, the REIT acquired the property from Santa Monica Amusements LLC. The property, which features the Pacific Wheel solar-powered Ferris wheel and a roller coaster among its rides and amusements. As the January report noted, CNL acquired the ground lease and physical assets of Pacific Park, which continues to be operated by Santa Monica Amusements under a net-lease agreement.
When the REIT bought Pacific Park, CNL president and CEO Byron Carlock described acquisition as "an iconic property" and noted that the two-acre park features family-style entertainment with 12 rides, 18 midway games as well as multiple attractions, an oceanfront food plaza, entertainment and specialty shops. He pointed out that its location is on a nationally known historic pier that attracts more than four million visitors annually. The pier is familiar to people around the world, having appeared as a setting in a host of movies and television shows over the years.
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