VICI Properties is providing as much as $212 million in mezzanine loan financing to Kalahari Resorts and Conventions to fund the development of an indoor waterpark resort in Thornburg, Va. The 907-key, $900 million indoor waterpark resort broke ground in October and is expected to open by the end of 2026.
The mezzanine loan has an initial term of 4 years with two 12-month extension options. VICI's investment is expected to be made into the project in the second half of 2025.
This is VICI Properties' first investment with Kalahari, an operator of indoor waterparks, amusement parks, hotels and convention centers. Kalahari Virginia is expected to be 1.4 million square feet that will include both an indoor waterpark and outdoor waterpark, convention and meeting space, and 10 F&B outlets.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
