VICI Properties Provides $212M Mezz Loan to Build Indoor Waterpark
The mezzanine loan has an initial term of 4 years with two 12-month extension options.
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.