Denver Theme Park Refinanced For Nearly $125M
Denver’s Elitch Gardens Theme and Water Park has received $124.6M in refinancing.
The refinancing was announced by JLL Capital Markets, which arranged it on behalf of the borrowers, Kroenke Sports and Entertainment and Revesco Properties. The five-year loan is with Pacific Western Bank.
Per JLL, the loan proceeds will be used to fund pre-development work for the massive revamp planned in the area, and will retire existing debt.
The ownership group will rezone and redevelop the park into a brand-new neighborhood in downtown Denver. The park has not closed, however, because new development will be a years-long, multiphase process.
Currently, the ownership group is working on the new Meow Wolf attraction.
Revesco Properties and Kroenke Sports and Entertainment acquired Elitch Gardens in 2015 for $140M. Since then, the group has worked on securing zoning rights so it can proceed with developing the area into more than 14M SF of mixed-use space. Improvements will also be made to the South Platte River, providing more recreational and pedestrian access.