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Denver Theme Park Refinanced For Nearly $125M

Denver

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

Revesco Properties and Kroenke Sports and Entertainment acquired Elitch Gardens in 2015. Since then, they have been working on securing zoning rights so it can proceed with developing the area into more than 14M SF of mixed-use space.

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.