March 18, 2020
JLL Capital Markets arranged a $124.6 million refinancing for the Elitch Gardens Theme and Water Park in the heart of downtown Denver. The borrower was a partnership of Kroenke Sports and Entertainment (KSE) and Revesco Properties.
JLL’s Eric Tupler and Director Tyler Dumon placed the five-year, floating-rate loan with Pacific Western Bank. Loan proceeds will be used to retire existing debt and fund ongoing pre-development work for the future River Mile project.
The ownership group acquired Elitch Gardens in 2015 and, over its ownership period, has completed numerous needed improvements to the park, including three new major rise attractions. The KSE-Revesco partnership has also undertaken an extensive re-entitlement process to secure new zoning rights to facilitate the ultimate redevelopment of Elitch Gardens into more than 14 million square feet of residential and commercial mixed-use space, spread over 25 parcels.
For comments, questions or concerns, please contact Dennis Kaiser