Denver Amusement, Water Park Stays Open With $124.6 Million Loan
The owners of Elitch Gardens, Kroenke Sports and Entertainment (KSE) and Revesco Properties, have received a $124.6 million loan to refinance the Denver-based amusement and water park combo.
Eric Tupler and Tyler Dumon of JLL arranged the five-year, floating-rate loan through Pacific Western Bank, according to a JLL update.
JLL says the loan proceeds will fund pre-development work for an upcoming, multi-year project The River Mile, which will encompass Elitch Gardens, and retire existing debt.
Expected to take 25 years to fully come to fruition, The River Mile is Revesco’s planned mixed-use district that will span 62 acres along a one-mile stretch of the South Platte River. KSE is a partner on the project, as part of the ownership group for the area. Although the project will eventually replace Elitch Gardens, the length of time necessary for the development gives us plenty of time to enjoy the park-- once we can leave our homes again, that is.
As of the writing of this story, the park's 2020 season is set to start in April, with no word of a rescheduled open date.
According to Rebusiness Online, since acquiring Elitch Gardens in 2015, KSE and Revesco have made improvements to the park and added three new attractions.
The KSE group also owns the Denver Nuggets NBA team and the Colorado Avalanche NHL team.