Kramer Levin Advises VICI in $140 Million Canyon Ranch Mortgage Financing

Kramer Levin advised VICI Properties Inc. as the provider of a mortgage financing secured primarily by Canyon Ranch Tucson and Canyon Ranch Lenox in an amount of $140,135,000. The proceeds from the transaction were used to refinance Canyon Ranch’s existing CMBS secured by these two assets.

As part of the previously announced VICI-Canyon Ranch Growth Partnership, VICI entered into a call right agreement that gives VICI the option to purchase the real estate assets securing the VICI mortgage financing. If VICI exercises the call right(s), Canyon Ranch would continue to operate the applicable wellness resort(s) subject to a long-term triple net master lease with VICI and the transaction proceeds would be applied to repay the mortgage financing.