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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.
Key contacts
Todd E. Lenson
Partner, Head of Equity Capital Markets and Public Companies, US, New York
Jordan M. Rosenbaum
Partner, Head of Equity Capital Markets and Public Companies, US, New York
James P. Godman
Partner, New York
Tzvi Rokeach
Partner, New York
Seth R. Niedermayer
Partner, New York
Jeffrey H Taub
Special Counsel, New York
Eleni Zanias
Special Counsel, New York
M. Mendel Trapedo
Counsel, New York