VICI Properties Inc. Announces Partnership With Homefield Kansas City in Youth Sports Recreation Campus and Margaritaville Resort
VICI Properties Inc. (NYSE: VICI) (“VICI Properties”, “VICI” or the “Company”), an experiential real estate investment trust, announced today that the Company has entered into a construction loan agreement for up to $105 million in financing to affiliates of Homefield Kansas City (“Homefield”) to fund the development of a Margaritaville Resort in Kansas City, Kansas.
- VICI Properties Inc. (NYSE: VICI) (“VICI Properties”, “VICI” or the “Company”), an experiential real estate investment trust, announced today that the Company has entered into a construction loan agreement for up to $105 million in financing to affiliates of Homefield Kansas City (“Homefield”) to fund the development of a Margaritaville Resort in Kansas City, Kansas.
- Simultaneous with entering into the loan agreement, VICI entered into a call right agreement that provides VICI with a call option on (i) the Margaritaville Resort, (ii) the new Homefield youth sports training facility, (iii) the new Homefield baseball center, and (iv) the existing Homefield youth sports complex in Olathe, Kansas.
- If the call right is exercised, all of the properties, including the Margaritaville Resort, will be subject to a single long-term triple net master lease with VICI.
- John Payne, President & COO of VICI Properties, said, “We are excited to initiate this partnership with the Homefield team as we continue to have high conviction around youth sports.