![]() The term loan has a draw period of up to 1-year and a maximum outstanding period of up to six years - a 5-year initial term with a 1-year extension. Any borrowings will be subject to an interest rate of 10%, according to a press release. Wyomissing-based Gaming and Leisure Properties has also committed to providing up to $150 million of development funding via a senior secured delayed draw term loan, subject to regulatory review. ![]() The initial annual rent for the ground lease is $8 million, subject to fixed 2% annual escalation beginning on the first anniversary of the lease. has acquired the land associated with the Hard Rock Casino development project in Rockford, Ill., from an affiliate of 815 Entertainment LLC for $100 million.Īt the same time it acquired the land, Gaming and Leisure Properties entered into a 99-year ground lease with 815 Entertainment.
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