$20,000,000 Mezzanine Loan
Working with CarVal, Ramsfield purchased a $20 million mezzanine loan which is part of a new $123.6 million loan secured by three Great Wolf Lodges. The three properties are located in Wisconsin Dells, Wisconsin; Sandusky, Ohio; and Bloomington, Minnesota.
Proceeds from the financing are being used to fully renovate and reposition the recently acquired 404-room Bloomington resort located near the Mall of America just outside Minneapolis. The 307-room Wisconsin Dells resort is located in the water park capital of the world and is the original Great Wolf Lodge opening in 1997. The 271-room Sandusky resort is well positioned in the tourism-driven market in northern Ohio on the shores of Lake Erie. All three locations are within driving distance of multiple major urban markets ensuring strong demand. Ramsfield’s experience with resorts allowed us to quickly complete a detailed underwriting of the acquisition, enabling a swift closing of the new loan facility.
Great Wolf Lodges offer a unique combination of indoor water park, lodging, dining options, and proprietary attractions and amenities to provide guests with self-contained, fully integrated family vacation experiences. Great Wolf is the industry leader in indoor water parks and the only player with a national presence with 16 resorts spread throughout the U.S.A. and Canada. Great Wolf Lodges generally feature 300 to 600 rooms and a large indoor entertainment area measuring 40,000 to 100,000 square feet. The all-suite properties offer a variety of room styles, arcade/game rooms, fitness rooms, themed restaurants, spas, and other amenities. Learn more about Great Wolf Resorts.