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VICI Properties to Provide $212M for Virginia Waterpark Resort  

VICI Properties has agreed to provide up to a $212 million mezzanine loan investment to Kalahari Resorts and Conventions for the development of a Kalahari indoor waterpark resort in Thornburg, Virginia.  

This resort, valued at $900 million with 907 keys, broke ground in October 2023 and anticipates opening by the end of 2026. The mezzanine loan spans an initial 4 years with potential extensions, and VICI’s investment is scheduled for the latter half of 2025. 

The project, spanning 1.4 million square feet, will encompass an indoor waterpark, outdoor waterpark, meeting space, and ten dining options. 


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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.

  • ◦Financing
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