Any borrowings under the senior secured delayed draw term loan will be subject to an interest rate of 10.0%. In addition to the ground lease, GLPI has also committed to providing up to $150.0 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 $8.0 million, subject to fixed 2.0% annual escalation beginning with the lease’s first anniversary and for the entirety of its term. Simultaneous with the land acquisition, GLPI entered into a ground lease with 815 Entertainment for a 99-year term.
(NASDAQ: GLPI) (“GLPI”) announced today that it has acquired the land associated with the Hard Rock Casino development project in Rockford, IL from an affiliate of 815 Entertainment, LLC (together, “815 Entertainment') for $100.0 million. 29, 2023 (GLOBE NEWSWIRE) - Gaming and Leisure Properties, Inc.