Finance Lending
Sacramento-Area Indian Casino Gets $77M in Final Financing
Oct 3, 2008
By: Scott Baltic, Contributing Editor

The Shingle Springs Tribal Gaming Authority, an affiliate of the Shingle Springs Band of Miwok Indians, closed yesterday on $77 million in financing for the Red Hawk Casino in Shingle Springs, Calif., about 20 miles east of Sacramento.

Bank of America was lead arranger in the transaction, which covers financing primarily for the purchase of furniture, furnishings and equipment for the casino project, which broke ground in June 2007 and is scheduled to open by year’s end.

When completed, the Red Hawk Casino will feature 2,000 slot machines, 75 table games, six restaurants, four bars, retail and childcare facilities, and 3,000 spaces of lighted, covered parking. Also under construction is a new interchange on U.S. Highway 50, which will make access to the casino easier and which is being funded by the tribe with no taxpayer money.

Although no overall figure for the project’s value has been officially released, Tim Cope, president & CFO of Lakes Entertainment Inc., told CPN that the primary funding was a $450 million bond issue that included the cost of the highway interchange. The financing package that closed yesterday was the only other funding, he said. Lakes Entertainment, based in Minneapolis, will manage the casino for the Shingle Springs Band of Miwok Indians.

Lakes Entertainment currently has development and management or financing agreements with four Native American tribes for five separate casino sites in Michigan, California and Oklahoma, including the Cimarron Casino for the Iowa Tribe of Oklahoma and the Four Winds Casino Resort in New Buffalo, Mich., for the Pokagon Band of Potawatomi Indians. Lakes is also the majority owner of WPT Enterprises Inc., which operates the World Poker Tour TV series.

When completed, the Red Hawk Casino will feature 2,000 slot machines, 75 table games, six restaurants, four bars, retail and childcare facilities, and 3,000 spaces of lighted, covered parking. Also under construction is a new interchange on U.S. Highway 50, which will make access to the casino easier and which is being funded by the tribe with no taxpayer money.

 
Recent Lending Headlines
Education Realty Nabs $222M
Jan. 06, 2009
Student housing REIT Education Realty Trust Inc. has closed a $222 million secured credit facility, courtesy of Fannie Mae DUS lender Red Mortgage Capital Inc., and is wasting precious little time making use of the proceeds.
Emeritus Closes Refi Deal, Extends $73M Debt
Jan. 05, 2009
Assisted living and Alzheimer's care facilities provider Emeritus Corp. capped the end of the year by ensuring there would be no material maturities hanging over its head in 2009. The company wrapped up the $36.3 million refinancing of seven properties through Freddie Mac, a move that allowed it to pay down and extend an existing debt with Capmark.
3Q GDP Down, 4Q Expected to Be Worse
Dec. 24, 2008
The quarterly report by the U.S. Department of Commerce on the national GDP is something of a lagging indicator. The fact that the U.S. economy contracted 0.5 percent in the third quarter--July to September--might be worrisome, but it only raises the further question of how much contraction will happen in the fourth quarter.
paulson A Bailout for Commercial Real Estate?
Dec. 22, 2008
"Right now, we believe there is insufficient systemic capacity to refinance expiring, performing commercial real-estate loans," reads a letter from a dozen commercial real estate trade groups to Treasury Sec. Henry Paulson, according to the Wall Street Journal this morning. In other words, the commercial side of the business, long perceived as relatively healthy compared with the residential side, is warning of dire straits ahead unless refinancing money is available in the near future.
CMBS Delinquencies Speeding Up: Fitch
Dec. 22, 2008
Back in January 2008, long before the capital markets took their astonishing twists, Fitch Ratings made a sobering prediction: By the end of the year, its CMBS loan delinquency index would be double or triple the 0.28 percent recorded at the end of 2007. Fitch’s crystal ball turned out to be right on the money. On Friday the ratings agency reported that CMBS delinquency reached 0.64 percent for November. At this pace, Fitch projects that CMBS delinquencies could hit 2 percent by the end of 2009.
 
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