08:03 AM EDT, 09/02/2025 (MT Newswires) -- Gaming and Leisure Properties ( GLPI ) said Tuesday that it is committing $225 million to be the lead real estate financing partner for an integrated resort, Caesars Republic Sonoma County, that will be developed on the site of the current River Rock Casino.

The company said it has agreed with Caesars Entertainment ( CZR ) and the Dry Creek Rancheria Band of Pomo Indians to initially act as a lender to the project, with a delayed draw term loan of $180 million, priced at a fixed rate of 12.50%, and a term loan B of $45 million, with a current yield to maturity of 13.95%.

The company said the blended interest rate of its financing is expected to approximate 12.79%.

The company also said that upon the maturity of the 6-year term loans, Dry Creek will lease the property to an affiliate of the company for a 45-year term, for at least $112.5 million, and the company will sublease the property back to an affiliate of Dry Creek. Annual rent on the sublease will be based on a cap rate of 9.75%, the company said.