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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	March 1, 2006
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  	Great Wolf Resorts, Inc.
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	Delaware
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  	000-51064
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  	51-0510250
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
  	(I.R.S. Employer
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	&nbsp;&nbsp;
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  	122 West Washington Ave, Madison, Wisconsin
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  	53703
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  _________________________________<BR>
  	(Address of principal executive offices)
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  	&nbsp;
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  ___________<BR>
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  	Registrant&#146;s telephone number, including area code:
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  	&nbsp;
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  	608-661-4700
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:</FONT>
  </P>
  <P><FONT SIZE="2">
  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  	Item 1.01 Entry into a Material Definitive Agreement.
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  On March 1, 2006, CNL Income GW WI-Del, LP and CNL Income GW Sandusky, LP (collectively, the "Borrowers"), entities in which Great Wolf Resorts, Inc. (the "Company") holds an indirect 30% interest, entered into a loan agreement (the "Loan Agreement"), pursuant to which the Borrowers borrowed $63 million (the "Loan") from NSPL, Inc.  <br>The portion of the Loan proceeds received by the Company (approximately $18.6 million) will be used to fund the Company&#x2019;s current and future development projects.<br>The Loan is secured by, among other collateral, the interests of the Borrowers and certain affiliates of the Borrowers, in the Great Wolf Lodge resorts located at Wisconsin Dells and Sandusky, Ohio.<br>The Loan is for a term of 7 years. Debt service payments are monthly, in arrears.  Until March 31, 2009, only interest is payable and, thereafter, principal and interest are payable based on a 30-year amortization schedule.  The interest rate is 6.080% per annum.<br>The Loan is not prepayable until the payment date in December 2012.  The Loan may be defeased in its entirety from the earlier to occur of the payment date in March 2010 or two years after securitization, until the payment date in December 2012.  In addition, during the period when total defeasance is permitted, the Sandusky, Ohio property may be released as collateral upon a partial defeasance equal to 115% of the allocated loan amount for the Sandusky property and the satisfaction of certain loan-to-value and debt coverage tests. <br>Under the terms of the Loan Agreement, and event of default may occur upon, among other things: <br>- non-payment of interest and/or principal <br>- the Borrower's failure to comply with the terms of the Loan Agreement, which failure continues for 10 days with respect to a monetary default and 30 days (plus up to an additional 60 days if reasonably necessary to cure) with respect to a non-monetary default after notice (or, in certain cases, without notice or with shorter notice)<br>- the occurrence of bankruptcy or insolvency events with respect to the Borrower <br>- the occurrence of an event of default under any ancillary loan document <br><br>
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  	Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
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  See the description contained in Item 1.01 above, which is incorporated herein by reference.
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  	Item 9.01 Financial Statements and Exhibits.
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  (c)<br><br>The following exhibit is attached to this report:<br><br>1.1 Loan Agreement dated March 1, 2006, among CNL Income GW WI-DEL, LP, CNL Income GW Sandusky, LP, and NSPL, Inc.<br><br>
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  	SIGNATURES
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  	Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
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  	Great Wolf Resorts, Inc.
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  	&nbsp;&nbsp;
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  <I>
  	March 2, 2006
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  <I>
  	J. Michael Schroeder
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  	&nbsp;
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  <I>
  	Name: J. Michael Schroeder
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  <I>
  	Title: General Counsel & Corporate Secretary
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  	Exhibit&nbsp;Index
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  	Exhibit No.
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  	Description
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  	1.1
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  	&nbsp;
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  Loan Agreement dated March 1, 2006
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_10685.htm", "description": "LIVE FILING", "secsgml_size_bytes": 12392}]
metadata_filer: {"company-data": {"conformed-name": "Great Wolf Resorts, Inc.", "cik": "0001294538", "assigned-sic": "7011", "irs-number": "510510250", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51064", "film-number": "06659216"}, "business-address": {"street1": "122 WEST WASHINGTON AVENUE", "city": "MADISON", "state": "WI", "zip": "53703", "phone": "608-661-4700"}, "mail-address": {"street1": "122 WEST WASHINGTON AVENUE", "city": "MADISON", "state": "WI", "zip": "53703"}}
text: Great Wolf Resorts, Inc. (Form: 8-K)
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  Date of Report (Date of Earliest Event Reported):
  March 1, 2006
  Great Wolf Resorts, Inc.
  __________________________________________
  (Exact name of registrant as specified in its charter)
  Delaware
  000-51064
  51-0510250
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  122 West Washington Ave, Madison, Wisconsin
  53703
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  608-661-4700
  Not Applicable
  ______________________________________________
  Former name or former address, if changed since last report
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:
  [  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Top of the Form
  Item 1.01 Entry into a Material Definitive Agreement.
  On March 1, 2006, CNL Income GW WI-Del, LP and CNL Income GW Sandusky, LP (collectively, the "Borrowers"), entities in which Great Wolf Resorts, Inc. (the "Company") holds an indirect 30% interest, entered into a loan agreement (the "Loan Agreement"), pursuant to which the Borrowers borrowed $63 million (the "Loan") from NSPL, Inc.
  The portion of the Loan proceeds received by the Company (approximately $18.6 million) will be used to fund the Company's current and future development projects.
  The Loan is secured by, among other collateral, the interests of the Borrowers and certain affiliates of the Borrowers, in the Great Wolf Lodge resorts located at Wisconsin Dells and Sandusky, Ohio.
  The Loan is for a term of 7 years. Debt service payments are monthly, in arrears.  Until March 31, 2009, only interest is payable and, thereafter, principal and interest are payable based on a 30-year amortization schedule.  The interest rate is 6.080% per annum.
  The Loan is not prepayable until the payment date in December 2012.  The Loan may be defeased in its entirety from the earlier to occur of the payment date in March 2010 or two years after securitization, until the payment date in December 2012.  In addition, during the period when total defeasance is permitted, the Sandusky, Ohio property may be released as collateral upon a partial defeasance equal to 115% of the allocated loan amount for the Sandusky property and the satisfaction of certain loan-to-value and debt coverage tests.
  Under the terms of the Loan Agreement, and event of default may occur upon, among other things:
  - non-payment of interest and/or principal
  - the Borrower's failure to comply with the terms of the Loan Agreement, which failure continues for 10 days with respect to a monetary default and 30 days (plus up to an additional 60 days if reasonably necessary to cure) with respect to a non-monetary default after notice (or, in certain cases, without notice or with shorter notice)
  - the occurrence of bankruptcy or insolvency events with respect to the Borrower
  - the occurrence of an event of default under any ancillary loan document
  Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
  See the description contained in Item 1.01 above, which is incorporated herein by reference.
  Item 9.01 Financial Statements and Exhibits.
  (c)
  The following exhibit is attached to this report:
  1.1 Loan Agreement dated March 1, 2006, among CNL Income GW WI-DEL, LP, CNL Income GW Sandusky, LP, and NSPL, Inc.
  Top of the Form
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
  Great Wolf Resorts, Inc.
  March 2, 2006
  By:
  J. Michael Schroeder
  Name: J. Michael Schroeder
  Title: General Counsel & Corporate Secretary
  Top of the Form
  Exhibit Index
  Exhibit No.
  Description
  1.1
  Loan Agreement dated March 1, 2006