BGL Real Estate Advisors finalizes the financing of the Hall of Fame Village Center for Performance
CLEVELAND, June 6, 2022 /PRNewswire/ — Brown Gibbons Lang & Company (BGL) is pleased to announce the financial close of the Center for Performance, a 100,000 square foot dome including exhibit halls and athletic performance space at the Hall of Fame Village powered by Johnson Controls in Canton, Ohio. BGL’s team of real estate advisers was the exclusive financial advisor to Hall of Fame Resort & Entertainment Company (NASDQ: HOFV) in the transaction, with PACE Equity providing funding.
The Hall of Fame Resort & Entertainment Company (HOFV) is a leading sports, entertainment and media company headquartered in Canton, Ohio. Established in 2020, the publicly traded company is the result of a business combination between HOF Village, LLC – a partnership between the Pro Football Hall of Fame and Industrial Realty Group (IRG) established in 2016 – and Gordon Pointe Acquisition Corp. (GPAQ). Led by a seasoned executive Michael Crawford, President and CEO of Hall of Fame Resort & Entertainment Company, HOF Village is poised to capitalize on its unique partnership with professional football. This platform enables the continued development of an integrated resort that is the Hall of Fame Village powered by Johnson Controls, as well as other gaming and media verticals.
The thematic, experiential and destination master plan for the Hall of Fame Village powered by Johnson Controls comprises three phases. Phase I is complete and includes the Tom Benson Hall of Fame Stadium, the Hall of Fame Village Sports Complex and the newly renovated DoubleTree by Hilton Canton Downtown hotel. Phase II is underway and when complete will include the Constellation Center for Excellence, which received a Certificate of Occupancy in October 2021, the Center for Performance, the Fan Engagement Retail Promenade, the Play Action Plaza, a Hilton Tapestry Hotel and the Hall of Fame Indoor Waterpark, as well as an expansion of the sports complex. A future Phase III is also in the early planning stages and could include additional attractions, restaurants, accommodations, apartments and other accommodations. The Hall of Fame Village powered by the Johnson Controls campus is also home to the Pro Football Hall of Fame Museum and, although under separate ownership, the aligned synergies complete this destination master plan.
The Center for Performance will offer a variety of programming options throughout the year and will serve as the headquarters for the NFL Alumni Academy and various Ohiobased sports leagues. The facility will measure approximately 100,000 square feet, with the dome reaching 86 feet at its highest point, and will include world-class offices, state-of-the-art training equipment, grass practice fields and two basketball that can also be used for volleyball and other activities. It will accommodate over 2,000 spectators, with flexibility to accommodate up to 5,000 people for concerts, conferences and other special events. The Center for Performance is expected to open in July 2022.
The financing for the development consisted of: (i) senior construction debt, (ii) Property Assess Clean Energy financing with PACE Equity, and (iii) an equity sponsor.
PACE Equity is the leader in C-PACE financing for development projects, with a unique approach to complex capital structures. They have been completing C-PACE transactions since the first legislation was published in 2010. This financial close marks the fifth project BGL has completed with the PACE Equity team.
David OlivierioManaging Director of PACE Equity, said, “It was a pleasure to work with the professionals at Brown Gibbons Lang & Company and the Hall of Fame Village on our second closing with this client. We look forward to meeting HOFV’s future funding needs as well.
BGL’s group of real estate advisors offers a full range real estate investment banking suitable for the middle market. She provides client-focused solutions with a focus on real estate advisory, debt, preferred and private equity investment, financial restructuring, recapitalizations, sale-leasebacks, structured finance and acquisitions and asset disposals in all asset classes. The team assists property owners and developers looking to form alliances and joint ventures with single-source capital providers to gain local and institutional access for all capital needs.
About Brown Gibbons Lang & Company
Brown Gibbons Lang & Company (BGL) is a leading independent investment bank and financial advisory firm focused on the global middle market. The firm advises private and public companies and private equity groups on Mergers and Acquisitions, capital markets, financial restructuring, company ratings and opinions, and other strategic issues. BGL has investment banking offices in Chicago, Cleveland, Los Angelesand philadelphia creamand real estate agencies in Chicago, Clevelandand San Antonio. The firm is also a founding member of Global M&A Partners, enabling BGL to serve clients in over 30 countries around the world. Securities transactions are conducted through Brown, Gibbons, Lang & Company Securities, LLC, a subsidiary of Brown Gibbons Lang & Company LLC and a registered broker-dealer and member of FINRA and SIPC. For more information, please visit www.bglco.com.
About Hall of Fame Resort & Entertainment
Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV, HOFVW) is a resort and entertainment company leveraging the power and popularity of professional football and its legendary players in partnership with the Pro Football Hall of Fame. Based at Canton, Ohio, the Hall of Fame Resort & Entertainment Company owns the Hall of Fame Village powered by Johnson Controls, a multi-purpose sports, entertainment and media destination centered on the campus of the Pro Football Hall of Fame. Additional information about the Company is available at www.HOFREco.com.
About the Hall of Fame Village powered by Johnson Controls
Hall of Fame Village powered by Johnson Controls is a multi-purpose sports, entertainment and media destination centered on the Pro Football Hall of Fame campus in Canton, Ohio. Owned by the Hall of Fame Resort and Entertainment Company (NASDAQ: HOFV, HOFVW), the village currently has over $250 million value of assets under management and is one of the largest ongoing construction projects in Ohio. Phase I of the project involved the construction of the Tom Benson Hall of Fame Stadium, a 20,000 seat world-class sports and entertainment stadium, and the Hall of Fame Village sports complex. Phase II, currently under construction, will add the Constellation Center for Excellence, the Center for Performance, a fan engagement area, a Hall of Fame indoor water park and a Hilton Tapestry hotel. Phase III is currently in the planning stage. For more information, visit www.HOFVillage.com.
SOURCE Brown Gibbons Lang & Company