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June 6, 2022

BGL Real Estate Advisors Completes Financing for the Hall of Fame Village Center for Performance

Brown Gibbons Lang & Company (BGL) is pleased to announce the financial closing of the Center for Performance, a 100,000-square-foot dome featuring exhibition halls and athletic performance space at the Hall of Fame Village powered by Johnson Controls in Canton, Ohio. BGL’s Real Estate Advisors team served as the exclusive financial advisor to the Hall of Fame Resort & Entertainment Company (NASDQ: HOFV) in the transaction, with PACE Equity providing the financing.

The Hall of Fame Resort & Entertainment Company (HOFV) is a leading sports, entertainment, and media enterprise 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). Under the leadership of seasoned executive Michael Crawford, President & CEO of Hall of Fame Resort & Entertainment Company, HOF Village is poised to capitalize on its unique partnership with professional football. This platform allows for the continued development of an integrated resort complex that is the Hall of Fame Village powered by Johnson Controls, as well as other gaming and media verticals.

The themed, experiential, destination masterplan of the Hall of Fame Village powered by Johnson Controls includes three phases.  Phase I is complete and includes the Tom Benson Hall of Fame Stadium, Hall of Fame Village Sports Complex, and the newly renovated DoubleTree by Hilton Canton Downtown hotel. Phase II is underway and, when finished, will include the Constellation Center for Excellence, which received 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, dining, lodging, apartments, and other accommodations. The Hall of Fame Village powered by Johnson Controls campus is also home to the Pro Football Hall of Fame Museum and, while under separate ownership, the aligned synergies complement this destination masterplan.

The Center for Performance will provide a variety of year-round programming options and serve as the home of the NFL Alumni Academy and various Ohio-based sports leagues. The facility will measure approximately 100,000 square feet, with the dome reaching 86 feet at its highest point, and feature world-class office space, state-of-the-art training equipment, turf practice fields, and two basketball courts that can also be used for volleyball and other activities. It will have the capacity for 2,000+ spectators, with flexibility for up to 5,000 people for concerts, conferences, and other special events. The Center for Performance is scheduled to open in July 2022.

The development financing consisted of: (i) senior construction debt, (ii) Property Assessed Clean Energy financing with PACE Equity, and (iii) sponsor equity.

PACE Equity is the leader in C-PACE funding for development projects, with a unique approach for complex capital structures. They have been closing C-PACE deals since the first legislation was available in 2010. This financial closing marks the fifth project BGL has completed with the PACE Equity team.

David Oliverio, Managing Director of PACE Equity commented, “It was a pleasure working 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 supporting HOFV’s future funding needs as well.”