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

CLEVELAND, June 6, 2022 /PRNewswire/ -- 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."

BGL's Real Estate Advisors Group offers comprehensive real estate investment banking services tailored to the middle market. It provides client-focused solutions with an emphasis on real estate advisory, debt, preferred and private equity placement, financial restructuring, recapitalizations, sale-leasebacks, structured finance, and asset acquisitions and dispositions across all asset classes. The team assists real estate 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.

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 corporations and private equity groups on mergers and acquisitions, capital markets, financial restructurings, business valuations and opinions, and other strategic matters. BGL has investment banking offices in Chicago, Cleveland, Los Angeles, and Philadelphia, and real estate offices in Chicago, Cleveland, and San Antonio. The firm is also a founding member of Global M&A Partners, enabling BGL to service clients in more than 30 countries around the world. Securities transactions are conducted through Brown, Gibbons, Lang & Company Securities, LLC, an affiliate 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. 

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. Headquartered in Canton, Ohio, the Hall of Fame Resort & Entertainment Company is the owner of the Hall of Fame Village powered by Johnson Controls, a multi-use sports, entertainment and media destination centered around the Pro Football Hall of Fame's campus. Additional information on the Company can be found at www.HOFREco.com.

Hall of Fame Village powered by Johnson Controls is a multi-use sports, entertainment and media destination centered around the Pro Football Hall of Fame's campus in Canton, Ohio. Owned by the Hall of Fame Resort and Entertainment Company (NASDAQ: HOFV, HOFVW), the Village currently has over $250 million worth of assets under management and is one of the largest ongoing construction projects in Ohio. Phase I of the project entailed the construction of the Tom Benson Hall of Fame Stadium, a world-class 20,000 seat, 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 Zone, a Hall of Fame indoor waterpark and a Hilton Tapestry Hotel. Phase III is currently in planning stages. For more information, visit www.HOFVillage.com.

SOURCE Brown Gibbons Lang & Company