BGL Real Estate Advisors Completes $33.4 Million C-PACE Financing for the Tom Benson Hall of Fame Stadium at the Hall of Fame Village

PR Newswire

CLEVELAND

,

July 7, 2022

/PRNewswire/ —

Brown Gibbons Lang & Company (BGL)

is pleased to announce the financial closing of

$33.4 million

for the Tom Benson Hall of Fame Stadium at the Hall of Fame Village powered by Johnson Controls in

Canton, Ohio

. The project was refinanced through Stonehill PACE’s retroactive Commercial Property Assessed Clean Energy (C-PACE) program.

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.

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, as well as other gaming and media verticals.

The themed, experiential, destination masterplan of the Hall of Fame Village 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, now named Forever Lawn 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 campus is also home to the Pro Football Hall of Fame Museum, and while under separate ownership, the aligned synergies complement this destination masterplan.

Construction of the Tom Benson Hall of Fame Stadium was substantially completed in 2016, with continued development of the East End Zone and Constellation Center for Excellence west end zone video screen in 2021. The Tom Benson Hall of Fame Stadium holds up to approximately 23,000 spectators and hosts multiple sports and entertainment events, including the NFL Hall of Fame Game, Enshrinement, and Concert for Legends during the annual Pro Football Hall of Fame Enshrinement Week, as well as other premier sporting events such as the Historic Black College Hall of Fame Game, USFL championship games, and the Ohio State High School Football Championships, and is home to the Canton McKinley High School Football Team.

The Stadium is also equipped with cut-away seats, allowing it to serve as an elite concert venue. The Stadium has hosted performances by national recording artists such as Aerosmith,

Tim McGraw

, Pitbull,

Toby Keith

, and Maroon 5, with upcoming performances by Journey and

Dave Chappelle

planned for the 2022 Enshrinement weekend events.

Stonehill PACE

is a leader in C-PACE financing for development projects, creating liquidity for eligible projects under construction and recently completed. This financial closing is the largest C-PACE transaction in the

State of Ohio

, and Stonehill’s second largest C-PACE transaction nationwide.

“This transaction with the Hall of Fame Resort & Entertainment Company showcases how C-PACE financing is an advantageous financing option for different property types,” said

Jared Schlosser

, Stonehill Senior Vice President and Head of Stonehill PACE. “Our ability to provide alternative financing options, including C-PACE, has allowed numerous projects like the Hall of Fame Village to come to fruition with rates and structures that have benefitted all parties.”

This is the third PACE financing completed at the Hall of Fame Village, with

$10.7 million

leveraging the Constellation Center for Excellence, a 75,000-square-foot mixed-office and retail component, and the Center for Performance, a 100,000-square-foot exhibition hall and athletic performance space.

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.

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 corporations and private equity groups on mergers and acquisitions, capital markets, financial restructurings, valuations and opinions, and other strategic matters. BGL has investment banking offices in

Chicago

,

Cleveland

, and

Philadelphia

, and real estate offices in

Chicago

,

Cleveland

,

Denver

, 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, Inc., an affiliate of Brown Gibbons Lang & Company LLC and a registered broker-dealer and member of FINRA and SIPC. For more information, please visit

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About the Hall of Fame Resort & Entertainment Company

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

.

About the Hall of Fame Village powered by Johnson Controls

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

.