Hall of Fame Resort gets loan to meet HOF village debt
CANTON Hall of Fame Resort & Entertainment Co. has secured a loan to meet debt related to the development of Hall of Fame Village powered by Johnson Controls.
The company announced on Wednesday an agreement with a subsidiary of Aquarian Holdings on a $ 40 million loan. The loan has a term of 12 months and can be extended for an additional 12 months.
The money will be used to pay off the balance of an existing bridging loan owed by HOF Resort. The remaining funds from the agreement will be combined with funds from a recent equity issue to provide working capital for continued construction at HOF Village.
Michael Crawford, president and CEO of HOF Resort, said in a press release that he was pleased to complete the deal with Aquarian. The deal allows the company to face the maturity of its debt and at the same time provide the opportunity to advance its strategic business plan, he said.
“This includes the further development of our business verticals and the continued construction of our one-of-a-kind destination,” Crawford said in the statement. “We are energized by the tremendous progress we are making and look forward to further advancing our short and long term goals for our investors.”
Work to develop the Johnson Controls-powered Hall of Fame Village dates back to 2014 and includes rebuilding the old Fawcett Stadium. The construction of the Tom Benson Hall of Fame and several sports fields south of the stadium was the first phase of the project.
Phase II includes the construction of an office building, a country house, a hotel, a football-themed water park and a shopping center.
The project underwent a reorganization in 2018 and 2019, with Crawford coming in to lead the effort. The listed HOF Resort company was established in July.
Last month, the company completed a $ 28 million renovation of the former McKinley Grand hotel in downtown Canton and reopened the building as DoubleTree by Hilton.
In September, construction began on the 75,000 square foot Constellation Center for Excellence, a multi-purpose building that will anchor the western end of the stadium.
Since September, HOF Village has hosted the NFL Alumni Academy, a player development program launched by the NFL Alumni Association. Meanwhile, Sports Illustrated Studios is working with the company to develop a program related to the alumni academy.
In October, the company announced that the shopping promenade would be anchored by a signature Don Shula restaurant and a Topgolf Swing Suites. HOF Resort also entered into several sponsorship agreements this year, including one with Republic Services of Ohio.
Aquarian is a holding company that provides debt and equity financing services. She has interests in several fields including insurance, asset management, real estate and technology.
HOF Resort expects the Constellation Center for Excellence to open next year, while construction related to the remainder of the second phase is expected to be completed by the end of 2023. The cost of phase II is projected to $ 300 million. A third phase of construction of the HOF village is planned, with additional practice areas and other facilities.
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