Hall of Fame Resort & Entertainment Company closes funding for Constellation Center for Excellence
TOWNSHIP, Ohio – (COMMERCIAL THREAD) – Hall of Fame Resort & Entertainment Company (âHOFVâ or the âCompanyâ) (NASDAQ: HOFV, HOFVW), the only resort, entertainment and media company focused on the power of professional football and owner of the Temple renowned Village powered by Johnson Controls (the âDestinationâ), today announced the closing of funding for the Constellation Center for Excellence, the mixed office and retail component of the Destination.
ERIEBANK and PACE Equities, LLC finalized funding for the Constellation Center for Excellence. The financing consisted of senior construction debt provided by ERIEBANK and Property Assessed Clean Energy financing from PACE Equities, LLC.
âWe are delighted to extend our relationship with ERIEBANK, who are familiar with our business and its potential through funding for our DoubleTree by Hilton hotel in downtown Canton,â said Michael Crawford, President and CEO of HOFV . âIn addition, we are delighted to be working with PACE Equities, LLC, which adds another strategic dimension to this financial structuring. These credit facilities will provide us with the financial flexibility to allow us to complete construction of one of our flagship assets while continuing to build other valuable components of the Hall of Fame Village powered by Johnson Controls. We will continue to explore other ways to fund our broader strategic priorities in order to further develop our business and shareholder value. ”
The Constellation Center for Excellence will be an approximately 75,000 square foot mixed-use facility that will include a variety of research and programs focused on sports, office and retail space. The types of tenants the Center will house include those who are dedicated to improving the game, player safety and mind and body through research and technology. Constellation, an Exelon company and a leading competitive energy supplier, plans to use the Center to host regional energy conferences and other customer-focused events.
The credit facility has been arranged by BGL Real Estate Advisors.
About Hall of Fame Resort & Entertainment
The Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV, HOFVW) is a resort and entertainment company harnessing the power and popularity of professional football and its legendary players in partnership with the Pro Football Hall of Fame. Based in 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 around the Pro Football campus. Hall of Fame. Additional information about the Company is available at www.HOFREco.com.
Certain statements made herein are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words and phrases such as “advisability,” “Future”, “will”, “goal” and “look ahead” and other similar expressions which predict or indicate future events or trends or which are not statements of historical matters. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, which could lead to actual results or results. differ materially from those discussed in forward-looking statements. Significant factors, among others, that may affect actual results include failure to recognize the anticipated benefits of the business combination; costs associated with business combinations; the inability to maintain the listing of the Company’s shares on the Nasdaq; the Company’s ability to manage growth; the Company’s ability to execute its business plan and achieve its projections, including refinancing its existing term loan and obtaining financing to build the planned facilities; potential litigation involving the Company; changes in applicable laws or regulations; general economic and market conditions affecting demand for the Company’s products and services, and in particular economic and market conditions in the resort and entertainment industry; the potential negative effects of the current global coronavirus pandemic (COVID-19) on capital markets, general economic conditions, unemployment and liquidity, operations and personnel of the Company, as well as the discussed risks and uncertainties of from time to time in our reports and other public filings with the SEC. The Company assumes no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.