HOF Resort Obtains Loans From Stark Community Foundation Director
TOWNSHIP – Hall of Fame Resort & Entertainment Co. secured loans to finance the ongoing construction of the Hall of Fame Village powered by Johnson Controls.
According to a filing Friday afternoon with the U.S. Securities and Exchange Commission, the company borrowed $10.5 million from CH Capital Lending and $5 million from the Stark Community Foundation.
After: Hall of Fame Village work continues, company hopes to resolve dispute with Johnson Controls
After: Hall of Fame Resort progresses with village development and sports betting
CH Capital Lending is affiliated with Stuart Lichter, a Hall of Fame Resort Board Director who has been involved with the Hall of Fame Village project for several years.
Stark Community Foundation formed 60 years ago and has managed over 850 charitable funds of various sizes. The foundation has nearly $400 million in assets.
loan contractswhich were both released on Thursday, have been filed with the SEC.
Several loan sources in the Hall of Fame Village project
The Hall of Fame Resort has raised funds from a variety of sources as it progresses the development of the Hall of Fame Village.
The loan with CH Capital is due September 10 and has an interest rate of 12%. According to the filing, the loan is a mortgage on four lots where the fan engagement area is being built.
Lichter is president and founder of Industrial real estate group and helped fund the Hall of Fame Village project. Lichter and its affiliated companies are the major shareholders of the Hall of Fame Resort, owning more than half of the company’s stock.
The Stark Community Foundation loan has an interest rate of 6% and is due by May 2029. Under the agreement, the loan will be used for infrastructure development related to the project.
“We continue to be incredibly grateful for the support of Stu and the community as we remain focused on making great strides in the village,” Anne Graffice, executive vice president of public affairs, wrote in an email. .
Second phase of construction in the Hall of Fame Village
The company is in the midst of what it describes as the second phase of the Hall of Fame Village project. The first phase involved the construction of the Tom Benson Hall of Fame Stadium and youth sports fields south of McKinley High School.
The second phase saw the construction of the Constellation Center for Excellence. Work is progressing on the fan engagement area commercial promenade north of the stadium, and construction has begun on the Performance Center, a 100,000 square foot domed facility that will host a variety of programs and events. ‘events.
Still to come is a 180-room hotel and a water park. This work is expected to begin later this year and be completed before the end of 2023.
The Hall of Fame Resort said it plans to open the fan engagement area ahead of the Pro Football Hall of Fame enshrinement festivities in August.
Tenants lined up for the shopping complex include a Don Shula Restaurant, a Helix Esports Center, which will be operated by Esports Entertainment Group, and a Topgolf Swing Suite which will be paired with The Brew Kettle craft brewery.
Hall of Fame Village is one of three business units developed by Hall of Fame Resort. The company also owns a media business developing content for television and games, which includes a fantasy football league and hopes to have sports betting.