The Pro Football Hall of Fame and its partners have completed financing arrangements for development of a new theme park and hotel on its campus in Canton, Ohio.
It’s the second major development financing arrangement in a month for the resort and entertainment partnership.
Hall of Fame Resort & Entertainment Co. secured key financing totaling $78 million to help complete the remaining properties slated in the second phase of development, known as the Hall of Fame Village.
As it has previously, the publicly traded company turned to sale-leaseback financing for a portion of the development project. Hall of Fame Resort secured $50 million from Oak Street Real Estate Capital, a division of Blue Owl based in Chicago, on a sale-leaseback transaction to help build the planned football-themed waterpark.
Oak Street will buy the land that will house the waterpark and lease it back to Hall of Fame Resort for 99 years.
Hall of Fame Resort also secured substantial backing from its largest shareholder, Industry Realty Group, which has committed to provide a $28 million senior loan to build the on-site Hilton Tapestry. The hotel construction loan will have a two-year term with one option to extend for one year.
The financing deals have allowed the company to improve its debt profile “even in in the face of the global pandemic and the difficult and escalating interest rate environment,” Michael Crawford, Hall of Fame Resort president and CEO, said in a statement.
The final two assets completing the second phase will be located at the north end of the campus, adjacent to the Fan Engagement Zone. The 147,000 square-foot football-themed waterpark will be highlighted by a waterslide tower, lazy river, wave pool, swim-up bar, and outdoor entertainment area.
The seven-story, 154,000-square-foot Hilton Tapestry Hotel will have 180 guestrooms, 10 suites, a large ballroom, several meeting rooms and an indoor pool, as well as a full-service, 106-seat restaurant with indoor and outdoor seating.
In October, the Pro Football Hall of Fame and its partners completed development financing with Huntington Bank and Twain Financial Partners for a new 82,000-square-foot, sports-themed retail and dining complex at the Hall of Fame Village.