The Hall of Fame Village project in Canton, Ohio, has secured a $135 million financing package to complete an indoor waterpark and build a new hotel adjacent to the Pro Football Hall of Fame.
Brown Gibbons Lang & Co. structured the deal as the exclusive financial adviser to HOFV Holdings. The package combines $70 million in commercial property assessed clean energy, or C-PACE, financing from Peachtree Group and a $65 million ground lease reinstated by Blue Owl Capital's real assets division.
HOFV Holdings, an entity affiliated with Cleveland developer Industrial Realty Group, is behind the project, in partnership with the Pro Football Hall of Fame. The company transitioned from public to private ownership earlier this month. The Hall of Fame Village campus centers on the Pro Football Hall of Fame and serves as a destination for sports entertainment.
The transaction demonstrates C-PACE financing's growing role in major mixed-use developments, particularly in high-interest-rate environments. C-PACE is a government financing tool that gives owners and developers access to capital for energy and water conservation upgrades.
Peachtree's C-PACE loan represents the largest single-project C-PACE financing issued in Ohio, according to Brown Gibbons Lang.
"C-PACE has emerged as one of the most effective financing tools in today's commercial real estate market," Jared Schlosser, head of credit originations and C-PACE at Peachtree, said in a statement. "It addresses both near-term capital constraints and long-term asset needs."
Brown Gibbons Lang previously arranged $33.4 million in C-PACE financing for Tom Benson Hall of Fame Stadium at the same campus in July 2022.
Peachtree's total C-PACE funding for Hall of Fame Village has now reached $103.4 million, highlighting the company's continued appetite for hospitality and entertainment real estate.
The financing will help complete the development of an 85,000-square-foot indoor waterpark and fund the construction of a 183-key hotel at the 100-acre sports and entertainment destination.
HOFV Holdings also owns the DoubleTree by Hilton in downtown Canton.
Industrial Realty Group did not immediately respond to CoStar News' request for comment.