Internal — Sponsor Reference Only
The District at Salisbury — Entity Structure v2
Visual reference for all entities, ownership, payment flows, and governance bodies
Generated 2026-05-04 early AM · supersedes ENTITY_STRUCTURE_v1.md · reflects DevTS v13 mid-cycle revisions (5A.2 Owner's Suite reclassification · Foundation staged ramp · 66% rate-mod · sponsorship + §3 counsel TODOs · Sponsor Economics Priority Matrix v1 · Comparables Light Pass v1) · Click any entity for details
✓ Exists today
🔨 Planned (form before LP close)
⏰ Formed at LP close
🌱 Future optionality
⭐ The Two Verticals — Where Ownership Meets Operations
The most important structural insight: there are TWO PARALLEL VERTICAL STACKS that meet at HID. You sit at the top of both. Once you see this, every other section makes sense.
OWNER VERTICAL · Capital + Equity
LP Partnership ⏰
~$193M committed equity · 80% LP class · 7% pref · institutional + HNW + Brad's Solomon clients + Lead Investor
▼ contributes capital ▼
BJB / BSG (GP class) ⏰
Sponsor equity in HID via BSG: GP promote (25/35 tiered · ~$103.7M Yr15 base) + Tranche A/B/C paid-in equity ($1.5-2M cash · 7% pref) · 20% GP class
▼ joint owners ▼
OPERATOR VERTICAL · Service Providers
BJB ✅
100% sole member of BSG
▼ owns ▼
BSG (Bransfield Sports Group LLC) 🔨
Personal sports holdco · owns operating service providers + holds Sponsor's equity slice in HID
▼ owns ▼
Campus Ops Mgmt Co ⏰
$1.80M+0.30M/yr
Pro Shop Entity ⏰
Tenant lease
▼ contract WITH HID ▼
THE MEETING POINT
HID — Hockey Insight Development LLC 🔨
"The Operating Partnership" · The actual project entity
Cap table: 80% LP class (capital partners) + 20% GP class (BJB/BSG) · Owns the project (and possibly wholly-owned Asset SPVs below per counsel's structuring decision at HID formation) · Pays operating service providers in the Operator Vertical for services under arms-length contracts (related-party defense framework + Audit Committee oversight)
⚠ YOUR DUAL NATURE IN THE DEAL
You sit at the top of both verticals simultaneously:
- Owner — via BSG → GP class equity in HID + Tranche A/B/C paid-in equity in HID (LP-style economics on the cash you put in)
- Operator — via BSG → operating service providers (AM Co · Campus Ops · Pro Shop · HIAC) that contract with HID for services
This is why the v13 doc's §3 related-party governance matters: you sit on both sides of every operating contract. Audit Committee oversight + arms-length defense framework + independent appraisals + counsel + tax CPA review at LP-doc phase are what make this defensible to LP counsel.
Three exposure classes to The District:
(1) GP class equity in HID — the promote · ~$103.7M Yr15 base · contingent on LP achieving target returns
(2) Tranche A/B/C paid-in equity in HID — your $1.5-2M cash · 7% pref + waterfall · LP-style economics
(3) Operating subsidiary fees — sponsor compensation flowing to BSG-owned subs (AM Fee · Campus Ops Fee · Pro Shop net · sponsorship overrides · one-time fees)
Tier 1 — Operator Vertical Detail (Sponsor-Side Service Providers)
Detailed breakdown of the Operator Vertical from above. BSG is the personal sports holdco that owns the operating service providers + holds your equity slice in HID. These entities CONTRACT WITH HID for services — they do NOT own HID.
Sponsor of Record · Founder · CEO · 100% personal owner of the Sponsor stack
100% sole member
Personal sports holdco · MA LLC formation pending · Ben-controlled · holds Sponsor-side equity in HID + ownership of operating subsidiaries
owns / controls
Hockey Insight Analytics & Consulting LLC · existing entity · invoices HID monthly during PreDev period · transitions out at LP close
GP role · Tranche A/B/C pre-investment recovery framework · §704(b) tax structure · Counsel + CPA via Dave's referrals
BJB-controlled · charges 1.25% × $193M LP equity = $2.41M/yr · 15-yr gross to entity ~$28-36M · For-Cause-Only removal
BJB-controlled · 6% campus-operated revenue + 1% NOI incentive · ~$1.80M/yr base + $0.30M upside · 15-yr gross $22-27M base + $4.5M upside
BJB-owned · arms-length tenant of HID · 10-yr base + two 5-yr options · $150K base + % rent · 15-yr net to BJB ~$2.5-3.5M
Currently dad-owned (sole member) · transfer to Ben pre-LP-close · gift transfer at zero/near-zero value · role in final structure TBD
Tier 2 — Owner Vertical Detail (HID + Capital Stack at the Meeting Point)
Detailed breakdown of HID — the project entity at the meeting point of the two verticals. Cap table on left (Owner Vertical equity classes: LP partnership + BJB/BSG GP) · Debt + public stack on right (capital structure on the asset side · separate from operator vertical).
Equity
~$193M LP committed equity · 7% cumulative pref · 80% equity · waterfall splits to GP per Tier 1 (25% above pref to 1.8× MOIC) and Tier 2 (35% above 1.8× MOIC)
GP promote 25/35 tiered · Tranche A/B/C pre-investment recovery (~$3M baseline) · Anti-dilution · Sponsor of Record · For-Cause-Only removal
SPS Construction · 15-20% of GP promote · Yr15 base $15.5-20.7M · Yr7 $6.3-8.4M · Per CoDev Agreement v8 (signature-ready)
Tuscan Brands · 15% of GP promote · two-party scenario only · Yr15 $15.55M · Faro CoDev Term Sheet v4 (discussion draft)
HID
Hockey Insight Development LLC
The District at Salisbury · $344M TDC · MA LLC formation pending · Currently DBA · Project entity (the actual deal)
Yr3 Revenue
$49.26M
Yr3 NOI
$23.74M (48.2%)
Yr15 Net Exit
$548M @ 5.5% cap
LP MOIC Yr15
3.35× / 10.8% IRR
DSCR Yr3
2.89×
GP Promote Yr15
$103.7M base
Debt + Public Stack
~$75M senior debt · 25-yr amortization · DSCR Yr3 2.89× · stabilized P&I service ~$6.08M/yr
~$28M EB-5 debt · immigration counsel coordinated · 6-12 month process · regional center engagement
~$22M TIF base · Salisbury BOS + state EDIP coordination · cumulative 10-yr phase-in saves $25-65M property tax
Upside above $22M base: MassDev · MassWorks · Mass Save VRF · IRA · MA SMART 3.0 · OZ 2.0 · ~$8-30M additional · Incentive Procurement Fee 5% above base · capped $1.5M to BJB
Tier 3 — HID Payment Flows (where the cash goes)
HID pays its operating subsidiaries, related-party tenants, and the Foundation. Plus one-time fees + ongoing performance fees + GP promote at exit.
1.25% × $193M LP eq = $2.41M/yr · For-Cause-Only · Termination 3× prior year fee · 15-yr gross $28-36M to entity
6% revenue + 1% NOI incentive · $1.80M base + $0.30M up · For-Cause-Only · 15-yr gross $22-27M base + $4.5M upside
BJB tenant pays HID · related-party arms-length defense framework (independent appraisal · tax counsel · Audit Committee disclosure) · 15-yr net to BJB ~$2.5-3.5M
STAGED RAMP (v13 mid-cycle):
1.0% Y1-2 → 1.5% Y3-5 → 2.5% Y6+ subject to (DSCR ≥ 2.0× · LP pref current · Mission Framework attestation) · Aggregate ~$17-25M cumulative 15-yr · 501(c)(3) · independent board · Eaton-tier Chair candidate
Plus: One-time fees to BJB at LP close
- Master Developer Fee — 4% × $344M TDC = ~$13.76M (renamed from "Development Fee" per v13)
- Acquisition Fee — $1M (v13 mid-cycle bumped from $850K · 0.29% × $344M TDC · still well below 1–1.5% market for $50M+ deals)
- Construction Mgmt Fee — $4M (1.66% × ~$240M hard cost · v13 mid-cycle bumped from $2.55M · in developer-oversight benchmark range 1.5–2.5%)
- Financing Fee — $1M (0.80% × $125M multi-tranche debt · v13 mid-cycle bumped from $612K · compensates senior + EB-5 + TIF origination)
- Mobilization Fee — $75K at CoDev Agreement execution
- Pre-Dev Retainer — $15K floor / $18K ask per month during PreDev only
Plus: Ongoing performance fees
- Sponsorship Tiered Override — 25% Y1 / 10% Y2-3 renewals / 5% naming success / 0% house accounts · BJB-sourced only · 15-yr ~$1.8-4.5M (3 definitional TODOs S1/S2/S3 in v13 §2 for counsel)
- Sponsorship Upside Share — 20% net above LP-approved annual sponsorship budget · contingent · 15-yr $0-3M
- Incentive Procurement Fee — 5% of public incentives above $22M base · capped $1.5M cumulative · success-based
- Future Phase Fee — Phase 2/3 · market-based per phase · Phase 2 example $3-7M on $80-200M TDC
Plus: GP Promote at exit (the big one)
- Yr15 base private: $103.7M to GP entity · $127.4M bull / $83.4M bear
- Yr7 early exit private: $41.9M · LP MOIC 2.14× / IRR 13.2%
- Less Wayne CoDev share 15-20%: $15.5-20.7M (Wayne) / Net to BJB GP entity ~$83-88M Yr15 base
Tier 4 — Governance Bodies (advisory + oversight, NOT entities)
These bodies oversee, advise, or attest. They don't hold equity. Composition matters for LP-counsel scrutiny.
3 members per Charter v1:
• [1] LP-appointed independent
• [1] Sponsor-appointed independent
• [1] mutually-agreed independent (Chair)
Oversees: related-party transactions · Hospitality Pool budget (5A.1) · Mission Framework attestation · Foundation contractual payment compliance · Owner's Suite usage attestation (5A.2)
5-7 members · independent of HID:
• Chair: community-pillar tier (Eaton-tier · NBPT Bank Hockey Tournament founder profile match)
• Sponsor: 1 non-controlling seat (Founder Liaison · no veto on programs)
• 3-5 community-aligned independent members
Runs: "Try Hockey for a Season" · school field-trip ice · scholarships · adaptive hockey · charity tournaments
Ben-controlled · non-fiduciary · purely consultative:
• Nate — Strategic Advisor (per tonight's structure decision)
• Steve Elrod — potential (Special Counsel via Elrod Friedman + Chicago + MA municipal)
• Brad Small — potential (Financial Advisor of Record · Scenario C)
• 2-3 future seats
Quarterly cadence (no requirement) · zero LP-counsel scrutiny because BSG is personal entity
Composition pending counsel + Dave:
• Sponsor (BJB) seat
• LP-partnership seat(s)
• CFO Designate / CFO post-engagement (Dave Keiran)
Real fiduciary duties · "For Cause Only" removal · 75% supermajority vote required + simultaneous Termination Fee tender
Counsel TODO-P2 (with-Dave): refine to separate economic-rights protections from operating-role replaceability
Tier 5 — Future Phase Optionality
Long-term optionality. Lead Investor §2.2 ROFR active on both. Phase 2 dependent on Article 97 lobbying ($150-350K budget · 18-24 mo).
Graf Rink luxury conference hotel · Newburyport
Article 97 disposition dependent · ~$80-200M TDC
Future Phase Fee target ~$3-7M
Lead Investor §2.2 ROFR active
Nate Phase 2 ROFR carve-out (1-3% co-investment option) per tonight's structure
NBPT Mayor → Driscoll/Healey → OZ 2.0 nomination path
Future markets — TBD
Replication of community-flagship model
Target markets: Phoenix · Tampa · DFW (per Lead Investor §2.2 ROFR)
Standalone SPV per market · BJB Sponsor + Future Phase Fee market-based per market
Title / Standing Summary — Who Has What Title Where
Mapping individuals to entity-level titles, standing, and status. Click any row entity to scroll back to that section.
| Person | Where | Title / Role | Status |
|---|
| Ben (BJB) | HID | Sponsor of Record · Manager · CEO | Permanent · Tier 1 protected |
| Ben | BSG | Sole Member · CEO | Pending formation |
| Ben | AM Mgmt Co | Owner · CEO | Formed at LP close |
| Ben | Campus Ops Mgmt Co | Owner · CEO | Formed at LP close |
| Ben | Pro Shop Entity | Owner | Formed at LP close |
| Ben | Foundation | Founder Liaison (non-fiduciary · 1 non-controlling seat) | Within 12 mo of LP close |
| Dave Keiran | HID | CFO Designate → CFO | Pending engagement (Fri SMS) |
| Wayne Capolupo | HID / CoDev | Co-Developer (15-20% promote share) · GC (potential) | Per CoDev Agreement v8 |
| Joe Faro | HID / CoDev (alt) | Alternative Co-Developer (15% promote · two-party scenario) | Discussion draft |
| Eaton | Foundation | Chair candidate (community-pillar tier) | Pending Foundation formation |
| Steve Elrod | BSG Advisory Board | Strategic Advisor (potential) | Track B engagement pending |
| Brad Small | BSG Advisory Board | Strategic Advisor (potential · Scenario C) | Pending engagement (Thu SMS) |
| Nate | BSG Advisory Board | Strategic Advisor + Phase 2 ROFR carve-out (1-3% co-invest option) + $75K cash at LP close | Per tonight's structure decision |
| Counsel (TBD) | HID + BSG | Outside counsel (MA real estate · partnership tax · 501(c)(3)) | Gap — Dave's referrals |
| CPA (TBD) | HID + BSG | §704(b) tax structure · related-party safeguards | Gap — Dave's referrals |
Cash Flow Summary (one diagram)
Where every dollar comes from and where every dollar goes. Read top to bottom.
LPs ──$193M equity──▶ HID ──pref + capital + promote──▶ LPs
│
Senior ──$75M debt──▶ │ ──debt service──▶ Senior
EB-5 ──$28M debt────▶ │ ──debt service──▶ EB-5
TIF ──$22M public──▶ │ ──per agreement──▶ Public Authority
│
├─────$2.41M/yr──────▶ AM Co (BJB-controlled)
├─────$1.80M+0.30M───▶ Campus Ops (BJB-controlled)
├─────Lease rent─────▶ Pro Shop Entity (BJB)
├─────Staged %──────▶ Foundation (501(c)(3))
│ gross
├─────One-time──────▶ BJB (Master Dev Fee · Acq · CM · Financing)
├─────Ongoing──────▶ BJB (sponsorship overrides + upside share)
└─────GP Promote───▶ BJB GP entity (less Wayne 15-20% CoDev)
The Whole Stack in One Set of Sentences
- BJB owns BSG. BSG owns or controls everything else on the Sponsor side.
- HID is the project. LP partnership funds it. BJB/BSG sponsors it.
- AM Co + Campus Ops Mgmt Co are HID's operating subsidiaries (BJB-controlled · invoice HID).
- Pro Shop entity is HID's tenant (BJB-owned · arms-length lease · related-party defense framework).
- Foundation is HID's contractual community partner (independent 501(c)(3) · separate board · staged % gross from HID).
- Audit Committee governs HID-level related-party + Mission compliance (independent · 3 members).
- BSG Advisory Board is your private advisor home (Nate · Steve · Brad · others).
- HIAC still bills HID during PreDev (existing entity · transitions to Master Developer Fee draw at LP close).
- District at Salisbury LLC exists today (dad-owned) · transfer to Ben pre-LP-close · role in final structure TBD.
- Phase 2 + Phase 3 are future SPVs · Lead Investor ROFR active · Nate Phase 2 carve-out (1-3% co-invest).