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The District at Salisbury
$377M hockey-anchored mixed-use sports, hospitality & entertainment campus · 99.5 acres · Salisbury, MA
Figures are labor-corrected best-shot · pre-CPA · pending CFO + CPA validation. Three-scenario (Conservative / Base / Upside); base case shown. v11.0-PB working hypothesis.
Deal Timeline
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Key Contacts
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The Thesis
Hockey Supply Gap
40,000+ registered youth hockey players within a 50-mile draw · 26 facilities + 38 sheets within 35 miles, ZERO hotel-integrated · 5 sheets + 5,500-seat QMJHL arena (7,000 concert) · ~2,526 projected anchor hours/yr from relationships with all three area high-school programs.
Dual-Season Demand
Winter hockey tournament families (Oct–Apr mandatory blocks) + summer Salisbury Beach leisure (100,000+ daily peak visitors). Phase 1 400-key Marriott (Residence Inn + Courtyard) captures both · scaling toward 790 keys across 4 properties at full buildout.
QMJHL Anchor Tenant
Merrimack Monsters — QMJHL major junior expansion franchise · Memorial Cup-eligible from day one. 34+ regular home games + playoffs drive hotel blocks, F&B, regional identity. Neon green and black brand · "Rise from the River" · EST. 2029.
Entertainment Program
5,500 fixed seats · ~7,000 GA concert floor. Headliner-tier acts April–September. ~$7M Yr3 event NOI (best-shot). Artist tier: Noah Kahan, Nate Bargatze, TBT Basketball.
Capital Structure
| Tranche | Amount | % TDC | Terms |
|---|---|---|---|
| Senior Construction Loan | $92M | 24% | 6.5% blended · Needham syndicate → insurance-co takeout Yr3-5 |
| EB-5 (TEA) | $40M | 11% | Regional center · 5-yr · 1-3% all-in |
| TIF / Public Incentives | $28M | 7% | Salisbury TIF + OZ 2.0 reserve |
| PACE Financing | $25M | 7% | MA C-PACE · LEED Gold + solar + envelope + microgrid |
| LP Equity (Invested) | $192M | 51% | 7% pref · 25/35% tiered promote · $29M contingency reserve escrowed |
| TOTAL DEV COST | $377M | 100% | LP Gross $237M · Pre-Dev ~$3–3.5M (Phase 1) |
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Scenario Inputs
Lower cap = higher exit value. Base 5.5%. Bull 5.0%. Bear 6.0%.
Base 15 years. Yr7 early exit option. Yr5 cash-out refi option.
~5% blended growth (Path B best-shot) takes ~$26M Yr3 NOI to ~$47M by Yr15.
Best-shot three-scenario: Conservative ~$24M · Base ~$26M · Upside ~$30M (labor-corrected · pre-CPA).
Exit-Value Sensitivity
Assumptions
- LP invested: $192M · 7% cumulative pref (non-compounding)
- Promote: 25% Tier 1 (to 1.8× MOIC) · 35% Tier 2 · CoDev share carved separately
- Post-refi senior ~$155M residual at exit · ~1.5% exit tx costs
Simplified sensitivity tool · v11.0-PB labor-corrected best-shot · pre-CPA. The Overview KPI tiles are the authoritative figures. Exit-value sensitivity shown here; the full LP return waterfall reconciles at CFO/CPA validation.
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