Local Banks, Title Companies Collaborate to Provide Financing for The Buddy Holly Hall Construction
In an unprecedented partnership, ten local banks and three title companies have come together as a consortium to provide a financing package to the Lubbock Entertainment/Performing Arts Association (LEPAA) for construction of The Buddy Holly Hall of Performing Arts and Sciences. The loan package, which was finalized on October 13, will allow LEPAA to finance the remaining funds needed for construction of the performing arts campus.
“We knew from the beginning we would need bridge financing during construction of The Hall. Many of our pledges carryout past the end of construction and will not be paid until after 2020,” said Tim Collins, LEPAA board chairman. “We began working with the banks prior to beginning construction to make sure we would have a financing plan in place when we needed it. A bridge loan allows us to continue to raise money while we complete construction.
“Our priority is to make sure The Buddy Holly Hall comes to fruition for our community. Working with our local partners to make this happen just makes sense.”
Led by PlainsCapital Bank, the nine other local banks participating in the financing consortium include: Centennial Bank, City Bank, First Bank & Trust, FirstCapital Bank, Happy State Bank, Lubbock National Bank, People’s Bank, Prosperity Bank and SouthWest Bank.
“As the lead bank, PlainsCapital Bank reached out to other local banks who were supporters of The Buddy Holly Hall to participate in the loan package. Hours and hours of effort have been put in by all the banks to make this opportunity possible. It’s a tremendous effort by so many, that will have a huge impact in our community,” Collins said.
Western Title Company, Service Title Company and Lubbock Abstract & Title Company collaborated for the closing.
“On a normal day, these banks and title companies are competitors with each other. To see everyone work together in a collaborative effort for this project shows just how supportive our entire community is of The Buddy Holly Hall.”
Upon completion, Buddy Holly Hall will be a 218,000 sq. ft., world-class performing arts campus, offering two theatres, a ballet school, multipurpose space for special events, outdoor performance spaces and a bistro. Partnerships at Buddy Holly Hall with Ballet Lubbock, the Lubbock Independent School District and United will bring more than 135,000 patrons to downtown Lubbock each year. LEPAA expects construction to be complete in the spring of 2020.