Cruisers to Close on Ballpark Loan

PRESS RELEASE – Having executed a Terms & Conditions Sheet on June 25th of this year and provided a collateral commitment deposit of $675,000 USD as well as a Stand-by Letter of Credit fee in late August, Diamond Heroes of Southeast Michigan, Inc., is anticipating closing on a $13+ million project loan with Citywide Lending Group International of Long Beach, CA, toward the latter part of December.  The extensive due diligence process undertaken by Citywide’s Underwriting Department has concluded and the 120-day wait between payment of the commitment deposit and execution of loan documents will arrive just before the holiday season.

“It’s been an incredible journey,” said Diamond Heroes President & CEO Rob Hilliard.  “We’re very appreciative of the efforts by the BroSente Group’s financial consultants who introduced us to Citywide and worked through the labyrinth-like loan process with Citywide VP & Legal Counsel Stuart Anderson so that Waterford Township and Oakland County can experience grass-roots independent professional baseball in our community.

The Summit Diamond project, with its shovel-ready status, fits the scope of what the BroSente Group is trying to accomplish in assisting Oakland County and the State of Michigan to get back on their feet.  Diamond Heroes’ focus on providing an affordable family entertainment option is ideally suited to be a success given the current economic environment.

“We also want to extend our thanks to Frontier League Commissioner Bill Lee and owners of the League’s teams for sticking with us through this exhaustive process.  Their patience is about to be rewarded as the Oakland County Cruisers prepare to develop into one of the elite organizations in independent professional baseball,” said Hilliard.

Financing Summit Diamond
“There are hundreds of development projects across the nation that are in need of funding,” said Citywide President & CEO Robert Peeler. “Unfortunately, the criteria now used by traditional lenders make it difficult if not impossible for start-up organizations to secure financing.  We are committed to funding projects based on their ability to be successful, and not to simply focus on those projects whose owners have deep enough pockets to afford financing.”

Developers seeking financing may call the BroSente Group’s consultants at (248-521-7572) or (248-390-8449) for information on funding options.

According to Hilliard, Farmington Hills-based McCarthy and Smith, Inc., which is under contract to be the Construction Manager for Diamond at The Summit, will start the bid process within the next couple of weeks so that construction can begin as soon after the New Year as possible.

 When completed, Diamond at The Summit, located at the intersection of Summit Drive and Mall Drive East behind the Summit Place Mall in Waterford Township, will have a seating capacity of just under 4,000 and will include a full-service food & beverage concession operation run by V/Gladieux Enterprises, Inc., of Toledo, OH; picnic area and beer garden; a children’s playground; a mezzanine tented group party section; six luxury suites; a souvenir shop; state-of-the-art scoreboard & message center, and many other amenities found in similar ball parks around the country.

With an aggressive, seven-days per week construction schedule, Diamond Summit anticipates having its playing field, stadium lighting, scoreboard, seating bowl, portable concession units and public restrooms ready for the upcoming Frontier League season.

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Filed under Design & Construction, Legal, Money & Financials, Stadium Issues

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