Toronto Concert Venue Hugh's Room Live Asking for $2.8 Million to Cover Mortgages

They've started a community bonds program to retire the $1.3 million first mortgage by September 30

Photo: @HughsRoomLive (Twitter)

BY Ben OkazawaPublished May 29, 2024

Hugh's Room Live has started a funding campaign for $2.8 million in hopes of paying off three mortgages for their new building in the east end of Toronto.

The longtime local staple was based in the Roncesvalles neighbourhood for nearly two decades before shutting down in 2020 and relocating to a converted East Chinatown church in the fall of 2023.

Now, as the September 30 due date for the first mortgage on their new venue approaches, the board is asking for community help in the form of "Hugh's Bonds." By that day, they hope to raise $1.3 million in order to fully cover the first mortgage. The venue promises to pay back bond payments with interest reaching four percent.

A community bond program is actually how the board was able to purchase and renovate their new location in the first place, and local investors played a key role in helping them reopen their original location when it first shut down in 2017.

"We've intentionally introduced this series of bonds to make them accessible to a wide range of people who want to invest in the future of live music," Hugh's Room Board Chair Brian Iler told blogTO. "Hugh's Bonds are asset-backed and offer a competitive return at the end of each year."

Purchasing a Hugh's Bond requires a minimum payment of $1,000. Further information on the community bond program and the Hugh's Room funding campaign can be found at the venue's official website

During its tenure in Toronto, Hugh's Room has hosted iconic acts such as Joni Mitchell and Gordon Lightfoot, and is set to welcome Blue Rodeo frontman Jim Cuddy to the stage this summer.

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