Toronto concert venue Hugh’s Room Live asks for $2.8 million to cover its mortgages

Hugh’s Room Live has launched a $2.8 million fundraising campaign in hopes of paying off three mortgages on its new building in Toronto’s east end.

The longtime local staple was based in the Roncesvalles neighborhood for nearly two decades before closing its doors in 2020 and moving to a converted church in the East Chinatown neighborhood in fall 2023.

Now that the September 30 due date for the first mortgage on their new site is approaching, the board of directors is asking for help from the community in the form of “Hugh’s Bonds.” By then, they hope to raise $1.3 million to fully cover the first mortgage. The venue promises to repay 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, and local investors played a key role in helping them reopen their original location when it first opened. closing in 2017.

“We intentionally introduced this series of bonds to make them accessible to a wide range of people looking to invest in the future of live music,” Brian Iler, chairman of the board of Hugh’s Room, 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 about the Hugh’s Room community bond program and fundraising campaign can be found on the venue’s official website.

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