WATERLOO, Iowa (AP) — A bank is foreclosing on the Elks Club’s historic downtown lodge.
The Waterloo-Cedar Falls Courier reports (http://bit.ly/14HYUgS ) Community National Bank filed a petition July 5 to foreclose on the 89-year-old lodge.
The Benevolent and Protective Order of Elks Waterloo Lodge No. 290 rents out the building for special events and meetings.
The organization took out a $2.74 million mortgage in 2007, when the building underwent extensive renovations. The loan was refinanced in 2011 at a lower interest rate.
Community National Banks says in court records the lodge has defaulted on its loan with a balance due of $2.3 million.
The bank asks the court to appoint a receiver to oversee the building and explore a sale of the property.
Elks officials couldn’t be reached to comment.
Information from: Waterloo-Cedar Falls Courier, http://www.wcfcourier.com