Bank foreclosing on historic Waterloo Elks lodge

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.

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Information from: Waterloo-Cedar Falls Courier, http://www.wcfcourier.com

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