Financial hardships send Manna's Bangor property to auction
A Main Street property in Bangor that the nonprofit Manna Ministries has called home since 2004 is set to go to auction following the organization's failure to meet the terms of two mortgages.
The Bangor Daily News reported that the nonprofit will continue to serve meals and operate a food pantry out of the 35,000-square-foot building while it searches for a new home in the city.
The BDN reported than an auction notice for the Main Street property said that Manna breached conditions on two mortgage loans totaling $375,000 issued on Aug. 2, 2007, and July 28, 2008. Bill Rae, the organization’s program director, told the BDN that the nonprofit took out the loans to make much-needed repairs on the property, including a new heating system and the replacement of the roof and windows of the property.
Rae added that a portion of that money also was used to reimburse a grant from the Federal Bank of Boston.
The property has an assessed value of $680,500, according to the BDN, with the building valued at $388,500 and the land assessed at $292,000.
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