Yeshiva school nears deal with Baptist conference to keep building
Despite failing to get a bank loan to buy its building, Yeshiva High School of the Twin Cities has found a way to keep its Cottage Grove location.
The current owner of the Indahl Avenue building, the Minnesota Iowa Baptist Conference, will provide financing for the school, according to a letter from the school's director of development, Rabbi Moshe Weiss.
"We have truly been blessed to see a miracle unfold before our very eyes," Weiss said in the letter. "It has been like putting together a 5,000-piece puzzle without the picture on the box."
Leaders of the boys Orthodox Jewish boarding school learned late last year that the conference wanted them to buy the building outright by Feb. 1. When the school hadn't raised enough money by the deadline, the conference extended it to May 15.
In mid-May, the school was in the final stages of getting approval for a bank loan, but then the bank withdrew its offer of financing citing more stringent regulations, Weiss said in the letter. They approached several other banks and got the same answer, so school leaders went back to the Baptist conference asking whether it would consider the $470,000 in pledges the school has gotten as proof of repayment, the letter says.
The details and terms of the financing are being put in writing, and Weiss said in the letter both parties hope to close by July 19.
The terms will include $65,000 cash down at closing, monthly mortgage payments and principal reduction payments as donors fulfill their pledges, the letter says.