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Council approves loan subordination to support downtown rehab and three apartments
Summary
To enable bank refinancing and building improvements at the old Scribe 40 building, the council approved subordinating the city’s loan so National Bank of Commerce can issue a larger first mortgage; owner Roma Korzinski said improvements are roughly $400,000 to create three two-bedroom apartments.
The International Falls City Council approved a request from KOR Properties LLC and the National Bank of Commerce to subordinate the city’s loan position so the property owner can refinance and make building improvements at the former Scribe 40 building at 204 4th Ave.
David Olderman, commercial loan…
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