The Elks Lodge in Waterloo will soon be under new ownership thanks to benefactors who want to grow the club.
A group of private investors called "Friends of the Elks" will take over the mortgage of the downtown Waterloo building - saving it from foreclosure.
Community National Bank had started foreclosure procedures this summer on the Elks Lodge after the club couldn't make payments. Twelve investors, who are all Elks Club members, stepped forward to assume the debt and give the Elks a low-interest five-year loan.
The price has not been disclosed.
The club will see a lower interest rate for five years before the two group can renegotiate the deal.
The investors say they want to grow the club so that it's financially healthy again.
Monday, July 28 2014 2:17 PM EDT2014-07-28 18:17:27 GMT
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