A brewery in the region is looking at a foreclosure after failing to pay on its mortgage.
Kalamazoo-based Arcadia Brewing Co. is facing bank foreclosure on its riverfront brewpub, production facility and headquarters at 701 E. Michigan Ave. because of lack of payment, the Kalamazoo County Office of the Treasurer confirmed.
The amount due on the mortgage is about $1.4 million, in addition to any costs paid by the lender, Kalamazoo-based First National Bank of Michigan, to protect its interest in the property, according to the notice of foreclosure.
Arcadia Brewing Co. owner Timothy Suprise issued a public statement appearing optimistic about the future of the company, despite the setback.
“I want to confirm that while we are certainly a company in transition, we have been engaged in a process that will not only ensure we continue to be an integral part of the community here in Kalamazoo, but be positioned to thrive and more fully fulfill our potential,” Suprise said.
The statement added Arcadia is engaged with a “strategic partner” to determine the future of the brewery.
The brewery’s mortgage is slated to be foreclosed via a public auction at the Kalamazoo County Courthouse, at 227 W. Michigan Ave., on Dec. 20 at 10 a.m.
Arcadia Brewing Co. was founded in 1996 and established its riverfront brewery in a former coal plant in 2014, according to previous Business Journal reports.