Congregation Beth David — the San Luis Obispo synagogue slated for auction Tuesday because it was in foreclosure — announced today that it has reached an agreement with Mission Community Bank.
Gregg Loberstein, co-president of the congregation’s board of directors, would not disclose the terms of the settlement, saying he had signed a confidentiality agreement with the bank preventing him from doing so.
The congregation, which built a new home four years ago near the corner of Los Osos Valley Road and Foothill Boulevard in San Luis Obispo, defaulted on a $3.3 million loan owed to Mission Community Bank late last year.
Synagogue leaders previously said that the bank is willing to forgive $1 million in principal — leaving the congregation to raise $2.3 million or vacate the property.
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The congregation's Facebook page, tracking the progress of donations since the synagogue publicly announced the looming foreclosure April 19, last reported that the congregation had raised $2.1 million of the needed $2.3 million.
Loberstein would not disclose if that was the final amount of money raised.
Pledges totaling more than $1 million from member families were collected as a nonregistered offering, which will be used to form a corporation to pay off the loan and extend it another 20 years. The rest came from donations.