It’s No Secret 1st Mariner Bank it intends to foreclose on the Senator Theater
Tom Kiefaber the owner of the Senator Theater said it’s overdue in loan payments to 1st Mariner Bank, the bank’s COE verify the story today, in addition to with federal regulators forcing the bank to get its own monetary house in order, bank administrator had no options but to call the loan and prepare a foreclosure auction.
The Senator Theatre is a historic single screen Art Deco Movie Theater located at 5904 York Road in the Govans section of Baltimore, Maryland 21212, is an Art Deco landmark built by E. Eyring for Durkee Enterprises at an original cost of $250,000. It opened to the public Oct. 5, 1939. The first movie it featured was Stanley and Livingstone, starring Spencer Tracy and Nancy Kelly. The architect, John J. Zink, designed the Senator with a circular upper configuration of glass blocks and limestone. Colorful backlighting of the glass block was added to produce a dramatic effect at night.
With the probability of an April foreclosure auction looming, probable bidders for the Senator, a North Baltimore landmark since 1939, have started to surface.
Developer David Cordish, despite the fact that saying he had no plans to submit an offer on the theater, said he would be interested in running it as a nonprofit.
“The most important undertaking would be to carry on as a first run movie theater,” Cordish wrote in an e-mail, adding, “it’s tremendously imperative to the neighborhood and we would do so as a civic involvement.”
Baltimore Deputy Mayor Andrew Frank established that the city has heard from potential owners who would be fascinated in purchasing the Senator and continuing to manage it as a movie theater.
1st Mariner has been defectively impair by the ongoing mortgage disaster, and is being advised by regulators to pick up its capital ratios and address nonperforming loans such as the Senator’s.
The Senator owes 1st First Mariner about $900,000, while a large amount of that loan has been secured by Baltimore City. First Mariner may perhaps lose between $300,000 and $400,000 if the money is not paid back.
1st Mariner had intended a foreclosure of the Senator in February 2007, but the auction was called off after Kiefaber was capable to raise nearly $110,000, mostly by way of contributions from customers and fans of the theater.
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Posted by Carlos Sagastume on March 13, 2009. Filed under HUD Homes.
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