FORT MYERS, Fla. (AP) - A Southwest Florida tourist attraction faces possible foreclosure after a lender refused to extend the period to repay its $1.2 million mortgage.
Tom Cronin, co-owner of Shell Factory & Nature Park says he's approached every other bank in the area. But so far, he's had no luck securing bank financing.
Cronin told the News-Press of Fort Myers (newspr.es/1lQj0eJ ) that he's never missed a payment on the loan with a balloon payment that matured at the end of March.
The attraction opened 76 years ago and has survived fires, a blow from Hurricane Donna, relocation and rerouted traffic.
Cronin and wife Pam bought it from an insurance company in 1997 when the property was in foreclosure.
He says the business is on track to have its second consecutive profitable year.
Information from: The (Fort Myers, Fla.) News-Press, http://www.news-press.com
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