ShellFactory.com

Published: Jul 28, 2014 11:20 AM EDT

FORT MYERS, Fla. (AP) - It will be business as usual at a southwest Florida tourist attraction after a group of local people pooled resources to save it from foreclosure.
    
In April, a $1.2 million mortgage note had come due for the 76-year-old Shell Factory & Nature Park in Fort Myers. Owner and general partner Tom Cronin said he wasn't able to secure financing.
    
The News Press of Fort Myers (http://newspr.es/1ozHJGX ) reports retired banker Michael Gemi and other friends formed the Shell Factory Lender, a limited corporation formed to raise capital through membership subscriptions. The newspaper reports Lee County records showed a $2.5 million mortgage loan to the factory from the group.
    
Meanwhile, Cronin says the business is moving forward. A permanent exhibit from the Southwest Florida Military Museum will open in a few weeks.
    
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Information from: The (Fort Myers, Fla.) News-Press, http://www.news-press.com

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