The action staves off a foreclosure auction that had been scheduled for Jan. 28.
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On the eve of a pending foreclosure of Fork Food Lab, a group of investors has stepped forward to rescue the South Portland food-business incubator space.
An investor group called Darling Fork LLC acquired the nonprofit's building, at 95-97 Darling Ave.
Investors include Justin Alfond; the Elmina B. Sewall Foundation; and John Wasileski, who owns senior living facilities in southern Maine. The deal was done under the guidance of Coastal Enterprises Inc. of Brunswick.
With the action, the foreclosure auction, which was scheduled for Jan. 28, was avoided.
Fork Food Lab and its members are able to continue operations uninterrupted, the investor group said Tuesday.
“The closure of Fork Food Lab would have been a tragic loss to the shared-kitchen model and to the 80-plus businesses that rely on the community space,” said Justin Alfond. "Our priority is to ensure there is no interruption to services for the members while continuing to help Fork stabilize and continue its services into the future."
Terms of the deal were not disclosed. But Fork Food Lab, which operates as a nonprofit, had shouldered the weight of a significant investment when it moved from Portland’s Bayside neighborhood to the Darling Avenue site in South Portland.
Four years ago, when the nonprofit acquired the space, it took on a $3.6 million loan backed by the Finance Authority of Maine, Mainebiz reported in March 2022. At that time, Mascoma Bank, which has a Portland office, was listed as the lender. In December, the Portland Press Herald reported that Norway Savings Bank held the mortgage.