DES MOINES, Iowa – The city of Waukee may soon be saying goodbye to a popular brewery approximately three years after it opened.
The bar initially aimed to be a community gathering point given its location close to bicycle trails so that cyclists can stop, dog lovers can bring their canine friends, and food truck fans can get their food fix.
The owners, investor Michael Kentfield and associated limited liability companies Sunrise Drive Acquisitions and Sprout Property Co. are named in a foreclosure lawsuit filed by the Lincoln Saving Bank stating that the organization has defaulted on a $6 million loan.
Foreclosure documents show Sunrise Drive Acquisitions defaulted on loans of $3.5 million and $2.4 million.
Kinship too has failed to keep up payments on an operating loan with a $44,898 balance.
The brewery began undergoing financial hardships earlier this year and the suit shows that in April they entered into a forbearance agreement to help get caught up on past-due payments to avoid foreclosure, but that has also been defaulted on.
The brewery is still serving craft beverages but the kitchen remains for-lease after the restaurant, Barbarian, closed this fall.
As they continue to seek out staffers, many are wary amid word that Kinship is already unable to pay current employees.
In an interview with the Des Moines Register, owner Zach Dobeck says there is still a way forward. That way forward has yet to be determined as they continue mitigating difficult cost-cutting decisions.