Minihane’s Irish Pub & Restaurant is scheduled to be sold at auction Dec. 10 for defaulting on a state-issued mortgage through the Neighborhood Business Works Loan Program, administered through the Maryland Department of Housing and kCommunity Development.

ELKTON — Minihane’s Irish Pub & Restaurant is set to go to auction Dec. 10 to satisfy an outstanding loan with the Maryland Department of Housing and Community Development.

The four-story historic structure and everything connected to it, including its Cecil County liquor license, will be sold at the building located at 101 West Main St. beginning at 11 a.m.

Denis and Ingrid Minihane acknowledged “the amount of outstanding indebtedness was $633,834.01 as of September 25, 2019,” according to a confessed judgement filed in Cecil County Circuit Court last month.

The judge awarded the property Nov. 6 to the state, reporting the amount of debt at $644,253.61 through the Neighborhood Business Works Loan program, Sara Luell, DHCD director of communications, said Thursday.

“That’s a small business lending program,” Luell said, adding the 25-year-old program recently passed the $40 million mark in lending. “The businesses sometimes come directly to us for a loan, and sometimes are referred by a local economic development group. But we are always the ones issuing the loans."

Luell said she was uncertain how Minihane's connected with the program.

According to court documents, the original $500,000 DHCD loan was obtained March 18, 2014 by two LLCs owned by the Minihanes: Cunnamore LLC and Sandy Island LLC. That was to carry a 4% interest rate and be repaid in five years.

On Feb. 17, 2017, the loan was amended and restated, increasing the balance to $652,091.96. The rate was reduced to 3% with a 25-year term of repayment. By June 15, 2018, an amendment to that amended and restated note was executed, which deferred certain monthly payments, according to court documents.

Six months later, there was a third modification allowing the loan repayments to be interest-only. That’s when the loan was defaulted, according to the court documents.

Notice of default letters went to Minihanes and the LLCs April 26, 2019 and again on Aug. 1.

Ingrid Rautenberg Minihane said she is working on finding business partners or investors to keep the auction from happening.

“We are trying to save this,” Minihane said Thursday. “I’m not concerned about what’s owed. I’m more concerned about getting a partner or investor.”

Alex Cooper Auctioneers in Towson will conduct the sale. Paul Cooper would only say that this was “a mortgage foreclosure sale.”

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