Coquina Lanes Hit by Foreclosure and Fire
Lender takes ownership but an electrical fire closes the facility the night before the prior owner is scheduled to be evicted. Lanes will reopen under new management after repairs are completed.
Palm Coast, FL – September 21, 2012 – Alleycats LLC, a private investment firm, has foreclosed on a mortgage to F&S Enterprises LLC (Member/Manager – Stephen Blaha), owner/operator of Coquina Lanes in Palm Coast. The foreclosure sale was August 29th.
Tuesday night, the night before Blaha was scheduled to be evicted, an electrical fire started in a circuit breaker in a separate room. The building suffered some water and smoke damage and has been closed pending the completion of repairs. Alleycats LLC had planned to keep the facility open under new management, but those plans are now on hold.
The original mortgage, executed May 17, 2006 was for $1,700,000. It was amended on November 30, 2007 to reflect an additional advance of $400,000. The foreclosure was filed in September 2009.
While some fires are said to have originated when a mortgage and an insurance policy are rubbed together, the Coquina Lanes fire does not appear to be of a suspicious nature.
Palm Coast Lanes
To clarify, the plans are not on hold but are in progress. The center must be brought to a safe, clean and legal status prior to opening the doors. We thank everyone for being patient during this transition period. We are also very thankful to Haley Family Electric and SERVPRO of Flagler County for their quick response and invaluable assistance. Updates will be posted to Facebook (PalmCoastLanes) and Twitter (@PalmCoastLanes).