Des Moines Brewery faces foreclosure – But may remain open
Kinship Brewing, a once-thriving establishment that opened its doors to much fanfare on New Year’s Day 2021, now finds itself grappling with an uncertain future as it navigates foreclosure proceedings. Despite the looming financial challenges, the brewery’s owner remains optimistic about its ability to weather the storm.
Located at 255 N.W. Sunrise Drive in Waukee, Kinship Brewing and the limited liability company that owns the property, Sunrise Drive Acquisitions, are indebted to Lincoln Savings Bank to the tune of nearly $6 million, according to the foreclosure action filed by the bank on October 26.
The crux of the financial woes lies in the brewery’s inability to uphold its loan obligations. Sunrise defaulted on loans amounting to $3.5 million and $2.4 million, while Kinship failed to maintain payments on an operating loan of $44,898. The combined debt, with interest accruing, has ballooned to over $5.9 million, as per the foreclosure documents.
Financial troubles have been brewing since at least February when Sunrise defaulted on the loans. In an attempt to stave off foreclosure, the defendants entered into a forbearance agreement in April, an arrangement that granted them an opportunity to catch up on payments over time. However, this agreement too was breached, leading to the current situation.
Despite the impending foreclosure, Kinship Brewing remains operational, albeit with reduced operating hours, continuing to produce and serve its signature brews. However, Barbarian, a high-end restaurant that shared the brewery’s premises since January, has permanently closed its doors with no plans of reopening, according to its chef-owner, Jacob Demars.
Kinship Brewing has cultivated a reputation for fostering a vibrant community hub, hosting a diverse array of events, including movie nights, charity benefits, drag brunches, ugly sweater specials, and musical performances. The brewery’s future may be uncertain, but its legacy of fostering a lively and inclusive gathering place remains firmly etched in the minds of its patrons. For now, it remains open.