JEFF STRICKLER, Star Tribune
On the brink of being forced to close because it was losing its building, Yeshiva High School, the only Jewish boarding school in the Twin Cities, has reached a new deal on its mortgage, it announced Monday.
BACK WHERE THEY STARTED: The agreement is with the Minnesota Baptist Conference, the holder of the school’s original contract for deed. The Orthodox school with about 40 students is housed in what was formerly a Baptist church in Cottage Grove.
THE DEAL: The school raised $470,000 in cash and pledges to be collected over the next five years. It’s going to pay $65,000 at closing on July 19 and the remainder in installments.
“There is no question in my mind that we have seen a modern-day miracle unfold before our very eyes,” said Rabbi Moshe Weiss, one of the school’s founders.
“The support we got from the local community, the support we got from everyone, has made this a life-changing experience.”
HOW THEY GOT THERE: When the school bought the former church four years ago, the Baptist conference agreed to hold the loan itself. Late last year the conference called in the loan, saying it didn’t want to foreclose but needed the money.
CLOSE CALL NO. 1: The conference gave Yeshiva until Feb. 7 to come up with the funds. The school missed the deadline but raised enough to convince the conference to give it an extension through the end of the school year.
CLOSE CALL NO. 2: In mid-May, a bank offered to underwrite a mortgage based on the pledges, but the deal was scuttled because it didn’t meet regulatory requirements. Attempts to negotiate deals with other banks hit the same roadblock.
THE SOLUTION: The Baptist conference, which had been monitoring the situation, took another look at its cash-flow situation and decided that it could get by on the installment payments the school had offered the bank.
THE FUTURE: “Now the important work starts,” Weiss said, referring to the task of teaching.
“We are thankful to God that we have this opportunity to continue to do this good work. We are marching forward stronger and more confident than ever.”
Please note that this is not Lubavitch Yeshiva of Minnesota. Checks sent to that institution do not go to My Yeshiva!! This is either My Yeshiva or Yeshiva High School.
Our son went to this school last year and bebefitted tremendously from the personal care and attention. If anyone can donate a bit, or nore than a bit, to MyYeshiva, it will help this school continue to transform boys! Thanks!
Go Rabbi Weiss! We are so happy that My Yeshiva is sticking around. See you all on Yud Tes Kislev.
why not include the official name and address of the moisad so that people – Mentchen donate.anybody wants to contribute
Boruch Hashem! So happy it finally worked out! When are you going to publicize the miracles that you saw as you struggled to save it?
keep up your good work!!
Yay! This is one of the best schools! My brother had a fantastic two years there, the staff are so attentive to the students and create personal motivation programs that make the boys want to succeed!!!
why do we always need a last minute miracle with ulcers and heartache.
Its about time the rebbe’s mosdos have true harchava begashmius!