ORANGE COUNTY FILE : Shir Ha-Ma’alot Raises $1.4 Million to Pay Mortgage
Reform Jewish Congregation Shir Ha-Ma’alot recently raised $1.4 million to pay off the mortgage on its Irvine synagogue. Members of the congregation who invested in the synagogue’s Millennium Fund provided the money, which will be repaid over 10 years at 8% interest.
Barry Koff, director of education for the synagogue, said the congregation purchased the building, a former health club, in 1994 from Dick Allen.
Last year, Allen agreed to refinance the purchase so that the Millennium Fund could be used to retire the debt. Koff said that more than 50 congregants participated in the fund with investments ranging from several thousand to hundreds of thousands of dollars.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
