Cash-strapped B’nai Brith Canada is selling two of its landmark buildings in Toronto, including its national headquarters.
The headquarters carries two mortgages totaling nearly $4 million, the Canadian Jewish News reported, and in 2012 the market value assessment was set at slightly more than $3 million.
The difference leaves “open the question of how much B’nai Brith can net from the sale,” the newspaper reported last week.
Also up for sale is a cutting-edge facility for those suffering from Alzheimer’s disease opened by B’nai Brith Canada just 18 months ago. The Alzheimer Centre for Excellence has 45 beds but only 20 residents, and has been bleeding money since it opened last December, the CJN also reported, citing court documents.
A front-page Toronto Star story published July 9 said the facility is under insolvency protection. As of two weeks ago, the home had $65,000 in reserves and was spending $50,000 a month. It owes $11 million to creditors, according to the Star.
The building received $5.4 million in funding from the federal government.
In a cost-cutting measure, B’nai Brith Canada’s new CEO, Michael Mostyn, who took over the organization last September, folded publication of B’nai Brith Canada’s weekly newspaper, the Jewish Tribune. — jta