A Puerto Rican group finds a way to refinance its clubhouse mortgage.
By Victor Manuel Ramos, Sentinel Staff Writer
January 11, 2008
A large East Orange County building whose facade resembles the fortresses of colonial Puerto Rico will remain a home away from home for island transplants after more than a year of uncertainty over its fate.
The Asociacion Borinquena de Florida Central, a Puerto Rican social club named after the island's native name of Borinquen, had been struggling to keep the mammoth clubhouse on Econlockhatchee Trail open in the face of rising mortgage payments.
But the oldest Puerto Rican organization in the region managed to refinance the clubhouse just short of a deadline that could have plunged it into foreclosure.
"This is a dream made into reality," said Luis Suarez, who took over as the group's president in 2006 and vowed to save the clubhouse from sale or default to a bank.
"The day we signed this agreement our clubhouse was like a Pentecostal temple. The people were jumping, singing hallelujahs and hugging each other."
Association members are throwing themselves a party to celebrate their feat on Jan. 26.
Group directors believe the association will become more vibrant as it frees resources for cultural events.
Their building is booked for most weekends through the remainder of the year, including private functions and club gatherings such as dances, domino contests and musical performances.
The cost of the clubhouse, which occupies about 17,600 square feet on a 3.5-acre site, led to the 2006 resignation of a president and several board members who had considered selling the building to pay off $1.8 million in debt. Many in the group balked at the thought of losing their landmark.
The building had been inaugurated in 2003 after the association, in existence for three decades, saved for years to pay for the land and begin construction.
The buildup was financed with an interest-only loan set to expire in 2006. It was resetting to higher rates that could have doubled the monthly payments of $12,000.
The association -- whose income derives from clubhouse rental fees, membership fees and fundraisers -- obtained extensions to its short-term loan.
Group members pitched in about $100,000 in low-interest loans, but the club struggled to get a bank willing to take a risk on a nonprofit.
On Dec. 31, Suarez signed a 25-year loan with Pinnacle Bank, which gave them a fixed rate for five years.
That was the day before their old loan's rate was set to expire again.
"It's very important for our community to keep not only the organization but also the building, because it represents a legacy," said Sylvia Caceres, Orlando director of the Puerto Rico Federal Affairs Administration that represents the U.S. territory in the mainland.
To Harry Pecunia, an association member since 1977, the area would not be the same without an active community center for Puerto Ricans.
The U.S. Census Bureau estimates there are nearly 220,000 Puerto Ricans in metropolitan Orlando.
"The association," Pecunia said, "is our community's home."
Pecunia plans to be there for the club's celebration later this month -- and, like other faithful members, he hopes the next generation will be there as well for many celebrations to come.
Victor Manuel Ramos can be reached at vramos@orlandosentinel.com or 407-420-6186.
