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Mill tenants grapple with real estate uncertainty

Stephen Betts - The Herald Gazette Associate Editor Village Soup
The Knox Mill properties viewed from the intersection of Mechanic and Washington streets in Camden. (Photo by Stephen Betts)

The Knox Mill properties viewed from the intersection of Mechanic and Washington streets in Camden. (Photo by Stephen Betts)


CAMDEN (March 25): Walter Skayhan, a principal of Maine Investment Properties, had grand visions for the former MBNA properties in Camden with the former Knox Woolen Mill as the crown jewel.



The former mill property has been the community's largest employer for more than 100 years, first as the Knox Woolen Mill and then as the northern regional home of credit-card giant MBNA.

Maine Investment Properties purchased the former mill property, as well as other former MBNA properties in Camden and Lincolnville (the Ducktrap Retreat), in December 2005.

The former woolen mill in Camden was converted in 2006 into a mix of retail space and residential condominiums despite opposition from many in town who argued that this was not the best use of one of the prime pieces of commercial property in Camden.

Three years after the owners received approval from the town to undertake the renovations to the former mill, the bank that holds the $18 million mortgage on the properties has asked the federal court to appoint a receiver, arguing that the owners of the Knox Mill properties have defaulted on the mortgage.


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