Summit Brewing, $8.2 million in debt, faces foreclosure

Forty years after its founding, Summit Brewing Co. is headed for foreclosure, spelling uncertainty for one of Minnesota’s craft beer pioneers.

Chicago-based BMO Bank is asking a Ramsey County judge to order the foreclosure of Summit’s property and place the company’s assets in receivership after the brewery defaulted on its debt.

Background

According to a lawsuit filed last week in Ramsey County District Court, Summit currently owes more than $8.2 million, stemming from a $1.25 million revolving line of credit and a $6.875 million term loan issued in December 2024.

BMO issued the loans to Summit on Dec. 31, 2024, secured against a mortgage on Summit’s property at 910 Montreal Circle in St. Paul and essentially all of the company’s assets, including machinery, vehicles, patents, trademarks and software.

When the revolving note matured a year later, Summit...