It's a shame they don't have the thunder blue floodlights on like they did a couple of years ago during the playoffs.

They've got a Thunder blue spire with an orange light on the top of it. It actually looks pretty cool, although floodlights would be nice.

The extended deadline to raise the $12 million is today.

I'm sure the present owners will not be able to come up with it and I sincerely hope the judge will finally place this property into receivership so a new buyer can be found.

Keep us posted if anything comes out today!
Sure hope it goes into receivership!

If the Century Center gets expanded/renovated as planned, it would leave the FNC as the last big hole downtown.

With the massive investment all around it, the time might finally be right to make something significant happen with this property.

I am told that Bob Moore is going to move their corporate offices to the Century Centre. They are currently located in the tower across the street from it.

There is no way they raised the money.. but I'm holding my breath for Yash's next trick to prolong this.

His pattern is to delay, make misleading promises (being kind here), litigate, delay some more and generally tie up properties for years on end.

The problem is really all on his end because things have only become much better in OKC since he first purchased this property. He's mired in multiple bankruptcy's, lawsuits and criminal charges.


The best news would if Capmark regains full control and then sell at a reduced rate. Bad for them, but good for the future of that property.

I wouldn't be surprised if they accept another extension because they would rather hope for this $12 million than have to take the property back and sell it for far less than that.

Without going back and scanning through all 550 posts.. How much did FNC appraise for?

Depends on who you ask:


An appraisal by J.W. Hoyt & Associates for Yashouafar values the property at $16.5 million. Capmark, meanwhile, provided two separate appraisals by Cushman & Wakefield and CBRE reflecting values of $8.4 million and $8.5 million.

Read more: http://newsok.com/first-national-own...#ixzz1sIvPWj4m

The $16.5 million has to reflect major appreciation due to drastically rising land values all around the center city. That said, the market value for any building that requires that much work won't be anywhere near $16 million.

Milbank paid $21 million in 2006, which everyone knew was way too much.

No one is talking yet.

http://newsok.com/control-of-oklahoma-citys-first-national-center-in-question-after-deadline-passes/article/3687874

for 8.5... if i win the powerball tonight, i'll try and get it, and then post a forum on here for ideas of what to do with it

for 8.5... if i win the powerball tonight, i'll try and get it, and then post a forum on here for ideas of what to do with it

So, how did that work out for you?

So, how did that work out for you?

i won $12... not quite enough

i won $12... not quite enough

Just wait till Yash is done with the property..

Just wait till Yash is done with the property..

I was thinking the same thing. Several years ago it sold for $1.

Well good thing his portfolio isn't in good enough shape to benefit from a charitable donation...

The fact we haven't heard something almost certainly means they didn't come up with the money.

So, the property either went into receivership or the lender gave them another extension. I bet it's the latter.

At some point Capmark has to just want this deal to be over with.

The fact we haven't heard something almost certainly means they didn't come up with the money.

So, the property either went into receivership or the lender gave them another extension. I bet it's the latter.

Or it's neither.... stay tuned

Historic building purgatory?? lol

I just went to a wedding reception in the Great Banking Hall tonight. It's really impressive. I would love to see that building restored like the Skirvin.

Or it's neither.... stay tuned

Did it get sold?

Sounds like more delays/extensions to me:



First National Center still with Milbank
By Brianna Bailey
Oklahoma City reporter - Contact 405-278-2847
Posted: 06:23 PM Monday, July 2, 2012

First National Center’s out-of-state owners remain in control of the downtown landmark, one week after a deadline passed to give $12 million to lender Capmark Bank or hand the property over to a receiver, but nobody is talking.

Permits filed for the Cafe 7 signs on FNC, so they must be close to opening in that location.

Should be a big success.

Saw lights on behind the kraft-papered windows late last night. Hadn't seen that up until now. Looks like last minute punch list or even staff training phase to me.

Will I get to eat there before August?

Drove by again today and the door on Robinson was opened with workers going in and out. I caught a quick peek inside as I drove slowly by, and it appeared the furniture was all in place including individual chairs . No way they place all of the furniture unless they are really close to opening.

First National Center owners receive another extension on payment
By Brianna Bailey - Journal Record
Posted: 06:03 PM Monday, July 16, 2012

OKLAHOMA CITY – The owners of downtown’s First National Center have until Aug. 17 to pay off lender Capmark Bank and keep the building out of receivership. This is the second extension Capmark has given First National’s Los Angeles-based owners to pay off the balance of a $12 million settlement agreement.

Rob Robertson, an attorney for Capmark, said Monday that First National’s owners have come up with at least part of the $12 million they owe the bank. However, he declined to say how much money they still owe Capmark. A call to Capmark’s headquarters in Midvale, Utah, was not immediately returned on Monday. Capmark has agreed to release First National’s owners from a mortgage on the property in return for the cash settlement.

A call to First National Center property manager Emily Dobson Timm was not immediately returned on Monday.

The original deadline to pony up the cash was in May, but Capmark agreed to the first of two extensions, pushing the deadline up to June 26 to allow building owners time to find a bank willing to lend them the money after their Chapter 11 bankruptcy case was dismissed. The property, which includes downtown’s iconic 33-story art deco office tower, is held by the partnerships First National Building I and First National Building II, both associated with Los Angeles-based Milbank Real Estate.

The partnerships purchased the building in 2006 for $21 million. Both entities filed for Chapter 11 in October 2010 after Capmark Bank attempted to foreclose on the property and appoint a receiver to take over operations.

Thanks Del.


Just shows you how badly Capmark doesn't want the building back and how they believe it's worth nowhere near $21 million.

It also shows the total lack of due dilagence on their underwritting of loans if they made a $21 million loan to someone who can't even pay $12 million on a building that is worth probably half of that.

Steve's update of the same story.

http://newsok.com/last-extension-issued-for-first-national-center-debt-payoff/article/3693304?custom_click=pod_headline_financial-news


Rob Robertson, an attorney representing Capmark, confirmed Tuesday Yashouafar has been given a second extension of Aug. 17.

“Capmark's position now is there will not be any further extensions,” Robertson said.

A very interesting new development.

http://newsok.com/owner-of-first-national-center-in-oklahoma-city-pleads-guilty-to-embezzlement-faces-up-to-10-year-prison-sentence/article/3697356


Wiggin suspects the felony embezzlement plea will further increase the odds against Yashouafar obtaining the $12 million in financing needed to retain control of First National.

“Even if the guy has great credit, the chances of getting $12 million for that building in today's market are very slim,” Wiggin said. “Now it may be impossible.”

It's hard to argue with that logic.

My fear is still what happens while the building is in limbo. Will we simply see it continue to decline? It's so close to shuddering its doors now, one little thing and it could go over the cliff.

Owner of First National Center in Oklahoma City pleads guilty to embezzlement, faces up to 10-year prison sentence
By Steve Lackmeyer | Published: August 2, 2012

Aaron Yashouafar, owner of Oklahoma City's landmark First National Center, will have to pay $1 million to tenants of a Nevada condominium complex and faces up to 10 years in prison after pleading guilty to one felony count of embezzlement.

The plea comes as Yashouafar faces an Aug. 17 “final” deadline to pay $12 million to Capmark Group to retain control of First National Center, and follows a string of foreclosures, bankruptcies and controversies involving properties owned by his investment groups.


Read more: http://newsok.com/owner-of-first-national-center-in-oklahoma-city-pleads-guilty-to-embezzlement-faces-up-to-10-year-prison-sentence/article/3697356#ixzz22MDqB2ZC

Owner of First National Center in Oklahoma City pleads guilty to embezzlement, faces up to 10-year prison sentence
By Steve Lackmeyer | Published: August 2, 2012

Aaron Yashouafar, owner of Oklahoma City's landmark First National Center, will have to pay $1 million to tenants of a Nevada condominium complex and faces up to 10 years in prison after pleading guilty to one felony count of embezzlement.

The plea comes as Yashouafar faces an Aug. 17 “final” deadline to pay $12 million to Capmark Group to retain control of First National Center, and follows a string of foreclosures, bankruptcies and controversies involving properties owned by his investment groups.


Read more: http://newsok.com/owner-of-first-national-center-in-oklahoma-city-pleads-guilty-to-embezzlement-faces-up-to-10-year-prison-sentence/article/3697356#ixzz22MDqB2ZC

It's a shame the Oklahoman has disabled comments on that story! LOL

It's a shame the Oklahoman has disabled comments on that story! LOL

Kind of weird they did that. They usually only do that for deaths. Why would a downtown building owner who pled guilty to embezzlement require the comments section to be closed?

Guys, that's not true: NewsOK routinely closes comments on crime stories. That's their policy. You may not agree with it, but it's not weird, unusual or new.

Kind of weird they did that. They usually only do that for deaths. Why would a downtown building owner who pled guilty to embezzlement require the comments section to be closed?

I thought they killed off comment section on most criminal case stories

I thought it was odd too, because I read it more as a story about the building than the crime. It's too bad, really. I was curious how this was Obama's fault.

Pete, can you please, please, please add a function that allows a person to hit a thumbs up or like button for a comment? And in the case of the last one by Mr. Cotter, is there any way to have a "really, really like" button? (many Oklahoman reporters are embarrassed by the odd comments posted on the NewsOK stories - much better discussions take place here at OKC Talk and on my blog)

I thought it was odd too, because I read it more as a story about the building than the crime. It's too bad, really. I was curious how this was Obama's fault.

You know it's Bush's fault................

Everyday I wake up wondering "what do Paul from Yukon and Cletus from Mayberry (actual frequent comment posters) have to say about my latest story?"

Steve, I don't want to turn this into a NewsOK thread, but it's nice to know you dislike so much of the comment section too. Occasionally there will be a good comment, often by someone referring a reader to this fine forum for more informaiton.

I thought they killed off comment section on most criminal case stories

Apparently so. Guess I just didn't read enough of the criminal stories to notice. I wouldn't have even read this story if it wasn't about FNC.

Everyday I wake up wondering "what do Paul from Yukon and Cletus from Mayberry (actual frequent comment posters) have to say about my latest story?"

BEST.LOL.Today

Thanks Steve

You know it's Bush's fault................

Uninspired, uncreative, unreadable. You win.

Everyday I wake up wondering "what do Paul from Yukon and Cletus from Mayberry (actual frequent comment posters) have to say about my latest story?"

I can just imagine. NewsOK comments are just, in general, horrible. After you're through wondering about Paul and Cletus, you brush your teeth, take a shower and then go to The Lost Ogle, which is probably your home start page. Just k-i-d-d-i-n-g!!!!!!!!

You do a great job, no question about it. The Oklahoman is lucky to have you.

TLO has replaced the comics for me. Always good for a laugh if Paul and Cletus decide not to provide material that day.

I just want someone with the financial and technical wherewithal to gain control of FNC. I have only been inside it once and the small portion I saw was fantastic. Heck - did anyone win that Powerball last night? For $12 million, FNC is a steal and I would have nearly enough $$ to renovate it! I understand the building presents challenges regardless of intended use after renovation, but hope a solution can be found before it deteriorates too far to be saved.

Thanks Mike. I have enough of a sense of humor and honesty to admit yeah, I'm sometimes amused by TLO. Though I swear, swear I don't have a pair of Bricktown pajamas.

Thanks Mike. I have enough of a sense of humor and honesty to admit yeah, I'm sometimes amused by TLO. Though I swear, swear I don't have a pair of Bricktown pajamas.

:lol2: Oh man - glad that is cleared up! Still laughing.....

Who else is marveling at the new views inside of Cafe7 from the street? I think they took down the construction window coverings at the beginning of this week.

Cafe 7 looks great! Can't wait to have lunch there. I thought they would be open by now. Must have some red tape to cut first.

Do you know when it's opening?!?

They look really, really close. I can't immagine more than a week or two at this point. I've been anxiously peeking through the holes they've had in the paper for the past few months, and was really excited to see more of it a few days ago. It looks great, and really fits in with the building. I really like their Quail Springs location, and will be a very regular customer downtown. I'm hopeful they are open for dinner too. This would make a great cheap option for dinner when downtown for the evening.

Eh, the comments are merely to increase traffic and return visitors... It's not really to generate any kind of intelligent rapport...

Thinking of their gourmet mac n cheese has me salivating already....

Looks like the present FNC owner is going to spend some serious time in jail. They even want his time to start 30 days before the formal sentencing.

This will go down as yet another colorful chapter in the on-going First National saga.


I'm going to go out on a limb here and say that I don't think this guy is going to be able to come up with the $12 million from a jail cell.

At least there will soon be a new owner and we've got nowhere to go but up.


I'm sorry that Capmark will be taking this in the shorts but they were crazy for underwriting such a huge mortgage on this property in the first place. So, they are going to take a big loss and have to sell this property for well less than what they're owed. I bet it will only fetch abut $5 - $8 million.

But if it's bought at that price, it might be possible to finally renovate and still be able to make some money.

As discussed before, I hope the City partners with Capmark to not only get this property into the hands of a responsible owner, but provide incentives for it's redevelopment. This is exactly why the OKC Alliance of Economic Development was formed.