Quote Originally Posted by Pete View Post
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.
Too bad I believe there's less than a million in the downtown TIF fund left.