First National Center

[Spartan]

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.

[Pete]

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

[ljbab728]

No one is talking yet.

http://newsok.com/control-of-oklahom...rticle/3687874

[jedicurt]

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

[ljbab728]

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?

[jedicurt]

So, how did that work out for you?

i won $12... not quite enough

[Spartan]

i won $12... not quite enough

Just wait till Yash is done with the property..

[Just the facts]

Just wait till Yash is done with the property..

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

[Spartan]

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

[Pete]

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.

[Spartan]

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

[Steve]

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

[Spartan]

Historic building purgatory?? lol

[betts]

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.

[Just the facts]

Or it's neither.... stay tuned

Did it get sold?

[Pete]

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.

[Pete]

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

Should be a big success.

[Urbanized]

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.

[Spartan]

Will I get to eat there before August?

[Urbanized]

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.

[DelCamino]

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.

[Pete]

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.

[Just the facts]

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.

[ljbab728]

Steve's update of the same story.

http://newsok.com/last-extension-iss...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.

[ljbab728]

A very interesting new development.

http://newsok.com/owner-of-first-nat...rticle/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.