Control of Oklahoma City's First National Center in question after deadline passes

Owners of downtown Oklahoma City's First National Center are staying quiet as to whether they received financing of $12 million required to avoid the property being turned over to a receiver.
by Steve Lackmeyer Published: June 27, 2012
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Business update

Center's finance deadline passes

Owners of downtown Oklahoma City's First National Center are staying quiet about whether they received financing of $12 million required to avoid the property being turned over to a receiver.

Tuesday was the extended deadline for payment of the $12 million by investment groups led by Aaron Yashouafar, CEO of Los Angeles-based Milbank Real Estate, to mortgage holder Capmark Group. Yashouafar and representatives of Capmark did not return calls Tuesday to The Oklahoman.

U.S. Bankruptcy Court Judge Niles Jackson approved an end to the bankruptcy filing by Yashouafar's First National Building LLC. after the company and Capmark agreed on a resolution of its attempted foreclosure that required Yashouafar to pay $12 million in exchange for closing a $21 million loan.

They originally agreed that if the $12 million was not paid by May 27, the property would go, uncontested, to a receiver. The deadline was then extended to Tuesday.

Started 18 years ago as GMAC Commercial Mortgage, Capmark is liquidating its portfolio of loans and real estate under a court-ordered process.

Steve Lackmeyer, Business Writer

by Steve Lackmeyer
Business Reporter
Steve Lackmeyer is a reporter and columnist who started his career at The Oklahoman in 1990. Since then, he has won numerous awards for his coverage, which included the 1995 bombing of the Alfred P. Murrah Federal Building, the city's Metropolitan...
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