Fate of Oklahoma City's First National Center still unknown

Owners of downtown's troubled First National Center still have control of the property after not meeting what was to be their final deadline extension to pay off their mortgage.
by Steve Lackmeyer Modified: August 29, 2012 at 8:38 pm •  Published: August 30, 2012
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Owners of downtown's troubled First National Center still have control of the property after failing to meet what was to be their final deadline extension to pay off the mortgage.

The lender, Capmark Group, could have appointed Jim Parrack with Price Edwards as receiver for the property on Wednesday. But Parrack confirmed no such appointment had yet taken place.

Investment groups, led by Milbank Real Estate CEO Aaron Yashouafar, bought the 80-year-old complex in 2006 for $21 million. A foreclosure action by Capmark in 2010 was followed by a bankruptcy filing that ended with an agreement by both sides that Yashouafar would pay $12 million to close the remaining $21 million mortgage.

That agreement came with a May 26 deadline that, if not met, would have resulted in the building's going to a receiver who would dispose of the property.

The deadline was extended twice — to Aug. 17 and again until Tuesday after a reported death in Yashouafar's family. Sources have told The Oklahoman Yashouafar was in talks with Capmark to obtain yet another extension.

Neither representatives of Capmark nor Yashouafar returned calls Wednesday to The Oklahoman. Capmark Group is under a court ordered liquidation; Yashouafar faces sentencing in an unrelated case in Arizona for an embezzlement charge he pleaded guilty to in July.

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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