First National owners get one-month extension for financing

The owners of downtown Oklahoma City's First National Center will get another 30 days to arrange financing of $12 million required to avoid the property being turned over to a receiver.
by Steve Lackmeyer Published: May 27, 2012
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The owners of downtown Oklahoma City's First National Center will get another 30 days to arrange financing of $12 million required to avoid the property being turned over to a receiver.

Judge Niles Jackson earlier this month approved an end to the bankruptcy filing by the owners, an investment group led by Aaron Yashouafar, chief executive officer of Los Angeles-based Milbank Real Estate. The action was agreed upon by mortgage holder Capmark Group after the two sides agreed upon a resolution of its attempted foreclosure that required Yashouafar to pay $12 million in exchange for closing the $21 million loan.

They originally agreed that if the $12 million was not paid by Sunday, the property would go, uncontested, to a receiver. Court documents show that deadline was extended this week to June 26.

“The ownership of First National Center is pleased that it has been successful in resolving its business issues, resulting in the dismissal of the bankruptcy cases,” Yashouafar said in a statement provided to The Oklahoman.

“The ownership is back on course to proceed with its goal of making First National Center the premier business location in downtown Oklahoma City.”


by Steve Lackmeyer
Reporter Sr.
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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