First National Center owners get final extension for loan payoff
Owners of downtown's troubled First National Center have been given what they've been told will be their final deadline extension to pay off their mortgage.
Investment groups, led by Milbank Real Estate chief executive officer 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 going to be a receiver who would dispose of the property.
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.
Yashouafar could not be reached for comment.
Steve Lackmeyer, Business Writer