Back on topic, please, clown.
Can someone post the whole TW article? I'm too chintzy to subscribe.
For some reason (right) TW does not have the story on their main page....why's that?
Bank seeks to foreclose on former Jacob Hotel
The property is being redeveloped into loft apartments.
By ROBERT EVATT World Staff Writer
Published: 7/30/2011 2:27 AM
Last Modified: 7/30/2011 5:04 AM
Long-delayed efforts to redevelop the former Jacob Hotel into loft apartments have hit another snag, with American Home Mortgage Co. filing suit to foreclose on the property.
The lawsuit, filed Thursday in Tulsa County District Court, claims Blue Dome Properties LLC has defaulted on a loan of $850,000 for redevelopment of the building into 310 Lofts and now owes $1.15 million because of interest.
First Street Lofts LLC, which secured the loan with a mortgage on the property at 310 E. First St., and the Tulsa Development Authority, which claims some interest in the property due to the contribution of $1.3 million in Vision 2025 funds, were also named as defendants in the lawsuit, which seeks to have their interest in the property deemed inferior to American Home Mortgage.
Michael Sager, developer of the estimated $3 million conversion, said he's hopeful things can get worked out.
"We're trying to renegotiate our mortgage with them," he said. "We're striving to comply with their needs, and they've been very patient."
Sam T. Allen, an attorney representing American Home Mortgage, said the bank's issue is straightforward.
"The note hasn't been paid in the time required," he said.
Work on converting the five-story, 95-year-old building was marked with a jackhammer ceremony in March 2007. Sager said the conversion is 60 percent complete and that construction has been stalled by the poor economy.
"It's been because of the same thing that's affected the rest of the country," he said. "It's been a tough road."
Sager said First Street Lofts has been redesigned in the past four months, with its original 18 loft apartments being divided into 21 units.
Also, he's hoping to incorporate 3,500 square feet of office space on the second floor. The 7,000 square feet on the first floor, former home to nightclubs and a restaurant, has been preleased to a new restaurant and an upscale liquor store.
Read more from this Tulsa World article at
http://www.tulsaworld.com/business/article.aspx?subjectid=32&articleid=20110730_32_E1_Longde39684Lots of that hopey stuff.....