Delinquent Debts Push Developer Phil Herrington Out at Oklahoma City Country Club

by George Waldon  on Monday, Feb. 3, 2014 12:00 am  

Peter Nanula, president of Concert Golf Partners, sent a message to Gaillardia members on Jan. 24 informing them of the change of ownership that included a reassuring line about the group’s deep financial pockets.

“Concert Golf Partners has a dedicated fund from wealthy family investors with a long time horizon, so we acquire clubs with no debt and we continuously invest in the clubs every year,” Nanula wrote.

Jeff McDougall, president of JMA Energy Co. of Oklahoma City, thought his group of Gaillardia members had a deal worked out to buy out Concert Golf’s position as late as Jan. 15.

“We had a letter of intent to buy the first [mortgage] from Concert when they did an about-face,” McDougall said.

Despite the disappointment of the membership not gaining ownership of the club, he is glad to see a change of management.

“We’re optimistic about it,” McDougall said. “Concert is a capable group, but they’re going to have to make the membership happy.”

Other Gaillardia Holdings

Herrington remains a player on at least two properties through Gaillardia Development Co. LLC: an undeveloped 5.17-acre tract bordering the grand Normandy-style clubhouse and 56 lots in the Promenade neighborhood in the southwest corner of Gaillardia.

Golfing great Tom Kite, who won 19 PGA Tour titles and the 1992 U.S. Open, is touted in promotional material as an investor in the Promenade project. Kite had a hand in helping renovate Gaillardia golf course in 2004.

Herrington declines to name other investors in the Promenade.

In early January, more than $5 million in outstanding debt associated with the Promenade was purchased from First Liberty Bank. Herrington said the borrowed money was spent on site work and infrastructure on the 19-acre property.

The First Liberty loans on Promenade were purchased by Gaillardia Investors LLC. Though formed in Oklahoma, the limited liability company has ties back to Little Rock: Dickson Flake, president of Walthour-Flake Co. and commercial broker at the Little Rock office of Colliers International, signed off as managing member of Gaillardia Investors.

 

 

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