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

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

Before First Commercial entered the funding picture in June 2012, the property secured a $3 million loan from One Bank & Trust of Little Rock.

“It’s part of potential redevelopment of the club that will be done in conjunction with Concert Golf,” Herrington said of the property.

Swanson believes that’s wishful thinking given the Gaillardia membership’s opposition to Herrington’s plans.

“There are no options,” Swanson said. “You have what amounts to 5 acres of golf course rough. There’s no plausible scenario, unless [First Commercial] made the loan thinking it’s developable.”

 

 

Please read our comments policy before commenting.
Search

Latest Arkansas Business Poll

Did the Fed make the right call on interest rates?