RiverWalk Crossing Developer Gets Phase Two Loan

Wednesday, December 31st 2008, 5:07 pm
By: News On 6

By Jennifer Loren, News On 6

JENKS, OK -- In the midst of a serious nationwide credit crunch, the developer of the RiverWalk Crossing in Jenks is celebrating. Developer Jerry Gordon secured a $30 million loan to complete phase two of the project.

Gordon says securing this loan may sound like a miracle at this point in time, but it's actually the result of a lot of hard work and the success of phase one.

Gordon is proud of the success he's had with the RiverWalk Crossing in Jenks. Despite its success, phase two of the project had to be put on hold for some revamping.

"Winter time hurts us quite a bit out here. Traffic slows, people don't want to get out in the weather. So that's when we realized we've really got to have multi-family housing out on the project to help bring those people out here year round," said Jerry Gordon, developer.

He ditched plans to build a hotel in phase two and sold a piece of land to a group who plans to build more than 200 apartments there instead.

Just when he got that straightened out, the credit crunch hit.

"In all my years of being in this business, I've never been through so much to get a loan closed," said Gordon.

But, he got it -- nearly $30 million to finish phase two. Many people say getting that kind of financing right now is nothing short of a miracle. Gordon says it was just a good plan.

"The bet on RiverWalk is, it's a safe bet because phase one is so successful and phase two is already mostly preleased. And with the apartments going in, it's going to be something," said Gordon.

Still, he says it's a tough climate, proven when a bank called him looking for cash.

"Yeah that was pretty amusing that they were calling me wanting to know where we're getting our money from so they can go get it too. You know, I don't think I'll be releasing that information," said Gordon.

They've already begun the dirt work on phase two, just north of the current RiverWalk Crossing.

It will be the exact same size and will be anchored by Lewis and Clark Outfitters, a retail store for outdoor adventurers.

Gordon hopes it will be open by next summer.