Cyruses avert loss of Aspen Lakes subdivision

Eric Dolson | Last updated Dec 26, 1995 12:0pm0

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In a story that could be a classic in its own right, the Keith Cyrus family of Sisters found an angel just before Christmas who loaned them money they needed to prevent final default and loss of the Aspen Lakes subdivision two miles east of Sisters.

Escrow on the loan closed on December 22. The final default deadline was December 31. A sheriff's foreclosure sale was scheduled for January 2.

The loan was made to the Cyruses by DGF Investment Company of Salem. Other than that, the principals of DGF Investment "prefer not to be known," according to Keith Cyrus.

The Cyruses were put in touch with DGF by a series of brokers, according to Keith. A broker in The Dalles knew a broker in Portland who put them in touch with a broker in Dallas, Oregon. "It was a matter of finding someone who had the money to loan and (for whom) the timing was right," said Keith Cyrus.

"It certainly made for a merry Christmas for us and all of our creditors," said Matt Cyrus, a partner in KMB Enterprises with father Keith. Keith's other son Brian is no longer a partner.

The two-year loan of $4.3 million will not only pay off J.C. Compton, owed $1.2 million in principal and interest for the sale of 1,000 acres on both side of Camp Polk Road above Squaw Creek to the Cyruses in 1989, but also other creditors and attorneys owed approximately $600,000.

This will leave the Cyruses approximately $2.5 million to complete the project.

Keith said they hoped to begin cleaning up lots on Wednesday, and would continue to work as long as the weather allowed.

KMB expects to have the first nine holes of the golf course seeded and infrastructure in place for the first phase of 43 platted lots by June, Matt Cyrus said.

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