Less than a week after lender Bamcap Partners announced it would seek a forced sale of the mixed-use, Wade Park development in Frisco, TX, lender number two is joining the fray. Specifically, Gamma Real Estate indicated that the development on the Dallas North Tollway and Lebanon Parkway defaulted on its loans, and has scheduled a forced sale of the property on March 6, 2018. Gamma lent $82.7 million to Atlanta-based Thomas Land Development in early 2017.
Thomas indicated it is negotiating with both Gamma Real Estate and Bamcap Partners to avoid a foreclosure. Contractors and other firms involved with the project stopped work in late 2017, and filed more than $10 million in liens against the development for unpaid bills.
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