Lender Seeking Foreclosure on $2B Wade Park Development

Bamcap Partners, one of the lenders for the $2 billion Wade Park mixed-use development in Frisco, TX, declared the project in default, and is seeking foreclosure. The lender, which provided more than $48 million in loans for the development starting in 2015, wants a forced sale of the 180-acre property to repay the debt.

In early 2014, Thomas Land & Development acquired the site from a Frisco family. Construction began in June 2014, which called for a Whole Foods Market grocery store, retail space, a high-rise office, hotel and residential buildings, and entertainment. The developer conducted extensive site work on the property, but work stopped in early December 2017, due to unpaid bills. More than a dozen companies – including general contractor Balfour Beatty Construction, filed liens against the project for unpaid bills.

Thomas Land recently closed on $82.8 million in financing through Gamma Real Estate.

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