Frisco's Wade Park Project Gets $83 Million in Funding From NYC Lender

Frisco's stalled Wade Park development has gotten a boost with an almost $83 million loan from a New York financial firm.Gamma Real Estate provided the short-term debt for the 175-acre mixed-use project, which has been under construction on the Dallas North Tollway since 2014.The planned $2 billion project is one of the largest components of Frisco's much touted $5 billion mile.After initial site work and utility construction, building on the site at the tollway and Lebanon Drive had all but stopped in recent months.Now the private lender is providing funds for the project."Gamma is very proud to play a role in one of the most significant development projects in the nation," Jonathan Kalikow, president of Gamma Real Estate, said in a statement. "Frisco is one of the country's fastest growing cities, averaging nearly 6 percent population growth annually in recent years."Wade Park will be a timely boon for this important bedroom community serving Dallas and Fort Worth."Gamma Real Estate provided a 6-month loan on the property with options for extension.Construction started on Wade Park more than two years ago.The project is planned to include about 600,000 square feet of retail; two luxury hotels; up to 6 million square feet of commercial office space, 1,300 apartments, condominiums and single-family homes.A Whole Foods Market, iPic Theatre, Pinstripes bowling center and Hotel ZaZa are among the anchors named so far.The first phase of the Wade Park shopping center was scheduled to open late this year, but it's been postponed into 2018, developer Thomas Land & Development of Atlanta says.Wade Park is just north of the Dallas Cowboys' new Star development and the mixed-use Frisco Station project.  Continue reading...