Frisco's Wade Park Scheduled for June Foreclosure

Lenders owned more than $130 million for Frisco's stalled Wade Park project haven't wasted any time filing for another foreclosure.Last week two lenders -- New York-based Gamma Real Estate and Bamcap Partners of Farmers Branch -- took a pass on foreclosing on the 175-acre project on the Dallas North Tollway.Back in February the mortgage holders declared Wade Park in default of two loans and have each month filed foreclosure notices.But so far the two lenders haven't made good on their threats.The firms will have another chance to force a sale of Wade Park on June 5, the next scheduled Collin County foreclosure date. Addison-based Foreclosure Listing Service recorded the postings.It's not unusual for lenders to schedule multiple foreclosure dates for a property while they are in talks with borrowers.The $2 billion Wade Park project has been in the works for four years.So far all the developers have to show for the deal is two partially constructed buildings and a big hole.Wade Park - a project of Atlanta-based Thomas Land and development - is one of the largest parts of Frisco's so-called $5 billion mile of developments along the tollway.The project is planned for retail space, an entertainment venue and high-rise office, hotel and residential buildings.Contractors that have worked on Wade Park have also filed more than $10 million in liens against the development for unpaid bills.  Continue reading...