More Trouble For Wade Park Development
A second lender is seeking foreclosure on Wade Park. Gamma Real Estate says Wade Park has defaulted on its $82.75M loan, nearly doubling the last hit to its capital stack, according to the Dallas Morning News.
This default puts Wade Park on the hook to repay $100.75M between Bamcap, which declared Wade Park in default last week, and Gamma Real Estate.
Thomas Land & Development purchased the Wade Park site in 2014 and has struggled to keep the ambitious project above water. The firm is in talks with its lenders trying to avoid foreclosure and a forced sale. Gamma Real Estate is pushing for a forced sale to take place on March 6.