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Lender forecloses on parts of Frisco mixed-use project

Dallas Morning News logo Dallas Morning News 1/12/2021 Steve Brown, The Dallas Morning News

Lenders have foreclosed on portions of a Frisco mixed-use development.

The 37-acre Stonebrook Business Park is on the Dallas North Tollway near Stonebrook Parkway.

Started in 2017, the project was intended to have four office buildings plus a hotel and retail space.

International Bank of Commerce foreclosed on undeveloped portions of the office park last week, Collin County deed records show.

The property was taken in a trustee’s sale from owner GCRE/TX Frisco Master LLC.

The lender listed more than $30 million in debts on the properties

One office building was constructed in the Stonebrook Business Park, but it was not part of the foreclosure sale.

The office building is under separate ownership and is currently being marketed for sale by Colliers International. The Stonebrook Office I building is almost 70% leased. Taylor Morrison Homes is an anchor tenant.

The Stonebrook Business Park land is the second big development tract along that section of the tollway in Frisco to wind up in lenders’ hands.

In 2019, lenders took ownership of the nearby $2 billion Wade Park development site at the tollway and Lebanon Parkway. That property is now tied up in legal challenges.

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