Investor sues to keep interest in Texas real estate project intact

By Sam Knef | Dec 30, 2018

KANSAS CITY — A Georgia-based family trust is suing Kansas City entities over loans it pledged for a Frisco, Texas real estate project known as Wade Park.

According to a lawsuit filed Dec. 21 at the U.S. District Court for the Western District of Missouri, the Thomas Family Trust names Joshua Bowlin, DC Capital and Investments, Joseph Neuerburg, One80 Capital Advisors LLC of Kansas City and AltosGroups LLC of Dover, Del. as defendants.

The plaintiff claims that in January 2017 it guaranteed approximately $125 million in loans through its affiliate Gamma Lending Omega for Wade Park, and that it pledged Wade Park as collateral for the loan.

The suit states that the loan, described as the "Gamma Loan," has matured and is currently in a fifth forbearance agreement, which expires Dec. 28. Further, Gamma Lending has a pending foreclosure sale set for Jan. 2, which may proceed if the loan is not paid by Dec. 28.

Other details in the lawsuit indicate that another loan described as the "Bluebell Loan" for $800 million was negotiated between the Thomas Family Trust and Bluebell International and is set to close on Dec. 28.

However, on Dec. 13, Bluebell International informed the Thomas Family Trust that it would not proceed with the loan due to various claims made by AltosGroups, Bowlin, DC Capital, Neuerburg and One80 that they each had an equity interest in Wade Park should it proceed with the loan.

Thomas Family Trust claims that Bluebell will not proceed with the loan unless the defendants provide written notice that they have no interest and no claims to Wade Park.

"Plaintiff will suffer irreparable harm if the Bluebell Loan does not close on or before December 28, 2018 because the Gamma Forbearance Expiration will open possibility of Gamma Lending converting part of the Gamma Loan to equity (vastly diluting Plaintiff’s interest in the Project) and/or Gamma Lending may proceed with foreclosure on January 2, 2019 wiping out Plaintiff’s interest in the Project entirely," the suit claims.

Thomas Family Trust is represented by Lathrop Gage of Kansas City.

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