August 7, 2018
Dreien Opportunity Partners and Crossroads Opportunity Partners are suing Frontier State Bank in conjunction with a failed redevelopment planned for Collin Creek Mall in Plano. The real estate companies filed suit in Dallas County alleging that the Oklahoma City bank reneged on an agreement to provide a $40 million loan that would have helped spur renovation on the troubled 1.1-million-square-foot mall.
The suit alleges that the bank changed the terms of the loan agreement, and made last-minute unreasonable demands. The plaintiffs also allege that the bank passed along confidential information about the development plans to a third-party developer. Overall, the suit claims breach of contract, intentional misrepresentations, negligence, civil conspiracy and fraud.
The litigation details the loss of $3.5 million in earnest money for the mall purchase, as well as thousands in other expenses related to the shopping center’s acquisition. Collin Creek Mall is at 811 North Central Expwy, on U.S. 75.
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