Corrected to remove Robert Myers as defendant

Community Business Lenders has joined the list of creditors seeking to recover defaulted loans for the Michael’s Landing planned community that was abandoned when Regency Homes went out of business earlier this year.

In a lawsuit filed in Dallas County, Community Business Lenders seeks slightly more than $11.9 million on two notes to Michael’s Landing LLC and names the Regency-related investors who guaranteed the notes.

The lawsuit seeks to foreclose on undeveloped property at the 340-acre project that was named in tribute to the late Michael Myers, who co-founded Regency Homes. The project at the southwest corner of 88th Street and Mills Civic Parkway was to be a mix or residential, commercial and retail development.

Also named in the lawsuit were Myers’ son, James, Regency co-founder Richard Moffitt, John Gamble, Daryl High, Josh Reel and Michael Medved, another long-time business partner of the late Michael Myers.

This is the third lawsuit filed against the development.

Vantus Bank is seeking $6.2 million from the business partners after they defaulted on loans secured by about 19 acres of land that fronts Mills Civic Parkway.

First National Bank Midwest seeks $6.4 million in principal, interest and fees on a $7.65 million loan. In addition, the bank is attempting to foreclose on 135 lots in various stages of construction, including some with homes that have been built but left vacant.

A receiver has been appointed to maintain the property and complete development of the lots pending the outcome of the foreclosure action.