Fannie Mae has filed lawsuits seeking to foreclose on five properties owned by Lurin Capital, a Dallas-based firm led by Jon Venetos. The lawsuits, filed in Escambia County Circuit Court on December 8, allege that Lurin defaulted on $59.4 million in loans tied to multifamily properties in Pensacola, Florida.
The properties named in the suits are Lorient Apartments at 110 Creekside Court, Overlook Apartments at 1200 Scenic Highway, Papillon Apartments at 7270 Hilburn Road, Ascend at Pensacola Bay Apartments at 800 Scenic Highway, and Palmiere Apartments at 4435 Marlane Drive.
According to Fannie Mae, Lurin Capital borrowed nearly $60 million in January 2024 but stopped making payments in October 2025. The lender also claims that Lurin neglected property maintenance and allowed liens to accumulate.
Fannie Mae is requesting the court to approve foreclosure and require payment of the outstanding principal, interest, and attorneys’ fees. The lender initially sought a court-appointed receiver for the properties but withdrew this request on December 23 without providing a reason.
This is not the first legal action Fannie Mae has taken against Lurin Capital. In November, it filed suit in Texas District Court alleging default on a $77.2 million loan related to Latitude 2976, a Houston apartment complex.
Lurin Capital’s financial troubles have escalated since spring when Acore Capital Mortgage accused the firm of defaulting on almost $400 million across twelve Florida properties. Acore later claimed in October lawsuits that Jon Venetos personally guaranteed these loans and still owes $81 million.
Other lenders have also pursued legal action against Lurin Capital. Vista Bank and Keybank both allege defaults; Keybank further accuses Venetos of transferring funds from his accounts with the bank into a personal account, while Vista claims he falsified account statements to secure additional loans elsewhere. Former employees have accused Lurin of inflating repair costs and submitting invoices for work not performed as part of reimbursement requests to lenders.
Municipalities have joined the list of parties suing Lurin over property conditions. In November, residents were ordered to vacate a Plano property due to unsafe living conditions such as lack of water, sewer service or gas supply. On January 2nd, Huntsville, Alabama sued Lurin for abandoning The Flats at Redstone complex; city officials say the building “poses a substantial risk of illness or injury to anyone who enters the property.”
All lawsuits remain pending.
