Lurin Capital, a Dallas-based multifamily investment firm, is facing legal and financial challenges after being sued for defaulting on $40.5 million in debt. The lawsuit was filed by Select Securities Europe, which claims that Lurin stopped paying interest on 15 loans two years ago. The loans matured last year, leaving the firm with $10.7 million in unpaid interest as of last month.
Jon and Ashley Venetos, co-founders of Lurin Capital, personally guaranteed the loans. This means they could be held responsible for repayment if the company fails to pay.
Earlier this year, Lurin lost 12 properties in Florida to foreclosure when Acore Capital Mortgage foreclosed on $383.6 million in loans and auctioned off the assets. The company is also at risk of losing the Estates at Avenstar, a 592-unit property in Houston, after defaulting on a $52.5 million mortgage from Nexstar.
In other Texas real estate news this week, a new state law aimed at reforming “traveling” housing finance corporations has led to legal action. The Texas Workforce Housing Coalition filed a lawsuit challenging House Bill 21’s constitutionality. The coalition argues that the law retroactively imposes stricter standards on existing agreements and threatens current tax exemptions before its implementation in 2027.
Ares Real Estate expanded its presence in Fort Worth by acquiring 1.6 million square feet of warehouse space across Tarrant County. These fully leased properties are located along major logistics corridors and will be managed by Ares Industrial Management as part of the firm’s strategy to enter high-demand markets (https://www.therealdeal.com/texas/2024/06/05/ares-buys-1-6m-sf-of-fort-worth-industrial-space-in-major-expansion/).
Recent legislation banning certain foreign buyers has impacted Chinese homebuying activity in Texas. The law targets non-resident buyers from countries considered security threats—including China—and has caused uncertainty among legal residents (https://www.therealdeal.com/national/2024/06/07/chinese-homebuyers-in-texas-panic-after-ban-on-certain-foreign-buyers-takes-effect/).
Austin continues to experience high office sublease availability, including Meta’s full-building listing for Sixth and Guadalupe.
Additionally, Austin broker Katie Jackson from @properties Lone Star appeared on HGTV’s “Zillow Gone Wild” to market the Bouldin Treehouse at 801 Post Oak Street as a redevelopment opportunity listed for $1.6 million.
