A member of a prominent Dallas investor family was slapped with a lawsuit in connection with its mixed-use development in Allen.
Monroe Capital Management, a lender based in Chicago, sued Saumil Thakkar and his firm Perfect Development in New York State Supreme Court, accusing him of defaulting on a $35.7 million loan that came due in February. The amount due is $24.1 million.
As part of the loan, Thakkar signed three guaranties, including a recourse guaranty with “bad boy” carve-outs.
Both parties entered into a forbearance agreement in March, but Thakkar still hasn’t paid back the full amount even after the forbearance period was extended, the lender claimed. Monroe asked the court to rule on the matter without a trial and order Thakkar to pay the amount owed.
The loan is associated with the Avenue in Allen, an 80-acre mixed-use development at State Highway 121 and Alma Road. When it’s complete, the project is supposed to include 1 million square feet of office space, 275,000 square feet of retail, 92 single-family homes, 1,600 multifamily units and two hotels.
Thakkar did not respond to requests for comment in time for publication.
Thakkar and family members Poorvesh, Mahesh and Vaishali were sued in 2020 by nine investors accusing them of fraud, the Dallas Morning News reported. The investors said they bought $2.5 million of securities, which the Thakkars used to pay other family entities. The matter was settled in September.
Thakkar’s family owns Thakkar Developers, which specializes in mixed-use, single family and hospitality development, according to its website.
The firm forayed outside of Texas for the first time in October when it bought a Manhattan office building at 135 West 50th Street. Thakkar paid $8.5 million for the property — 97 percent less than what it sold for in 2006 — via auction site Ten-X.
The Thakkars also run a tax company and multiple entertainment companies, including FunAsia Films and FunAsia Radio.
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