Huntsville’s WAFF Picks Up Lurin Capital Drama

25 January 2026

I don’t usually step out from behind my byline, but it felt necessary for recapping a week when I became part of the story.

I’ve been covering the financial unraveling of Jon Venetos’ Dallas-based multifamily investment firm Lurin Capital for the better part of a year. When residents of Lurin’s Madison, Alabama property the Sutton started to feel the effects of their landlord’s collapse — these folks had been without water for more than a week after Lurin stopped paying utilities bills — NBC’s Huntsville affiliate WAFF picked up the story.

Reporter Nick Balenger has been on the “Sutton Saga” beat, depicting substandard living conditions at the Sutton and detailing tenants’ efforts to get them fixed. In trying to get answers on their behalf, he found the same thing I did: a company refusing to publicly answer for the harm it’s causing.

Balenger reached out to chat about my reporting and asked me to contribute to a segment on the situation. We talked Tuesday, and Balenger wove our interview into a piece that includes his on-the-ground reporting from the properties. I explained that Lurin’s breakdown is an example of multifamily syndicators going sideways when interest rates rose but that this story is unique for the accusations of fraud coming from lenders and former employees.

AL.com and Huntsville’s CBS affiliate WHNT have also been covering the situation in Madison County. In the last week, local water provider Madison Utilities closed Lurin’s account after it accumulated $30,000 in unpaid bills. The city of Madison declared the Sutton a public nuisance, which requires tenants to leave the property. The city has been working to help displaced residents, including partnering with local homelessness nonprofit ShowerUp Huntsville to provide shower and laundry services.

Lurin hit with five more foreclosures

Meanwhile, Lurin Capital’s legal challenges from lenders keep coming. In the latest spate of lawsuits, Fannie Mac accused Lurin of defaulting on $59.4 million tied to five Pensacola, Florida, properties. Lurin borrowed nearly $60 million in January 2024 and stopped making payments in October 2025, Fannie Mae claims.

The lender also accuses Lurin of neglecting the properties and allowing liens to pile up against them.

The government-sponsored lender is asking the court to foreclose on the properties and demand payment of the unpaid principal on the loans, interest and attorneys’ fees.

The suits mark the second state in which Fannie Mae has sued Lurin. It claimed in a Nov. 6 Texas District Court filing that the firm defaulted on a $77.2 million loan tied to Latitude 2976, a 734-unit Houston apartment complex at 201 and 301 Wilcrest Drive.

Megatel’s foray into cryptocurrency

What do Kanye West, Barron Trump and Dallas-based homebuilder Megatel have in common? They’ve all launched crypto tokens. Megatel co-founders Zach and Aaron Ipour announced the launch of MegPrime after receiving a “no-action” letter from the Securities and Exchange Commission. The company is marketing the token as a payment and rewards tool, rather than an investment. Using MegPrime on average purchases will allow token users to earn rebates, discounted gift cards and points redeemable for housing-related benefits.

Maves narrow down site search

Dallas’ NBA team dreams of playing in a new arena by 2031, meaning it has five years to develop its new home. The Mavs are planning to ditch American Airlines Center in Victory Plaza but appear to be making good on the promise to stay in the city. CEO Rick Welts told the Dallas Morning News that the team has been working with city officials and narrowed down the search to two locations: North Dallas’ Valley View site, once home to a regional mall, or Downtown Dallas. A downtown site could involve the land under City Hall, but that option of course hinges on whether the city ultimately preserves or demolishes the I.M. Pei–designed building.