A Dallas-based landlord is facing foreclosures on nearly $400 million worth of loans tied to multifamily properties in the Florida Panhandle.
Lender Acore Capital Mortgage plans to auction 12 of Lurin’s properties with mortgages totalling $383.6 million, according to the auction notices. Newmark’s Stephen Schwalb is handling the auctions.
Acore is offering Milo Bayside, at 411 77th Avenue in St. Petersburg, at 3 p.m. April 30. There’s a balance of $69.5 million ($160,900 per unit) on the $85.8 million mortgage. The 432-unit property was built in 1973.
Acore is auctioning the Delmar, a 690-unit apartment complex at 4003 South West Shore Boulevard in Tampa, at 10 a.m. May 7. The property was built in 1979. The unpaid principal on the $179.7 million loan is $148.4 million ($215,000 per unit).
Three Fort Walton Beach properties will be auctioned on May 13: the Lyle, at 105 Wright Parkway Southwest; the Cordelia, at 995 Denton Boulevard Northwest; and the Dorian, at 218 Pelham Road. The properties total 244 units and were built between 1974 and 1989. There’s a $36.7 million unpaid balance ($150,400 per unit) on the $41 million loan attached to the properties.
Finally, seven properties will be auctioned on May 21: the Presidio, at 100 Redwood Circle in Pensacola; Westwood Village, at 2203 Beck Avenue in Panama City; the Cottages at Twin Lakes, at 6030 Hilburn Road in Pensacola; Emerald Shores, at 1100 Pippin Drive in Mary Esther; The Cove, at 119 Monahan Drive in Fort Walton Beach; the Laurel, at 1665 Dogwood Place in Pensacola; and Bayside Villas, at 1406 South Berthe Avenue in Panama City.
Those properties total 711 units and were built between 1966 and 2005. The unpaid principal on the $77 million loan is $71 million ($99,900 per unit).
Multifamily operators who bought value-add properties at high prices with floating-rate loans in 2021 and 2022 saw their payments balloon after interest rates rose abruptly. Many have struggled to maintain control of their assets throughout the cycle. Lurin focuses on buying value-add properties in the Southeast. It was founded in 2016 by Jon Venetos, the former head of Surveyor Capital at Citadel. Venetos and his wife listed their New York City penthouse last summer for $19.95 million.
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