Texas’ Biggest Loans Headed to Foreclosure in December

1 December 2025

Texas commercial real estate distress is closing out the year with a bang as lenders appear eager to offload troubled properties before 2026.

For months, the value of Texas CRE loans flagged for each monthly foreclosure sale has hovered around $600 million. In December, it shot up to more than $900 million, according to Roddy’s Foreclosure Listing Service.

Of the $911 million in loans scheduled for auction, $659 million is tied to multifamily properties. Plus, multiple loans flagged earlier this year but were never sold appear headed back to auction block, like Charles Cohen’s design center at 5120 Woodway Drive, which was originally headed to auction in June and July.

Harris County, home to Houston, is reliably the hardest hit and was again this month, with 11 loans topping $250 million, but, this month, the rest of the Texas Triangle isn’t far behind.

Nearly $180 million worth of loans faces foreclosure in Bexar County, where San Antonio is located. Travis County, home to Austin, is inching closer, too, with $168 million worth of loans allegedly in default.

Here are the biggest loans up for auction this month. It’s possible that some of these borrowers and lenders will reach agreements to avoid auction.

Houston

Fannie Mae has already filed a lawsuit against Jon Venetos’ troubled firm Lurin Capital, claiming he defaulted on the $77.2 million loan tied to Latitude 2976, a 734-unit apartment complex at 201 and 301 Wilcrest Drive. While many floundering multifamily investors can blame the distress on unpredictable floating-rate loans, Venetos can’t; the Fannie Mae loan had a fixed rate of 5.1 percent.

The lender is poised to try to seize control of the property at this month’s foreclosure auction. The debt works out to $105,177 per unit for the property built in 1976.

Austin

Ari Rastegar could lose four Austin apartment complexes at the December sale in Austin. The properties are tied to a $22.7 million loan from Greystone. The loan is backed by Hyde Park Square, a 48-unit complex at 206 West 38th Street; Sunset Palms, a 36-unit complex at 902 Romeria Drive; The Chateau, a 30-unit complex at 1211 West 8th Street; and The Highlander, a 49-unit complex at 803-809 Tirado Street. The debt works out to $139,263 per unit.

Rastegar said the foreclosure is the result of a “knock-down, drag-out fight with the lender,” a dispute he plans to continue litigating even if he loses the properties. He added that the properties are such a small percentage of his portfolio.

San Antonio

Lynd Living’s Copper Mill Apartments is scheduled to be auctioned off this month. The 344-unit apartment complex at 5827 Northwest Loop 410 was built in 1980. Lynd allegedly defaulted on a $34.3 million loan, part of a collateralized loan obligation issued by Franklin BSP Realty Trust. The debt works out to $99,709 per unit.

Dallas

This biggest new loan flagged for foreclosure in Dallas County is the $24.2 million mortgage tied to Tesoro at 12 Apartments, a 184-unit apartment complex 4271 Altoona Drive. Arbor provided the loan for the property built in 1984. The borrower is an entity tied to a group of investors, including Ce Shi, Matthew Picheny and Stephen Lee-Thomas. The loan works out to $131,521 per unit.

Fort Worth

Another property is on the chopping block for beleaguered syndicator Tides Equities. The firm, which has been shedding properties via forced sales for multiple years now, could lose one more before the end of the year. Tides allegedly defaulted on a $32.8 million loan, part of a collateralized loan obligation issued by Franklin BSP Realty Trust. The loan is backed by Tides at Westcreek, a 272-unit apartment complex at 6776 Westcreek Drive in Fort Worth. The debt works out to $120,588 per unit for the property built in 1984.

Tides partnered with Pecos Housing Finance Corporation to get property tax breaks on the property, using a loophole known as a “traveling” housing finance corporation. Tides sold the property to Pecos Housing Finance Corporation, an affordable housing organization more than 300 miles from Fort Worth, and leased the ground. Gov. Greg Abbott signed a bill closing the loophole, which became a popular cost-cutting tool for multifamily syndicators and investors.

Denton

Frisco-based Jordan Multifamily could lose five student housing communities tied to a $55.5 million loan from Argentic Real Estate Finance. The portfolio includes: a 79-unit complex at 911 Bernard Street; an 80-unit complex at 707 Bernard Street; an 81-unit complex at 1607 West Live Oak Street; an 82-unit complex at 1003 Eagle Drive; and an 83-unit complex at 2424 West Oak Street. The portfolio comprises 405 units; the loan works out to $137,037 per unit. Jordan purchased the properties in 2022. They were built between 1962 and 1975.

Repeat offenders

Of the properties scheduled for auction, 13 have been flagged for foreclosure multiple times, sometimes reflecting a loan modification or ongoing litigation. Here are the properties that have been to the block before:

Langdon at Walnut Park, a 277-unit complex at 2101 North Lamar in Austin ($60 million);
One Technology Center, a 196,000-square-foot office building, at 7411 John Smith Avenue in San Antonio and Three Forest Drive, a 367,000-square-foot office building, at 12221 Merit Street in Dallas ($57.75 million);
Arioso Apartments & Townhomes, a 288-unit complex at 3030 Claremont Drive in Fort Worth ($56 million).
Mia Riverside, a 312-unit complex at1601 Royal Crest Drive in Austin ($50.2 million); and
Decorative Center of Houston, a 500,000-square-foot design center at 5120 Woodway Drive ($50 million).
Aviator at Brooks, a 280-unit complex at 8010 Aeromedical Road in San Antonio ($33.9 million);
Galleria Oaks Building 2, an 18,000-square-foot retail strip at 13376 North U.S. Highway 183 in Austin ($16 million).

A retail building at 6610 Low Bid Lane home to Soccer Central in San Antonio($10.5 million).
The Ascent Apartments, a 154-unit complex at 1150 Babcock Road in San Antonio ($7.5 million);
Legacy Apartment Homes, a 130-unit complex at 11300 Roszell Street in San Antonio ($6.9 million); and
A 4.5-acre development site at 3461 McLarry Drive in McKinney ($5.8 million)
The Flats at 9338, a 88-unit complex at 9338 Perrin Beitel Road in San Antonio ($4.6 million).