Arbor Realty Trust is moving to foreclose on yet another Houston multifamily complex after the borrower defaulted on a $56.27M loan, according to public records.

Arbor issued the loan to Life at Springs Estates Property Owner LLC in May 2022, records show. The LLC is tied to Inman Equities, a Nashville-based private equity real estate firm led by Benjamin Inman.

Park North, formerly known as Life at Spring Estates, is a 372-unit complex built in 2008, according to Apartments.com. It is at 16112 North Freeway in North Houston, between Greenspoint and Spring.

The Class-B property had an appraised value of almost $54M this year, according to Harris Central Appraisal District. Arbor filed to sell the property at the June 4 foreclosure sale, according to the document.

Arbor Realty declined to comment for this article. Inman did not respond to requests for comment.

Arbor has already foreclosed on one Houston multifamily complex this quarter, selling it to A. Walker & Co., an investment manager led by Austin Walker, a former vice president of originations for Arbor, according to a short seller report.

That short seller, Viceroy Research, accused the REIT of fraud for the transaction. A. Walker & Co. bought the foreclosed property, in Houston's Westchase submarket, with a $95.25M loan from Arbor, according to documents in the report.

Arbor said the sale was a second-quarter event that “will be appropriately disclosed, with all the correct facts and details.”

The Westchase portfolio was previously owned by an LLC linked to Jay Gajavelli’s Applesway Investment Group. Counting the Houston Westchase property, Arbor has foreclosed on at least six Applesway Investment Group properties after the firm fell behind on bridge loans financed by Arbor.

Multiple mechanics have filed liens against the LLC that owns Park North. They claim they were not paid for thousands of dollars worth of work on the property, including plumbing, pressure washing, window and pool repair and pergola construction.

Inman Equities is “focused on the acquisition and operations of quality income-producing multifamily properties within strategic growth markets throughout the Southeast,” according to its website. The firm typically reserves assets with 200 or more units for institutional equity partners and assets with fewer than 200 units for its “database of accredited and non-accredited investors,” the website states.