The lawsuits against multifamily syndicator Alan Stalcup continue to pile up.

Fannie Mae has filed suit against Stalcup, alleging that he ran afoul of a “bad boy” guarantee in a mortgage tied to a San Antonio apartment complex that fell into disrepair and that he owes nearly $200K to vendors that placed liens against the property.

Stalcup, the founder and CEO of GVA Real Estate Group, is on the hook to personally repay $6.6M to the agency, attorneys for Fannie argued in the July 29 lawsuit filed in the U.S. District Court for the Western District of Texas.

The lawsuit was first identified by The Promote.

In May 2023, a shell company tied to Stalcup borrowed $30.5M from CBRE Multifamily Capital to finance a San Antonio complex at 3501 Pin Oak Drive known as Barcelo Apartment Homes, according to the complaint. That debt was later assigned to Fannie Mae.

After a mortgage default, a judge appointed Fannie Mae as the property's receiver in a separate action in July 2025. The agency then foreclosed on the property in October and sold it for $26.5M. But with outstanding debts totaling $33.1M, Fannie Mae is suing Stalcup personally for $6.6M to cover the remaining balance.

“This lawsuit doesn’t hold up,” Stalcup said in a statement via a spokesperson. “The liens referenced in the complaint were bonded off and resolved during our ownership — Fannie Mae’s own filing doesn’t reflect that. This guaranty was structured as non-recourse, but Fannie Mae is attempting to convert a market-driven deficiency into personal liability where none exists. We intend to contest this vigorously and are confident in our position once the full record is before the court.”

Stalcup stopped making debt payments in April 2025, according to the suit, but had failed to pay vendors for a year prior. He failed to notify Fannie Mae of the liens, which constituted an illegal transfer under the loan agreement, resulting in Stalcup’s guarantee kicking in, according to the suit.

Stalcup also allegedly failed to maintain the property, resulting in a litany of flaws and “waste” that triggered the guarantee, Fannie Mae claims.

There were sanitary leaks outside the homes, cracked concrete decking, rotting wood on building exteriors, and two outdoor pools whose “interior surfaces … were not visible due to the dark green hue of the water.”

Tenants had also allegedly been without hot water for extended periods and lived with nonfunctioning laundry rooms, expired fire extinguishers, trash and debris strewn across the complex, and “vagrants” in vacant units.

Those repairs cost Fannie Mae more than $3M to fix — an amount that didn’t cover repairs that still need to be made to the property’s 66 uninhabitable units, with issues including damaged pipes and suspected mold, according to the complaint.

The suit follows a series of similar legal battles in which lenders have pursued Stalcup for hundreds of millions of dollars collectively.

Lender Benefit Street in February 2025 sued Stalcup for $285M, alleging his firm neglected properties until they grew black mold, forged documents and defaulted on mortgages tied to 19 Sun Belt multifamily properties, The Real Deal previously reported.

Starwood Capital filed three separate suits against Stalcup in June, alleging that he had breached nonrecourse guarantees by failing to pay interest on loans tied to three Sun Belt properties, asking for more than $110M to come out of Stalcup’s pockets.

The Securities and Exchange Commission began a probe into Stalcup at the start of this year after he was sued half a dozen times by investors who claimed that he had intermixed funds across properties and used the cash to pay for personal expenses, including private jet travel and yacht charters.

UPDATE, AUG. 6, 3:50 P.M. ET: This story has been updated to include a statement from Alan Stalcup.