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Starwood Capital is suing a multifamily syndicator that has struggled to pay interest on his loans.
Starwood sued Alan Stalcup, principal of multifamily firm GVA Real Estate Group, in three lawsuits alleging the investor breached guarantees on loans tied to three Sunbelt properties, The Real Deal reported.
The multifamily properties are 1825 Parker Road in Conyers, Georgia, 101 Casa Mirella Way in Windermere, Florida, and 100 Belle Valley Drive in Nashville, Tennessee.
The lawsuits were filed after GVA allegedly failed to pay interest on loans tied to the properties, triggering personal recourse guarantees. Starwood alleges that Stalcup owes the company more than $110M.
Benefit Street Partners also sued Stalcup in February for alleged fraud, stating he owes roughly $285M in personal liability relating to a loan backed by 19 properties.
Stalcup didn't immediately respond to Bisnow's request for comment.
Like Tides Equities — which lost a similar case to Starwood last month — GVA sought to flip properties by relying on floating-rate loans that had low rates at the time, The Real Deal reported. As rates began to rise, the company ran into problems, defaulting on debt and triggering the guarantees.
In May, a judge ordered Tides Equities founders Sean Kia and Ryan Andrade to pay Starwood $27M after defaulting on loans and triggering personal guarantees. The duo also faced litigation from several other lenders on other Sunbelt deals that went sour.
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