Fannie Mae has filed lawsuits to foreclose on five properties owned by Jon Venetos’ Dallas-based firm, Lurin Capital. The lender claims that Lurin defaulted on $59.4 million in loans tied to apartment complexes in Pensacola, Florida. The suits were filed in Escambia County Circuit Court on December 8.
The properties named in the filings are Lorient Apartments at 110 Creekside Court, Overlook Apartments at 1200 Scenic Highway, Papillon Apartments at 7270 Hilburn Road, Ascend at Pensacola Bay Apartments at 800 Scenic Highway, and Palmiere Apartments at 4435 Marlane Drive.
According to Fannie Mae, Lurin borrowed nearly $60 million in January 2024 but stopped making payments by October 2025. The lender also alleges that the company neglected property maintenance and allowed liens to accumulate.
Fannie Mae is seeking foreclosure and payment of unpaid principal, interest, and attorneys’ fees. The lender initially requested a court-appointed receiver for the properties but withdrew this request on December 23 without explanation.
This legal action follows a previous lawsuit filed by Fannie Mae against Lurin Capital in Texas District Court on November 6. In that case, Fannie Mae alleged default on a $77.2 million loan for Latitude 2976, a Houston apartment complex with over 700 units.
Lurin Capital has faced increasing financial distress since spring when Acore Capital Mortgage accused the firm of defaulting on nearly $400 million in loans related to twelve Florida properties. In October lawsuits, Acore claimed Venetos personally guaranteed those loans and still owes $81 million.
Additional lawsuits have been brought by Vista Bank and Keybank. Both allege defaults; Keybank accuses Venetos of transferring funds from bank accounts to his personal account while Vista claims he falsified account statements to secure other loans. Former employees have also accused Lurin of inflating repair costs and submitting invoices for work not completed when requesting loan reimbursements.
Municipalities have taken legal action as well over property conditions under Lurin’s control. In November, residents of a Plano property were ordered to vacate due to unsafe living conditions such as lack of water or gas access. On January 2, Huntsville, Alabama sued Lurin alleging abandonment of The Flats at Redstone apartment complex and stating the building “poses a substantial risk of illness or injury to anyone who enters the property.”
All lawsuits remain pending.
