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GVA’s defaulted debts top $600 million, with two more foreclosures

Multifamily syndicator faces foreclosure across Texas Triangle

Alan Stalcup’s GVA Faces Foreclosure Across Texas Triangle
GVA's Alan Stalcup (Facebook, Getty)

Multifamily syndicator GVA now faces foreclosure across the Texas Triangle.

After falling delinquent on a $145 million loan tied to three Sun Belt assets, the multifamily investor fielded foreclosure filings on at least two of those properties: The Oaks of North Dallas and Arbors at Fairview in Simpsonville, South Carolina, according to public records. 

It’s unclear if the loan’s third piece of collateral — Midtown Crossing in Raleigh, North Carolina — is also in foreclosure. The Wake County courthouse did not respond to a request for comment. Alan Stalcup, who heads GVA, also did not respond to a request for comment.

The recent filings bring Stalcup’s defaulted debts to over $600 million.

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The syndicator has also faced foreclosure on the 285-unit Solara apartment complex in San Antonio after defaulting on a $56 million loan, a similarly sized community in Houston tied to a $288 million loan and two apartment complexes in Austin that collateralize a $125 million mortgage.

Stalcup tapped the same lender for all of the debt: LoanCore Capital.

Sunbelt syndicators, such as Stalcup, have struggled under the weight of rising interest rates. Many leaned on floating-rate loans to buy properties when prices were at or near peak and planned to renovate units, raise rents and then sell.

Instead, the rising cost of debt service has eaten away at cash flow, rendering those fix-and-flip plans financially unfeasible and landing more operators in distress.

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DistressMultifamilySunbeltSyndication