GVA’s defaulted debts top $600 million, with two more foreclosures
Multifamily syndicator faces foreclosure across Texas Triangle
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.
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.