Starwood Wins Summary Judgments Against Alan Stalcup

GVA’s Alan Stalcup could be facing a hefty penalty after a court sided with a lender seeking up to $110 million..

Starwood was awarded summary judgment this week in three New York cases against Stalcup personally, over his role as CEO of the Texas-based multifamily syndicator GVA. The lender said Stalcup owes the firm money after he breached “bad boy” recourse guarantee agreements he signed on loans tied to Atlanta, Orlando and Nashville-area properties.

How much Stalcup may have to pay on the guarantees is still up in the air. Starwood has demanded up to $110 million across the three suits filed in June. The court ordered a judgment of $7.9 million against Stalcup in one case, although that judgment has not yet been entered. In the other cases, total judgment will be worked out after discovery.

Paul Lackey, a partner at Stinson who is representing Stalcup in the suits, said Stalcup disagrees with the rulings and has filed appeals.

“These matters arose from market conditions affecting the entire multifamily sector and there are not even any allegations of misconduct by him,” Lackey said in a statement.

Lackey said the decisions are improper in part because the underlying properties were worth as much or more than the debt.

Starwood claimed in the three New York Supreme Court cases that GVA-connected borrowers failed to address liens on the properties brought by third parties. Those liens triggered agreements that Stalcup signed, saying he would be responsible for the debt under certain conditions, the lender argued.

Attorneys for Starwood did not respond to a request for comment.

The court decisions could be a troubling sign for Stalcup, who is facing several suits from lenders and investors tied to GVA, with some alleging fraud.

Stalcup gained prominence in real estate with his multifamily syndicator GVA. The company was turning a 44 percent internal rate of return at its height, Stalcup has said, before interest rates rose and the plan was no longer successful.

Stalcup has blamed GVA’s losses on interest rate changes and the multifamily market. His legal adversaries have instead said they were defrauded.

A company associated with Texas investor Bryan Kastleman has sued Stalcup and GVA accusing the company of re-packaging bad debt as assets. Stalcup has countered that documents in the case were doctored by a former employee and has provided expert testimony that the transfers were consistent with IRS rules.

Stalcup is also facing a New York suit from lender Benefit Street Partners connected to $346 million in loans. The lender in 2025 accused GVA of “committing forgery and fraud that would make even brazen criminals blush.” The lender said GVA misappropriated insurance proceeds, co-mingled tenant security deposits and let the buildings underlying the loan fall into waste and disrepair. Discovery and depositions have started in that case.

Another investor, Overwatch Fund, previously filed a case against GVA alleging fraud, but the plaintiff withdrew the case, which was then dismissed and cannot be refiled. An affidavit from Overwatch CEO Ben Loughry has said the company was unable to find evidence supporting the allegations that GVA had transferred at least $100 million into trusts in order to defraud creditors.

“You’re an investor and you want some remedies,” Stalcup said of his accusers in an interview with The Real Deal earlier this year. “If you’re angry and you’re stuck, how do you actually get money? Well, you have to claim fraud.”