Keybank Sues Jon Venetos For Dallas Apartment Loan Defaults

The vultures are circling troubled multifamily investor Jon Venetos.

The founder of Dallas-based Lurin Capital was hit with two new lawsuits from Keybank claiming he defaulted on $24 million in loans, filings with Dallas County District Court show.

Keybank is asking the court to appoint an emergency receiver for the properties tied to the loans: Villa Del Tesoro, at 7802 Villa Cliff Drive, and 46 Eleven, at 4611 Samuell Boulevard. Both are in Dallas.

The bank alleges Venetos defaulted on the $16.85 million loan tied to the 229-unit Villas Del Tesoro and the $7.15 million loan tied to 79-unit 46 Eleven. Keybank originated the loans on a refinance of the properties in October 2024. It claims Venetos personally guaranteed the loans.

Venetos stopped paying monthly interest payments on the loans in June, and failed to pay them off when they matured in October, Keybank claims. In addition, he stopped paying property taxes and insurance for the properties and allowed liens to be placed against them, Keybank said in the filing.

The lender further alleges that Venetos transferred a total of $24,570 from his Keybank accounts to a personal account. Inspections conducted in October 2025 revealed multiple units out of commission in each property, deferred repairs and mold, the bank said.

Leaving the properties in Venetos’ control “threatens to accelerate the deterioration” of the assets.

The Keybank filings are the latest in a passel of default lawsuits from Venetos’ lenders.

He started losing properties in April, when Acore claimed he defaulted on nearly $400 million in loans tied to properties in Florida and Texas and started auctioning off the Florida properties. Acore also claims he personally guarantied the loans and is asking for an $81 million judgment against him.

In the last three months, Venetos has been hit with a succession of lawsuits, starting with one from Select Securities Europe, which accused him of defaulting on 15 loans totaling $40.5 million. There was a lawsuit from Fannie Mae, accusing him of defaulting on a $77.2 million loan tied to a Houston apartment complex. Vista Bank also sued him, claiming he personally guaranteed a $10.3 million loan Vista provided for the purchase of a Fort Worth apartment complex. Vista alleges Venetos still owes $3 million.

There’s a fraud element to Vista’s accusation. In the suit, it accused him of “attempting to obtain credit at another financial institution using false, altered, or fraudulent account statements of Vista.”

Lurin also got slapped with a temporary restraining order that ordered residents of a Lurin-owned property in Plano to vacate due to unsafe conditions, including lack of access to water, sewer or gas.