Lurin Capital Files For Chapter 11 Bankruptcy Protection

Two additional bankruptcy filings make 10 for Jon Venetos’ floundering multifamily firm.

Dallas-based Lurin Capital filed for Chapter 11 bankruptcy protection to maintain control of two Pensacola, Florida properties, according to filings made on Tuesday in U.S. Bankruptcy Court for the Southern District of Texas.

The firm has been fighting to maintain control of its crumbling portfolio since Acore Capital Mortgage accused Lurin of defaulting on $400 million in loans tied to 12 Florida properties in April 2025.

At its peak, Lurin’s portfolio included 10,000 apartments in 19 markets across five states, according to its website. The firm, which Venetos launched in 2016 after a decade at Ken Griffin’s hedge fund Citadel, focuses on value-add multifamily. Venetos promised to bring finance best practices to real estate investment, but ended up meeting the same fate as belly-up syndicator peers like Los Angeles-based Tides Equities.

The Pensacola properties are the subject of default lawsuits Fannie Mae filed against Venetos’ firm in December. The government-sponsored lender accused Lurin of defaulting on a $26.7 million loan tied to Lorient Apartments, at 110 Creekside Court, and a $4.5 million loan tied to Palmiere Apartments, at 4435 Marlane Drive.

The bankruptcy filing was made the same day as a scheduled hearing on Fannie Mae’s request for a receiver to take over operations at both properties. In its requests, Fannie Mae claimed a receiver is necessary after Lurin exhibited “mismanagement, diversion of rents, and failure to maintain the Property.”

In the bankruptcy filing for Lorient Apartments, Lurin claimed to have between 50 and 99 creditors and between $10 million to $50 million in estimated liabilities and assets. The firm claimed to have between 50 and 99 creditors and less than $10 million in estimated liabilities and assets for Palmiere.

Mark Shapiro signed for Lurin Capital on both filings in his capacity as “chief restructuring officer.”

The firm listed its office at Rosewood Court, an Uptown Dallas office building at 2101 Cedar Springs. Landlord Rosewood Property Company claimed in a Dec. 11 lawsuit that Lurin bailed on its lease last fall. It also alleged Venetos personally guaranteed the lease and owes the landlord $5.3 million.

With the latest filings, Lurin is using Chapter 11 to maintain control of a total of eight properties: one in Arkansas, three in Texas and four in Florida. Lurin LLC and Lurin Advisors have also entered Chapter 11 bankruptcy reorganization.

Since last spring, Lurin has been sued by Acore, Fannie Mae, Vista Bank and Keybank for allegedly defaulting on loans tied to properties throughout the Sun Belt. His lenders also claim he personally guaranteed the loans and is on the hook for tens of millions of dollars.

The lawsuits by Keybank and Vista include claims of fraud. Keybank alleged Venetos transferred $24,570 from his accounts with the bank to a personal account. Vista accused him of falsifying account statements from the lender in an attempt to take out loans elsewhere. Former employees have also come out to accuse Lurin of lying on loan reimbursement requests to lenders by inflating costs of repairs and submitting invoices for work that wasn’t done.

Local municipalities, including cities in Florida, Texas and Alabama, have gotten involved when the conditions at Lurin-owned properties allegedly posed safety risks to renters. Tenants reported having no water service and enduring Texas summers without air conditioning.

Meanwhile, Venetos has fled Dallas to Aspen, where his family bought a 5,000-square-foot mansion on 7.6 acres for $18 million in 2022, deed records show. Morgan Stanley has since foreclosed on the property, according to a lawsuit filed in New York Supreme Court.