Thakkars Resolve Lawsuit, Land Refinancing for Allen Project

The Thakkar family has secured $30 million refinancing for a mixed-use development in Allen, after resolving a lender’s lawsuit last month.

The 80-acre Avenue in Allen, at State Highway 121 and Alma Road, is a project of McKinney-based Thakkar Developers. The project includes 1,600 multifamily units and 92 single-family homes, along with a million square feet of office space and 275,000 square feet of retail and entertainment.

The lender and details of the loan weren’t disclosed.

A legal dispute pertaining to The Avenue recently ended. Lender Monroe Capital Management, sued Samuil in New York State Supreme Court in June, accusing his company of defaulting on a $35.7 million loan. The parties agreed to discontinue the case with prejudice on July 30, according to court records. The loan has been paid, and the legal issues “are fully resolved,” Samuil said.

The Allen City Council approved zoning for The Avenue in February 2020. Roads and utilities are “substantially complete,” and construction of the multifamily buildings is underway, according to a news release. The firm secured a $36 million loan in 2022 to build the infrastructure, the Dallas Morning News reported.

D.R. Horton is building the development’s single-family homes. Homes in the community start at $455,990, according to an online listing.

Zale Properties is developing a 325-unit apartment complex in the development, The Monarch, which is expected to open in 2027.

The Thakkar family runs several enterprises in addition to their development company, including Perfect Tax and Finance, led by Vaishali Thakkar, and the entertainment company FunAsia, which CEO Samuil Thakkar calls the country’s largest Indian radio operator. Vaishali and Samuil have advisory roles in Thakkar Developers, led by CEO Poorvesh Thakkar.

The family plans to move the headquarters of these companies, which altogether have over a hundred employees, from McKinney to a single office building in Allen, Samuil said.

The Thakkars are also developing projects in Plano, Georgetown and New York.