Sponsors with similar asset classes
Lurin: Verified Investor Reviews on Invest Clearly
1.00
Website
https://www.lurin.com/Overview
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Address
2101 Cedar Springs Rd
Dallas,
Texas
75201
Year Founded
2016
Operates In
Texas
Asset Classes
Multifamily
Accepted Investors
Accredited
Verified Investor
1.00
"Incompetent Sponsor, reckless with investor funds"
I invested in two different deals with Lurin. Both of them are past the pro-forma hold period, with no progress. They contacted me to inform me that one of the assets would be moved into NewCo, a new holding company, and would be transfered at "market value." As it turns out, there was 0% return for the past 3 years. Additionally, they asked for a capital call to refinance apparent poorly conceived debt service. This was supposed to be finished 4 months ago, and haven't heard any progress on that transition nor the progress of the asset itself. The other asset, along with ~$300 million worth of other assets, were suddenly forcelosed on after two capital calls that didn't produce enough capital to do a refinance. I most likely have lost my entire investment three years later. Why didn't they sell?!?! This is a HORRIBLE outcome, one that should not have happened, and only did due to extremely incompetent management decisions. We will be looking into a lawsuit for breach of fiduciary duty. STAY AWAY FROM THIS GROUP!