The latest crop of lawsuits brought by debt funds against syndicators show they've well & truly run out of patience. Benefit Street alleges that GVA (come up a bit on this forum)'s Alan Stalcup is personally on the hook for $285M, after his actions at the portfolio he borrowed on triggered his "bad boy carveout." Lender alleges "forgery and fraud that would make even brazen criminals blush” 😊
The suit is filled w/ fiery examples, incl. one of an actual fire that Stalcup allegedly failed to disclose, w/ the lender finding out about it only 18 mos. later during foreclosure. It’s also a visual safari through a syndicator deal gone bad, chock-full of photos of moldy ceilings 🤮 & swampy swimming pools. 🏊️
More at The Promote: This one rhymes w/ actions taken recently by Starwood & Rialto against another favorite syndicator son, Tides Equities. 
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The filing.
Seems like they're reaching with this one.
There are some pictures in the middle of a building that burned down and GVA apparently just didn't nothing about.
I’d be surprised if bsp was wrong. I think they have pretty tight legal docs.
Thanks for posting the filing. The commingling of tenant deposits is kind of bad. If lender ended up having to fund deposit refunds out of pocket as they say, borrower essentially stole that money.
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