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Lurin Website
LurinLurin Overview
LURIN is a vertically integrated real estate company that acquires and redevelops distressed, stressed, and first-generation workforce & greyforce multifamily housing in path-of progress markets.
Address
Year Founded
N/A
Operates In
Asset Classes
Multifamily
Accepted Investors
Verified Investor
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"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!
