Three allegedly missed payments, unfinished repairs, and a $5.66M loan in the crosshairs
Fannie Mae wants a court-appointed receiver to run a Houston apartment complex after the borrower allegedly missed three loan payments.
The government-sponsored enterprise filed suit in federal court on July 10, in the US District Court for the Southern District of Texas. Its target is Casa de Dali, LLC, the company behind the Casa de Dali Apartments on Beauchamp Street in Houston. The dispute, according to the filing, grows out of a loan the borrower signed back in October 2022.
That month, the borrower signed a multifamily loan agreement and note for $5,660,000, originally payable to Greystone Servicing Company LLC, the suit says. A deed of trust on the apartment property secured the debt. Fannie Mae later picked up the loan as assignee and is now the owner and holder of the note and deed of trust, the filing states.
Then the payments stopped, according to Fannie Mae. The lawsuit says the borrower failed to make its monthly debt service payment in April, May and June of 2026. On May 7, 2026, the loan servicer sent a demand letter over the April shortfall - a payment of $46,239.29 and a late charge of $1,471.91, for a total of $47,711.20, the filing states.
The payments were only half the story. Fannie Mae also claims the borrower missed a June 17, 2026 deadline to complete required repairs on the property, and never produced evidence the work was finished. Where those repairs touch fire, life or safety issues, the filing says, the miss counts as its own event of default.
Fannie Mae says it then accelerated the loan. A notice dated June 17, 2026 told the borrower the full balance was due, according to court papers. And once the defaults hit, the filing states, the borrower's license to collect rent from the property automatically shut off.
For anyone servicing multifamily loans, the mechanic here is the takeaway. Fannie Mae leans on the loan documents themselves, saying the borrower agreed in advance - right in the deed of trust - to the appointment of a receiver in a default. The suit says that consent stretches far enough to allow a receiver to be named ex parte, meaning the borrower would not get a hearing first.
Fannie Mae is pursuing two claims: breach of contract, and specific performance to compel the receiver appointment. It also wants actual damages, interest, court costs and attorneys' fees, according to the filing, and it has filed a separate motion asking for the receiver directly.
The allegations have not been tested in court, and no judge has ruled on any of the claims.
