Fort Worth developer worries 'predatory' investor is using COVID to seize luxury hotel
FORT WORTH -- The developer of a high-tech luxury hotel in downtown Fort Worth believes an investor wants to seize control of two valuable properties by taking advantage of the coronavirus recession.
Farukh Aslam, developer of the Sinclair Hotel and the adjacent Sanger office building, accused the investor of “predatory lending” to squeeze his Sinclair Holdings out of the real estate in a court petition this week.
The complex financial situation involves multiple channels of credit and investment, but essentially JM Cox Legacy, under the name Sanger Lender, wants to purchase a $25 million Simmons Bank loan that Alsam took out in 2017 to finance the purchase and renovation of the historic Sinclair building at 512 Main St.
JM Cox Legacy is a firm associated with Midland-based oil company JM Cox Resources, where TCU donor and trustee Kelly Cox serves as president.
Read more: https://www.star-telegram.com/news/local/fort-worth/article244107672.html
