S
aumil Thakkar, a member of the prominent Thakkar family in Dallas, is facing a lawsuit for defaulting on a $35.7 million loan from Monroe Capital Management. The loan was tied to the family's mixed-use development project, The Avenue, in Allen.

    Thakkar and his firm Perfect Development were sued by Monroe Capital Management in New York State Supreme Court, alleging that Thakkar had failed to repay the loan despite entering into a forbearance agreement. As part of the loan, Thakkar signed three guaranties, including one with "bad boy" carve-outs.

    The Avenue project is an 80-acre development at State Highway 121 and Alma Road, which will include office space, retail, single-family homes, multifamily units, and two hotels upon completion. The loan amount due is $24.1 million.

    Thakkar's family has faced previous legal issues, including a lawsuit in 2020 by nine investors who accused them of fraud. The matter was settled in September. Thakkar Developers, the family's development company, recently expanded its operations outside of Texas with the purchase of a Manhattan office building for $8.5 million.

    The Thakkars also own a tax company and multiple entertainment companies, including FunAsia Films and FunAsia Radio.