ST. PETERSBURG, Fla. — People who live at the Elements on Third apartment complex say they’ve dealt with everything from maintenance issues to a possible water shut-off that could’ve resulted in them needing to find new places to live.

That’s all within the past six months.

Now, a foreclosure complaint has been filed against the complex’s owner. 

What You Need To Know

Court records show a mortgage lender has filed a complaint for foreclosure against Lurin Real Estate Holdings for a loan it issued for the Elements on Third apartment complex

In the complaint, lawyers for BDS IV Mortgage Capital say Lurin failed to make payments starting in August and now owes more than $110 million

Lurin previously came under scrutiny when the city of St. Petersburg said a water shut-off at two properties, including Elements, was possible after Lurin failed to pay its utility bills

Read previous coverage here

“Am I surprised? No, not really,” said Boshko Stanisic, an organizer with the St. Petersburg Tenants Union. “Lurin has been in kind of a financial fall for quite awhile.”

The complaint was filed on Feb. 6 against Lurin Real Estate Holdings. Lawyers for BDS IV Mortgage Capital claim Lurin failed to make payments on a $110 million loan starting in August.

“I didn’t know this was an ongoing thing. So, it’s a little concerning,” said Elements on Third resident Mitchell Williams.

In the nearly three years Williams has lived at the complex, he’s seen it go through ups and downs.

Back out at Elements on Third today in #StPetersburg – this time because a complaint for foreclosure was filed against the owner, Lurin Real Estate Holdings. Court documents say Lurin stopped making payments on a $110 million loan from its mortgage company in August. @BN9 pic.twitter.com/pUAQtibIVw

— Sarah Blazonis (@SarahBlazonis) February 12, 2026

“I think they were running out of cash or something,” he said. “The property started to get a little bit dirty.”

Then, the city said Lurin wasn’t paying its water bill at Elements and another of its properties, The Morgan Apartments.

“It was a little scary when we were notified that we might be without water and might have to make other accommodations when we’d been paying for it the whole time,” Williams said. “So, that was definitely frustrating.”

Williams said things started getting better in the fall, with maintenance and amenities being brought up to par. A city spokesperson also said back in August that Lurin paid its outstanding utility balance on the property. 

Now, the BDS is seeking for force Lurin to pay the principal of the loan, plus interest and expenses, in full. 

Stanisic said he’s working with residents at The Morgan as they navigate their own uncertain situation. He said tenants of a property facing foreclosure wouldn’t necessarily see immediate impacts.

“A lot of it is just a change in ownership, a little bit of uncertainty,” he said. “A new owner, they might purchase the property, they might come in and change up the property manager.”

Williams said residents haven’t been notified of the proceedings or any changes.

“We’re happy at the moment, but hopefully nothing goes downhill to where we were a few months ago,” he said.

A spokesperson for Lurin did not immediately respond to requests for comment. 

The complaint says BDS is requesting the court appoint a receiver for Elements on Third. It also asks that the property be sold at a public sale if Lurin doesn’t pay the debt.