Houston and San Antonio, TX — [Feb. 23, 2026] — ThirdEye Partners (“TEP”), a specialized real estate advisory firm focused on distressed multifamily assets and lender-led workout strategies, has been retained by one of several lenders tied to a financially troubled, 10-property multifamily portfolio in Houston, Texas. The engagement involves Falls Management Group and the associated borrower and includes 3,633 units in the metro area.

TEP will provide:

·       Independent, lender-grade due diligence

·       Assessment and execution

·       Strategic advisory services  

·       Recovery analysis evaluating financial performance, operational execution, and physical condition

·       Value restoration opportunities across all assets

The scope of work includes detailed reviews of rent rolls and lease files, deferred maintenance and capital needs assessments, expense benchmarking, market positioning analysis, asset-level recovery planning, and cash-flow stress testing. TEP will provide the lenders and borrower with an objective, data-driven foundation for restructuring and workout planning.

“Our focus in distressed environments is to deliver clarity, discipline, and execution-ready strategies that lenders and stakeholders can rely on,” said Keu Zafar, Managing Partner of ThirdEye Partners. “These situations demand more than reports—they require realistic recovery frameworks that align operations, capital, and stakeholder objectives.”

Four of the properties are currently operating under Chapter 11 bankruptcy proceedings. The borrower is utilizing TEP’s work product as a central component of its restructuring and exit strategy, submitting the analysis to lenders as part of its formal bankruptcy workout and reorganization framework.

TEP’s advisory approach is centered on disciplined financial diagnostics, transparent valuation frameworks, and execution-oriented recovery planning designed to be operationally actionable.

The borrower, which self-managed the properties under the name of Falls Management Group, has transitioned operations of the full 3,633-unit portfolio to Lynd Management Group (“Lynd”), a multifamily operator with extensive experience in distressed asset turnarounds and lender-led workouts. Lynd has assumed full operational responsibility and is implementing stabilization initiatives, including lease-up execution, operating discipline and targeted cost-containment measures.

TEP and Lynd are jointly working with lenders and stakeholders on a comprehensive workout strategy for the six non-bankruptcy assets. As part of this effort, Lynd intends to deploy rescue equity capital and is evaluating potential joint-venture or co-sponsorship structures with the borrower to unlock embedded upside where appropriate. For the four bankruptcy assets, Lynd has the capability to provide debtor-in-possession (DIP) financing and, subject to lender direction and court process, serve as a stalking-horse bidder or purchaser to support value maximization and continuity of operations.

This engagement builds upon prior complex, lender-led portfolio recovery efforts supported by ThirdEye Partners, including:

• Impact Community Capital — A five-property multifamily portfolio in San Antonio, Texas that was foreclosed on by the lender, where TEP provided comprehensive due diligence, valuation support and recovery analysis. TEP’s work product was utilized by the lender as part of the formal marketing package to list and sell the assets, supporting an informed and competitive disposition process.
• Crown Capital — A complex, nationally dispersed multifamily portfolio of approximately 9,000 units previously associated with borrower Mark Silber, where TEP and Lynd supported diligence, restructuring analysis and operational execution through a high-profile impairment and recovery process.

About ThirdEye Partners

ThirdEye Partners is a San Antonio, Texas-based real estate advisory and restructuring firm specializing in distressed multifamily assets, lender-led engagements, and comprehensive workout strategies. The firm combines independent lender-grade analytics with execution-oriented recovery planning to deliver actionable solutions across complex property and portfolio situations.  In addition to independent lender-grade due diligence, TEP supports lenders and stakeholders by evaluating capital structure alternatives, recovery pathways, and implementation considerations that can be executed by lender-designated operators and capital partners. For more information, visit www.thirdeyepartners.io.

About The Lynd Group Holdings

The Lynd Group Holdings is a fully vertically integrated real estate organization headquartered in San Antonio, Texas, with more than 45 years of experience in the acquisition, development, and management of residential and commercial real estate nationwide. With operations across the United States, Lynd ranks among the nation’s premier multifamily management platforms.
For more information, visit www.lynd.com.