Ready Capital Mortgage Financing 2023-FL 12, LLC v. Drexel Flats Acquisition LLC (Oklahoma City Apartment Foreclosure)
CMBS lender Ready Capital Mortgage Financing 2023-FL 12, LLC sued to foreclose on the 272-unit Drexel Flats apartment complex in southwest Oklahoma City after borrower entities tied to Tulsa-based Vesta Realty and its CEO, Marc Kulick, defaulted on the property's loan. Judge Amy Palumbo granted the lender's motion to appoint a receiver on May 20, 2026 after finding Vesta-affiliated borrowers had not turned over rents while tenants went months without reliable trash and utility service; the borrowers posted a $200,000 cash bond and appealed the receivership order to the Oklahoma Supreme Court while a separate summary-judgment motion remains pending in the trial court.
Why it matters
One of several parallel Oklahoma County foreclosure and receivership actions tied to the collapse of Vesta Realty's roughly $1 billion, multistate apartment portfolio (see the related Vesta Capital, LLC v. Kulick investor-fraud suit in Kansas), this case shows how quickly a court will strip a distressed sponsor of day-to-day control once tenant harm from unpaid utilities and deferred maintenance becomes part of the record — even before the underlying default is finally adjudicated on summary judgment. Lenders and receivership candidates on distressed multifamily assets should expect Oklahoma courts to move on a receiver motion well ahead of the merits.
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