"The owner of Blackhawk Plaza in Danville is in default on two loans totaling a combined $31 million that were provided to the property by Preferred Bank, according to documents filed on Jan. 30 with the Contra Costa County Recorder's Office. These new delinquencies are separate from $5 million in financing that Nano Banc provided to the owner of the property, whose addresses include 3380 Blackhawk Plaza Circle, county real estate files show."
"In 2020, Ramanujan Group bought Blackhawk Plaza for $28.3 million. This means that the combined face value of $36 million for the three loans from the two lenders exceeds what the borrower paid for the commercial hub by 27%. Preferred Bank provided Blackhawk Plaza with a $28 million loan in 2020, the county records show. Then in 2023, Preferred added a second loan totaling $3 million. In 2024, Blackhawk Plaza landed the $5 million Nano Banc funding."
The owner of Blackhawk Plaza is in default on two Preferred Bank loans totaling $31 million, with filings recorded Jan. 30 at the Contra Costa County Recorder's Office. A separate $5 million Nano Banc loan also remains outstanding. Ramanujan Group purchased the property for $28.3 million in 2020. The combined face value of the three loans equals $36 million, exceeding the 2020 purchase price by 27%. Preferred provided a $28 million loan in 2020 and a $3 million loan in 2023; Nano Banc provided $5 million in 2024. Several tenants have closed, and commercial owners filed a lawsuit alleging neglected maintenance and property decay, increasing foreclosure risk.
Read at The Mercury News
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