"DANVILLE - An East Bay retail and dining hub that has fallen on hard times faces receivership and a loan foreclosure as tenants depart or shun the high-profile commercial center that serves a posh enclave next to the property. Blackhawk Plaza, a one-time magnet for shoppers, restaurant goers, and moviegoers in Danville, is losing tenants, and its principal owners may lose control of the property, depending on the outcome of a court proceeding in Southern California."
"Nano Banc, which in September 2024 provided $5 million in financing to the principal owner of Blackhawk Plaza, an affiliate of Ramanujan Group, has filed a lawsuit that ultimately seeks a receiver that can accomplish a foreclosure of the property's loan, documents in Orange County Superior Court show. While all of this is going on, a group of commercial property owners at Blackhawk Plaza have filed a lawsuit in Contra Costa County Superior Court that paints a picture of deteriorating conditions at the once-vibrant retail and dining hub."
Blackhawk Plaza in Danville has declined as tenants depart or avoid the center, exposing the property to receivership and loan foreclosure risks. Draeger's Market, the plaza's primary anchor, announced plans to close its location. Nano Banc provided $5 million in September 2024 to the principal owner, an affiliate of Ramanujan Group, and sued seeking a receiver to facilitate foreclosure of the property's loan. A group of commercial property owners filed suit alleging ignored maintenance and repair obligations and detailing physical deterioration, including parking-lot cracks and potholes, broken lighting, rusted railings, crumbling stairs, irrigation failures, unclean water, and soil erosion. Court proceedings are underway in Orange County and Contra Costa counties, and the property's principal owners may lose control depending on outcomes.
Read at The Mercury News
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