Las Vegas commercial real estate owners in bankruptcy

With the Southern Nevada commercial market still struggling, real estate is at issue in the bankruptcies of five local companies this month.

One Chapter 11 reorganization filing was made Nov. 18 by Marion Manor LLC, owner of the Calico Creek Apartments at 4600-4760 E. Charleston Blvd. in Las Vegas.

That company, which values the seven buildings at the complex at $6.63 million, listed its liabilities as $5.479 million.

Marion Manor, managed by Albert Lin, also an investor in the company, had been sued in February in Clark County District Court by Wells Fargo Bank, trustee for holders of its debt.

Wells Fargo alleged breach of the loan contract dating to 2000 and succeeded in having a receiver appointed to run the apartments.

Also filing for Chapter 11 bankruptcy this month was Cheyenne Industrial LLC, owner of property valued at $700,000 at 2677 W. Cheyenne Ave. in North Las Vegas. That company listed liabilities of $1.459 million.

Cheyenne Industrial is owned by Las Vegas residents Rafa David Legisima and Diana Legisima, records show.

Three more Las Vegas businesses filed for bankruptcy around Thanksgiving.

One filing in U.S. Bankruptcy Court was made by Source II LLC, 6320 Hinson St. and 6340 Hinson St. near Valley View Boulevard and Sunset Road.

The filing came after Bank of Las Vegas filed suit in August against the company, manager Cheryl Irwin and three related companies: Irwin Productions Inc., Irwin Productions NV Inc. and Chameleon Events LLC.

The bank alleged in the lawsuit the defendants were in default on a $950,000 mortgage dating to 2005 for one of the Hinson Street properties.

The bank said in the suit it had initiated foreclosure proceedings against one of the parcels and was seeking payments from the other defendants as guarantors for the loan.

In its Chapter 11 bankruptcy filing, Source II didn’t include detailed financial information but said its assets are worth less than $50,000 while its liabilities range from $500,000 to $1 million.

And two related Las Vegas-area companies filed for bankruptcy and their owners were sued by an investor in their distressed real estate debt.

The Chapter 11 bankruptcy reorganization filings were made by G&M Family Limited Partnership and Robindale Industrial Park LLC, both owned by George Daniel and Mary Daniel of Henderson.

In its filing, G&M listed $3.4 million in assets including real estate around the Las Vegas Valley and $4 million in liabilities. Its real estate holdings include the Eastern Hills Shopping Center, which includes office space, at 10835-10885 S. Eastern Avenue in Henderson. That property is valued at $2.85 million.

Robindale Industrial Park, in its filing, listed assets of $2.857 million and liabilities of $1.744 million. It also has property around the valley including at 3488 E. Sahara Ave. valued at about $1 million.

Also last week, distressed debt investors called CML-NV GMF LLC and CML-NV RDI LLC filed suit against the Daniels to enforce personal guarantees for loans to G&M and Robindale Industrial Park.

These companies say in the lawsuit they acquired the loans from Multibank 2009-1 CML-ADC Venture LLC, a partnership of Miami-based homebuilder Lennar Corp.’s Rialto Capital Management LLC unit and the Federal Deposit Insurance Corp.

The FDIC had taken over the loans when Silver State Bank of Henderson failed in 2008.

In their lawsuit, the debt investors charged G&M had borrowed $4 million from Silver State in 2007 and that in 2008 Robindale Industrial Park LLC borrowed another $4 million from the bank in 2008.

In August 2009, G&M, Robindale and the FDIC modified the loans with new maturity dates and balances of $3.8 million and $1.67 million, respectively, the lawsuit says.

The suit says the borrowers defaulted on both loans in June 2010 and that the Daniels failed to pay off the loans under their guarantees.

The suit seeks unspecified damages.

Business

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