Las Vegas Sun

March 28, 2024

Holsum Lofts among latest Las Vegas real estate bankruptcies

Commercial real estate bankruptcies continue to accumulate in Las Vegas — the latest two involving properties on Charleston Boulevard.

The owner of the Holsum Lofts redevelopment project at a former bakery, which has been hailed as key to the burgeoning downtown Las Vegas arts scene, filed for Chapter 11 reorganization on Thursday.

Headed by Jeffrey LaPour, the company formerly known as LaPour Grand Central LLC was sued last month in Clark County District Court by investors in its debt.

The creditors charged in the lawsuit that LaPour Grand Central had defaulted on debt of $6.46 million.

The Holsum Lofts retail and office complex has 46,505 square feet and 19 units that are leased, lawsuit records say. It’s at 231 W. and 241 W. Charleston Boulevard.

At the request of the creditors, Clark County District Court Judge Elizabeth Gonzalez on Thursday approved their request that the property be turned over to a receiver for management purposes while it’s foreclosed on — but her order may be delayed or blocked at least temporarily by the bankruptcy filing.

Under Chapter 11, businesses continue to operate while trying to restructure their debt. Creditors have a say in the process and can propose their own reorganization plan.

Separately, Charleston & 28th LLC filed for Chapter 11 reorganization on June 22 to block a threatened foreclosure.

That company is trying to restructure $2.33 million in debt backing a 7,985-square-foot, four-building shopping center at 2877 E. Charleston Blvd., east of Fremont Street.

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