Receiver OK’d for Holsum Lofts, but company plans bankruptcy filing
Clark County District Court Judge Elizabeth Gonzalez cleared the way on Thursday for a receiver to take control of the Holsum Lofts office and retail complex, but it may never happen.
An attorney for LaPour Grand Central LLC, which owns the pioneering attempt at downtown redevelopment, said the company would soon file for Chapter 11 bankruptcy protection. Federal bankruptcy law halts all other collection actions to give debtors some breathing room while they try to restructure their finances.
LaPour attorney Kimberly McGhee did not specify when the bankruptcy would be filed. Company principal Jeffrey LaPour could not be reached for comment.
The mortgage on the property defaulted early last year when it came due and LaPour could not refinance it, he said in a June interview, when the principal balance stood at $6.5 million.
Since then, he said he has continued to make the regular payments on the loan as well as cover operating expenses, although the foreclosure process has been initiated. In April, LaPour said the loan was sold to an entity called Holsum Note 231241, the principals of which have not been identified.
Holsum Note contended in court papers that LaPour has withheld rent payments collected from tenants, an important component of the collateral.
LaPour bought the onetime commercial bakery at 231 W. Charleston Blvd. nine years ago, converting it into what has become mainly offices for small companies seeking urban ambiance. The Holsum sign still lights the facade, while open ceilings and exposed pipes and ducts distinguish it from other Las Vegas office complexes.
Still, it has been only recently that LaPour managed to lease the entire building, which includes 46,600 square feet and 19 units.
Contact reporter Tim O'Reiley at toreiley@reviewjournal.com or 702-387-5290.
