Blackhawk Plaza: $36M Default and Fraud Allegations Sink Danville Luxury Retail Center
Ramanujan Group LLC, owner of Blackhawk Plaza in Danville, California, filed chapter 11 with $36 million in secured debt. The ownership group faces fraud findings and an FBI investigation.
In this article
Ramanujan Group LLC, owner of the 250,000-square-foot Blackhawk Plaza retail center in Danville, California, filed a voluntary chapter 11 petition on March 18, 2026, in the U.S. Bankruptcy Court for the Central District of California (Case No. 8:26-bk-10832-SC). The filing triggered the automatic stay, halting a receivership that an Orange County Superior Court judge had ordered on February 3, 2026 to enforce a $5 million defaulted loan from Nano Banc. The debtor reported $50-100 million in assets and $10-50 million in liabilities. Blackhawk Plaza, acquired for $38.3 million in April 2020, carries approximately $36 million in secured debt across two lenders—Preferred Bank ($31 million) and Nano Banc ($5 million). The case is classified as single asset real estate, giving the debtor 120 days to file a plan by June 16, 2026.
| Debtor(s) | Ramanujan Group LLC |
| Court | U.S. Bankruptcy Court, Central District of California (Santa Ana Division) |
| Case Number | 8:26-bk-10832-SC |
| Petition Date | March 18, 2026 |
| Judge | Hon. Scott C. Clarkson |
| Plan Deadline | June 16, 2026 (120-day SARE deadline) |
| Classification | Single Asset Real Estate (SARE) |
| Estimated Assets | $50M-$100M |
| Estimated Liabilities | $10M-$50M |
Property Background
Blackhawk Plaza is an open-air retail center in the unincorporated Blackhawk community of Danville, in Contra Costa County's San Ramon Valley, approximately 4.5 miles east of Interstate 680. The original Development Agreement (Resolution 85/259) was recorded June 20, 1985, covering 45.54 acres. Developer Ken Behring's company built the center, which opened in 1989.
The property is adjacent to the Blackhawk Museum (Behring Global Education Foundation), which operates on a separate parcel under independent ownership. The property is zoned Mixed-Use Medium Density under the Contra Costa County General Plan, permitting commercial, residential, or mixed-use development at 30-75 residences per acre.
Former tenants included Saks Fifth Avenue, Gottschalks, Restoration Hardware, and Anthropologie. Century Blackhawk Plaza, a theater that had operated at the property for more than 30 years, closed in December 2022.
Ownership and Acquisition
CenterCal Properties, a Los Angeles-based firm, previously owned Blackhawk Plaza. In April 2020, Ramanujan Group LLC acquired the property for $38.3 million, brokered by Kidder Mathews. The pre-acquisition assessed value was approximately $61 million. The acquisition was financed with a $28 million loan from Preferred Bank.
Ramanujan Group is managed by Jason Miller (petition signatory) and associated with Andrew Stupin and Deba Shyam. Vierergruppe Management Inc., an Orange County firm, serves as property manager. The debtor's address is listed as 520 Newport Center Drive, Suite 480, Newport Beach, California.
Broader Fraud Exposure
Stupin, Shyam, and associate Gerald Marcil are named in lawsuits filed by multiple banks. A JAMS arbitration (Case No. 5220003126) found by clear and convincing evidence that Stupin, Makhijani (Continuum Analytics), and Nano Banc engaged in "fraud, title and bank fraud, and obstruction." The FBI searched Continuum Analytics' Newport Beach offices on September 11, 2025 in connection with a pending criminal investigation into bad bank loans.
Stupin's ties to troubled debt exceed $270 million across multiple lenders. Western Alliance Bancorp alleges the group owes it nearly $99 million and concealed the fact that collateral properties were already in foreclosure. Zions Bancorporation has approximately $60 million in exposure. Stupin filed for personal bankruptcy in early 2025, with proceedings concluding in October 2025.
ElevenFlo has previously covered a related entity filing: MOM CA Investco: Partner Feud Derails $382M Laguna Beach Portfolio.
Causes of Distress
Vacancy and tenant departures. Occupancy declined to approximately 74% by early 2026. Draeger's Market, an anchor tenant since 2007, announced its closure on January 9, 2026, citing "declining condition and maintenance" of the plaza, and closed in mid-February 2026. Apple Cinemas backed out of a planned 26,200-square-foot theater on January 30, 2026, citing "uncertainty surrounding the ownership structure of the plaza." The Grille at Blackhawk closed in January 2025.
Deferred maintenance. A coalition of commercial property owners, including the Blackhawk Automotive and Cultural Museum, filed a lawsuit alleging "ever-widening cracks and potholes in parking lots, decrepit and non-functioning light stanchions, rusted and broken staircase railings, crumbling stairs, broken and inoperable irrigation pipes, unclean water, dangerous erosion of soil," and "open and live wiring."
Loan defaults. Preferred Bank filed two notices of default totaling $31 million ($28 million from the 2020 acquisition loan plus $3 million from a 2023 extension). Nano Banc sued in Orange County Superior Court in summer 2025 over a $5 million loan originated in 2024 after Ramanujan Group stopped making payments in March 2025.
Capital Structure
| Creditor | Amount | Position |
|---|---|---|
| Preferred Bank | ~$31M ($28M + $3M) | First lien mortgage |
| Nano Banc | $5M | Second lien (2024 origination) |
Total secured debt of approximately $36 million exceeds the $28 million base acquisition financing and approaches the $38.3 million total transaction price.
Top unsecured creditors listed in the petition:
| Creditor | Amount | Nature |
|---|---|---|
| Vierergruppe Management Inc. (HOA) | $207,553 | Property management |
| PG&E | $112,502 | Utilities |
| Vierergruppe Management Inc. | ~$112,000 | Management fees |
| East Bay Municipal Utility District | ~$57,000 | Water/sewer |
| Intec Solutions Inc. | ~$17,000 | Services |
The petition indicates funds will be available for unsecured creditors.
Pre-Petition Receivership
On February 3, 2026, an Orange County Superior Court judge appointed Douglas Wilson of Douglas Wilson Companies as receiver to oversee Blackhawk Plaza operations and recoup Nano Banc's $5 million loan.
The chapter 11 filing on March 18 triggered the automatic stay under 11 U.S.C. Section 362, halting the receivership and all state court collection actions. Ramanujan Group retains possession and operational control as debtor-in-possession.
Litigation
Pre-petition litigation now subject to the automatic stay includes:
- Nano Banc v. Ramanujan Group MOM LLC (Orange County Superior Court, filed summer 2025): Breach of guaranty on $5 million loan; receivership granted February 3, 2026
- Blue Sakana (Jung Dong Choi) v. Ramanujan Group (Contra Costa County, filed July 2025): Breach of contract, illegal maintenance fees, denied insurance benefits, interference with business sale; claimed damages of $750,000+ in losses, $300,000+ for a blocked sale, and $200,000+ in overcharges
- Kiki Brows v. Ramanujan Group: Breach of contract over lease renewal terms
- Coalition of commercial property owners: Deferred maintenance lawsuit alleging safety hazards
Ramanujan Group previously filed and dismissed suits against tenants Peasant and the Pear (2021), Crunch Fitness (2021 unlawful detainer), and Nekter Juice (2022 breach of contract).
Redevelopment Outlook
Contra Costa County Supervisor Candace Andersen stated she expects the property "will be sold" depending on the outcome of proceedings. No applications for residential redevelopment have been submitted to the county. The property's mixed-use zoning would permit residential development at 30-75 units per acre, but the county has confirmed pending litigation could take "several years to resolve."
Adam Stein-Sapir of Pioneer Funding Group commented: "Filing Chapter 11 buys them time to try to refinance the mortgage or sell the property in a less rushed fashion."
Professional Retentions
Kyra E. Andrassy of Raines Feldman Littrell LLP (Newport Beach, California) serves as debtor's counsel. No financial advisor, investment banker, or claims agent has been disclosed. The U.S. Trustee is assigned from the Santa Ana office.
Key Timeline
| Date | Event |
|---|---|
| 1989 | Blackhawk Plaza opens (developed by Ken Behring) |
| April 2020 | Ramanujan Group acquires the property for $38.3M; $28M Preferred Bank loan |
| December 2022 | Century Blackhawk Plaza theater closes after 30+ years |
| 2024 | Nano Banc extends $5M loan to Ramanujan Group |
| March 2025 | Ramanujan Group stops making payments on Nano Banc loan |
| Summer 2025 | Nano Banc sues in Orange County Superior Court |
| September 2025 | FBI searches Continuum Analytics offices in Newport Beach |
| January 9, 2026 | Draeger's Market announces closure, citing declining plaza condition |
| January 30, 2026 | Apple Cinemas backs out of planned theater at the plaza |
| February 3, 2026 | Court appoints Douglas Wilson as receiver for Blackhawk Plaza |
| February 2026 | Preferred Bank files two notices of default totaling $31M |
| March 18, 2026 | Ramanujan Group files chapter 11; automatic stay halts receivership |
| June 16, 2026 | SARE plan filing deadline |
Frequently Asked Questions
Who owns Blackhawk Plaza?
Ramanujan Group LLC, associated with Andrew Stupin and Deba Shyam, acquired the property in April 2020 for $38.3 million. The entity is now the debtor-in-possession in the chapter 11 case.
How much debt does Blackhawk Plaza carry?
The property has approximately $36 million in secured debt: $31 million owed to Preferred Bank (first lien) and $5 million to Nano Banc (second lien). Both lenders have filed default actions.
What is the single asset real estate (SARE) designation?
The case is classified as single asset real estate under 11 U.S.C. Section 101(51B), which imposes a 120-day deadline for the debtor to file a plan or begin making interest payments to secured creditors. The plan is due June 16, 2026.
Will Blackhawk Plaza be redeveloped into housing?
No redevelopment applications have been filed. County Supervisor Candace Andersen stated no housing is "currently planned," though the zoning permits residential development at 30-75 units per acre. The county has noted that pending litigation could take several years to resolve.
What is the connection to the broader fraud allegations?
Ramanujan Group's principals are linked to fraud findings in a JAMS arbitration, an FBI search of their real estate firm, and over $270 million in troubled debt across multiple lenders. Stupin filed for personal bankruptcy in early 2025.
For more coverage of real estate restructuring cases, explore additional case coverage on ElevenFlo.
This article was researched and written with AI assistance, using court filings, public records, and news sources. AI-generated content can contain errors. Verify all information against primary sources before relying on it. This is not legal or financial advice. Read our full disclaimer.