BSPV-Plano gets interim OK of DIP financing, cash collateral use

By Sarah Lizee

Olympia, Wash., March 9 – BSPV-Plano, LLC received interim court approval of a $1 million debtor-in-possession facility and access to cash collateral that had drawn an objection on Monday from bond trustee Huntington National Bank, according to a minute entry filed Wednesday with the U.S. Bankruptcy Court for the Eastern District of Texas.

The company now has access to $500,000 of the loan.

The lender is DCJ Capital, LLC, an entity affiliated with the equity sponsors of BSPV-Plano.

The facility carries simple interest of 4½%, paid monthly, and matures on Dec. 31.

The company also received interim court approval to access cash collateral.

As previously reported, the DIP and cash collateral motion drew an objection on Monday from bond trustee Huntington National Bank.

A further hearing is scheduled for March 18.

The Plano, Tex.-based company was formed in May 2018 to acquire, own, develop and operate an independent senior luxury apartment community known as the Bridgemoor at Plano. It filed Chapter 11 bankruptcy on March 1 under case number 22-40276.

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