Auraria Student Lofts gets OK of $1.5 million post-petition loan

By Sarah Lizee

Olympia, Wash., Dec. 6 – 5280 Auraria, LLC secured approval for a $1.5 million post-petition loan from lender SP 180 Fund, LLC, according to an order filed with the U.S. Bankruptcy Court for the District of Colorado.

The lender is an entity formed by Patrick Nelson, a member of Nelson Partners, LLC, which is Auraria’s member and manager.

The loan will be used to complete renovations on the company’s student lofts, to fund ordinary course operations, to pay interest due to the debtor’s prepetition lender and to fund the cost of case administration.

Interest is 10%. The maturity date is the earlier of Aug. 31, 2023 or the end of the bankruptcy case.

The San Clemente, Calif.-based company provides student housing in Denver. The company filed bankruptcy on June 9 under Chapter 11 case number 22-12059.

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