Auraria Student Lofts seeks extension on access to cash collateral

Chicago, Dec. 29 – 5280 Auraria, LLC, which does business as Auraria Student Lofts, had interim approval to use its cash collateral through Dec. 31, as previously reported.

The debtor is seeking a three-month extension to use its cash collateral from Jan. 1 to March 31, according to a motion filed with the U.S. Bankruptcy Court for the District of Colorado.

Unchanged, Fortress Credit Corp. unit DB Auraria LLC has asserted an interest in the cash collateral under a prepetition assignment of rents.

Auraria is continuing to renovate its student housing property for sale.

The order allowing the debtor to access the cash collateral is essentially the same as the previous request, except Auraria is requesting cash collateral use for renovations in conjunction with a new 90-day budget, which has been adjusted to account for any differences in spending between the debtor and the receiver.

The San Clemente, Calif.-based company provides student housing in Denver. The company filed bankruptcy on June 9, 2022 under Chapter 11 case number 22-12059.

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