BSPV-Plano misses some of its June cash collateral milestones

By Sarah Lizee

Olympia, Wash., July 18 – BSPV-Plano, LLC said Friday that it has missed some of the June milestones under its cash collateral use agreement, according to documents filed with the U.S. Bankruptcy Court for the Eastern District of Texas.

Specifically, as of July 1, the company failed to obtain 126 temporary certificates of occupancy for its Bridgemoor at Plano community.

In addition, the debtor didn’t satisfy the occupancy milestones in that it doesn’t have 22 units currently occupied.

The debtor and bond trustee Huntington National Bank discussed these missed milestones, and the trustee has decided not to declare a termination event under the cash collateral order.

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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