Christian college Shepherd University in DTLA files for bankruptcy

School occupies 80K sf space linked to developer Shahram Afshani

Los Angeles /
Aug.August 17, 2017 01:00 PM

Christian college Shepherd University in Downtown Los Angeles filed for bankruptcy protection on Monday. 

The nonprofit school, which offers classes in theology, music and nursing, operates out of an 80,000-square-foot building at 3200 North San Fernando Road.

It has about 280 students and 87 faculty members, the Wall Street Journal reported.

Founded in 1999, the Christian school’s campus is valued at $16 million and is owned by an entity linked to real estate developer Shahram Afshani. 

Afshani’s holdings include residential properties in Westlake and Sun Valley and is estimated to be worth about $48 million, according to tax records. 

Companies and nonprofits that file for Chapter 11 typically use the process to repay debts and continue operating, according to the Journal. 

It’s unclear what Shepherd’s financial plan will be or if it will relocate.

School officials were not immediately available for comment.

The college lost money during the most recent three fiscal years as student payments and donation pledges slowed, according to a March report from accrediting agency WASC Senior College and University Commission. Nearly 40 percent of the school’s revenue comes from donations. [WSJ] — Subrina Hudson


Related Articles

arrow_forward_ios
Granite CEO Michael Dardick and Industrious CEO Jamie Hodari

Industrious partners with landlords to offer tenants satellite workplaces

Industrious partners with landlords to offer tenants satellite workplaces
Colorado Campus at 2041-2115 Colorado Avenue and Northwestern Mutual CEO John E. Schlifske

Northwestern Mutual picks up Santa Monica office campus for $166M

Northwestern Mutual picks up Santa Monica office campus for $166M
Prop 15 property tax measure draws millions (Credit: iStock)

Prop 15 property tax measure draws millions of dollars from for and against campaigns

Prop 15 property tax measure draws millions of dollars from for and against campaigns
California is allowing barbershops and salons to reopen under new coronavirus mitigation guidelines (Credit: Noam Galai/Getty Images)

California allows barbershops to reopen, but LA holds back

California allows barbershops to reopen, but LA holds back
California Market Center (Credit: Brookfield)

Brookfield lawsuit: Mom-and-pop retailers unfashionably late in paying rent

Brookfield lawsuit: Mom-and-pop retailers unfashionably late in paying rent
LA County assessor Jeffrey Prang

LA County properties valued at nearly $2 trillion…before pandemic

LA County properties valued at nearly $2 trillion…before pandemic
Carmel Partners CEO Ron Zeff and Jose Huizar (Credit: Desiree Stone/Getty Images)

“Call me boss”: How Carmel Partners became ensnared in the Jose Huizar corruption case

“Call me boss”: How Carmel Partners became ensnared in the Jose Huizar corruption case
Parker Center in downtown L.A.

City Council handcuffs Parker Center redevelopment

City Council handcuffs Parker Center redevelopment
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...