Christian college Shepherd University in DTLA files for bankruptcy
School occupies 80K sf space linked to developer Shahram Afshani
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