Holy Names University (HNU) announced earlier that it would be closing its doors at the end of this school year, and now the 155-year-old academic institution is up for sale after defaulting on its $49 million loan. CBRE will represent Holy Names in the sale of the 58.6-acre campus in the Oakland Hills.

According to Bloomberg, rising costs and a deteriorating outlook for the higher education sector contributed to Holy Names demise. The Roman Catholic university has reported losses of nearly $13 million in the last two years and has been trying to boost enrollment from its current student body of only 943.

Located at 3500 Mountain Blvd., HNU has 15 buildings including a performing arts center, gymnasium, chapel, library, 30 classrooms and housing for 450 student beds. The university would prefer to attract an academic successor, but the property can be redeveloped for residential use under the Oakland General Plan and the California State Density Bonus program.