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.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.