A Bay Area private university that’s been jolted by financial woes including a real estate loan default has been officially put up for sale.
OAKLAND — A private university in the Bay Area that’s been jolted by financial woes including a real estate loan default has been officially put up for sale even as it prepares to close its doors this year.
The most recent among numerous brutal financial challenges that face Holy Names University was a filing on Feb. 23 that stated the college had defaulted on a mortgage whose collateral is the school’s property, including the land and the buildings on the site. “We are currently exploring next steps for the campus, and still believe the highest and best use for the space is to operate as a world-class university,” John Dinan, general counsel for Preston Hollow Community Capital, said in comments provided to this news organization in early March. “We look forward to collaborating with the city of Oakland and community stakeholders to make this a reality.”
The lender extracted a $4.1 million penalty from the university in connection with the loan default, a move that intensified the college’s financial squeeze. CBRE real estate agents said it’s possible that the future use of the school might not be as a university, once a sale goes through.
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