Holy Names University lands buyer for huge Oakland hills campus
OAKLAND — Holy Names University, which faced the specters of foreclosure, financial woes and a shutdown for months, has landed a buyer that will continue educational activities on the vast Oakland Hills campus.BH Properties, a veteran real estate fi Holy Names University, which faced the specters of foreclosure, financial woes and a shutdown for months, has landed a buyer that will continue educational activities on the vast Oakland Hills campus. BH Properties, a veteran real estate firm that operates in 18 states, has reached a deal to buy the complex. The campus now is poised to offer a stunning hillside location for an array of students, and school officials predict the deal will provide a positive impact for the Oakland community. The lender for the campus land and buildings had scheduled a public auction of the property that could have led to the foreclosure of its delinquent loan. A notice of default starts a process that can lead to the lender seizing the property through a real estate auction and foreclosure on the loan.
Published : 11 months ago by Jason Feinberg in
OAKLAND — Holy Names University, which faced the specters of foreclosure, financial woes and a shutdown for months, has landed a buyer that will continue educational activities on the vast Oakland Hills campus. BH Properties, a veteran real estate firm that operates in 18 states, has reached a deal to buy the complex, executives said Friday. “We are excited to announce this long-term investment in the Oakland community. This educational institution has long been a resource to the City of Oakland and the Bay Area,” said Jim Brooks, president of BH Properties. “We expect it to continue to be an asset to the community and its students for years to come.” The property purchase and rescue of the school arrived just days after the lender for the campus land and buildings had scheduled a public auction of the property that could have led to the foreclosure of its delinquent loan. In stark contrast to the forbidding prospect of a foreclosure, the campus now is poised to offer a stunning hillside location for an array of students, BH Properties executives said. “There are many organizations in dire need of educational space and we believe there will be significant interest in leasing this site,” said Andy Van Tuyle, a senior managing director with BH Properties. The most recent among numerous brutal financial challenges that had been facing 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. A $49 million loan for the university site was in default, according to the notice that lender Preston Hollow Community Capital filed at the Alameda County Recorder’s Office. A notice of default starts a process that can lead to the lender seizing the property through a real estate auction and foreclosure on the loan. Preston Hollow also had scheduled a public auction for June 30 that would have caused the school and the property to be sold to the highest bidder or seized by the lender through foreclosure. “The history, location, and amenities provide a unique opportunity to provide facilities for the many educational institutions seeking expansion alternatives,” Van Tuyle said. The property purchase was arranged through brokers from CBRE and Lee & Associates, two commercial real estate firms. Officials with Holy Names University said BH Properties embraces the history and heritage of the private university. School officials predicted the deal will provide a positive impact for the Oakland community. “it heartens us to know that the legacy created by Holy Names University will be carried on for future generations of learning and education at the campus for students of Oakland and the East Bay,” said Steven Borg, chair of the university’s board of directors. “This was a priority of the board as we embarked on the wind-down of the university and sale of the property.”
OAKLAND — Holy Names University, which faced the specters of foreclosure, financial woes and a shutdown for months, has landed a buyer that will continue educational activities on the vast Oakland Hills campus. BH Properties, a veteran real estate firm that operates in 18 states, has reached a deal to buy the complex, executives said Friday. “We are excited to announce this long-term investment in the Oakland community. This educational institution has long been a resource to the City of Oakland and the Bay Area,” said Jim Brooks, president of BH Properties. “We expect it to continue to be an asset to the community and its students for years to come.” The property purchase and rescue of the school arrived just days after the lender for the campus land and buildings had scheduled a public auction of the property that could have led to the foreclosure of its delinquent loan. In stark contrast to the forbidding prospect of a foreclosure, the campus now is poised to offer a stunning hillside location for an array of students, BH Properties executives said. “There are many organizations in dire need of educational space and we believe there will be significant interest in leasing this site,” said Andy Van Tuyle, a senior managing director with BH Properties. The most recent among numerous brutal financial challenges that had been facing 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. A $49 million loan for the university site was in default, according to the notice that lender Preston Hollow Community Capital filed at the Alameda County Recorder’s Office. A notice of default starts a process that can lead to the lender seizing the property through a real estate auction and foreclosure on the loan. Preston Hollow also had scheduled a public auction for June 30 that would have caused the school and the property to be sold to the highest bidder or seized by the lender through foreclosure. “The history, location, and amenities provide a unique opportunity to provide facilities for the many educational institutions seeking expansion alternatives,” Van Tuyle said. The property purchase was arranged through brokers from CBRE and Lee & Associates, two commercial real estate firms. Officials with Holy Names University said BH Properties embraces the history and heritage of the private university. School officials predicted the deal will provide a positive impact for the Oakland community. “it heartens us to know that the legacy created by Holy Names University will be carried on for future generations of learning and education at the campus for students of Oakland and the East Bay,” said Steven Borg, chair of the university’s board of directors. “This was a priority of the board as we embarked on the wind-down of the university and sale of the property.”
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Topics: Academia