OAKLAND — Holy Names University’s hillside campus in Oakland has officially been bought for more than $60 million in a deal that the new owner says will preserve educational activities at the scenic complex. BH Properties, acting through an affiliate, paid $65 million for the huge campus, which is located at 3500 Mountain Boulevard in Oakland, according to documents filed on Tuesday with the Alameda County Recorder’s Office. “We are excited to announce this long-term investment in the Oakland community, Jim Brooks, president of BH Properties, said last week as part of the real estate firm’s announcement of the property deal.
“We expect it to continue to be an asset to the community and its students for years to come. ” As part of its purchase of the 58. 6-acre campus, BH Properties also obtained $45 million in financing from Hankey Capital to help accomplish the deal, the county documents filed on June 13 show.
The property purchase was arranged through CBRE commercial real estate brokers Mike Taquino, Kyle Kovac, Joe Moriarty and Giancarlo Sangiacomo. Holy Names University sold its campus, to which it first moved in 1957, while being forced to confront financial squeezes on multiple fronts. The most recent among numerous financial challenges facing Holy Names University was a filing on Feb.
23 that stated the college had defaulted on a $49 million mortgage loan. The school’s property, including the land and buildings on the site, provided the collateral for the loan. The lender, Preston Hollow Community Capital, filed the default notice at the Alameda County Recorder’s Office.
Adding to the financial pressure on the university, Preston Hollow had scheduled a public auction for June 30 that would have allowed the lender to seize the school and the property, or have it sold to the highest bidder. Rather than the forbidding specter of a foreclosure orchestrated by the lender, the stage is now set for the campus to be a prime site for long-term educational activities in Oakland. The sale of the Oakland hills campus wasn’t the only piece of Alameda County real estate that Holy Names University sold this year.
In April 2023, the university sold a house in the East Bay hills for $2. 95 million. That house was the residence of the university’s president, according to a spokesperson for Holy Names University.
The house featured four bedrooms and 3. 5 baths and totaled about 3,600 square feet, according to a listing by KW Advisors, a real estate firm. The next major step for the campus site: Commercial real estate brokers David Klein and Jeff Moeller of Lee & Associates San Francisco will scout for one or more education-oriented tenants to lease space.
“The hillside campus enjoys three-bridge bay views, extensive landscaped grounds, classrooms, labs, conference space, theater, dining hall, gym, library, outdoor recreation and other facilities that can be fully equipped for all types of educational uses,” Klein said. A 500-bed dorm complex would be able to provide on-campus student/teacher housing, Moeller said. Holy Names University officials said they are convinced the buyer will be able to enjoy success in attempts to attract educational organizations to the campus.
The university’s school year ended in recent weeks. “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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From: mercurynews
URL: https://www.mercurynews.com/2023/06/13/holy-names-university-oakland-school-economy-price-buy-real-estate/
