OAKLAND — Holy Names College’s hillside campus in Oakland has formally been purchased for greater than $60 million in a deal that the brand new proprietor says will protect academic actions on the scenic advanced.
BH Properties, appearing by an affiliate, paid $65 million for the large campus, which is situated at 3500 Mountain Boulevard in Oakland, in keeping with paperwork filed on Tuesday with the Alameda County Recorder’s Workplace.
“We’re excited to announce this long-term funding within the Oakland group, Jim Brooks, president of BH Properties, mentioned final week as a part of the true property agency’s announcement of the property deal. “We count on it to proceed to be an asset to the group and its college students for years to return.”
As a part of its buy of the 58.6-acre campus, BH Properties additionally obtained $45 million in financing from Hankey Capital to assist accomplish the deal, the county paperwork filed on June 13 present.
The property buy was organized by CBRE industrial actual property brokers Mike Taquino, Kyle Kovac, Joe Moriarty and Giancarlo Sangiacomo.
Holy Names College offered its campus, to which it first moved in 1957, whereas being pressured to confront monetary squeezes on a number of fronts.
The newest amongst quite a few monetary challenges dealing with Holy Names College was a submitting on Feb. 23 that said the faculty had defaulted on a $49 million mortgage mortgage. The college’s property, together with the land and buildings on the positioning, supplied the collateral for the mortgage.
The lender, Preston Hole Group Capital, filed the default discover on the Alameda County Recorder’s Workplace.
Including to the stress on the college, Preston Hole had scheduled a public public sale for June 30 that might have allowed the lender to grab the varsity and the property, or have it offered to the best bidder.
As a substitute, the stage is now set for the campus to be a primary website for long-term academic actions in Oakland.
The following main step for the campus website: Business actual property brokers David Klein and Jeff Moeller of Lee & Associates San Francisco will scout for a number of education-oriented tenants to lease house.
“It heartens us to know that the legacy created by Holy Names College will probably be carried on for future generations of studying and training on the campus for college kids of Oakland and the East Bay,” mentioned Steven Borg, chair of the college’s board of administrators. “This was a precedence of the board as we launched into the wind-down of the college and sale of the property.”