Holy Names University in Oakland might remain an educational institution if a “win-win” remedy is found to cure the college’s financial maladies.
Holy Names University
“We request your collaboration with us, Preston Hollow Community Capital and other stakeholders to preserve Holy Name’s current site use for the purposes of higher education,” the Oakland city officials wrote in the letter. 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.
In recent months, Holy Names reached out to about 70 educational institutions to determine whether they were interested in taking over the university’s operations — and financial and debt obligations. “The upgrades could cost more than $200 million,” Singer said. “That means someone would have to come up with about $250 million. No one that we contacted was able to make that pencil out.”
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