BH Properties has acquired the 58.6-acre campus of Holy Names University in Oakland, according to the San Francisco Business Times. The 155-year-old academic institution put up its property for sale this past March after defaulting on a $49 million loan.
The exact amount BH paid for the campus is not yet known; however, when it was first listed with CBRE representing it, Holy Name College sought approximately $70 million from potential buyers, as reported by the Business Times .
In a statement released Friday , BH said they plan to lease space at their new acquisition to other educational operators: “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 – Senior Managing Director at BH.
This reported sale comes just three weeks before what would have been an impending foreclosure auction on the property .
