OAKLAND — Holy Names University, a private Catholic college in Oakland, has defaulted on the loan for its property, a fresh financial jolt for the 154-year-old school as it faces a shutdown this year.
“Holy Names continues to struggle,” said Sam Singer, a spokesperson for the co-ed private university.In December 2022, the university announced that it would close its doors in May 2023, after the current school year is complete. 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.“None of them could take on the challenge,” Singer said.
“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.” At least one other private university in the region has battled dire financial woes. In June 2022, Mills College, an Oakland education institution, was merged into a Boston-based university and was renamed Mills College at Northeastern University.
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