Concordia University will close at the end of spring this year, the 115 year-old northeast Portland institution announced Monday. According to a statement, the Board of Regents voted for the university to cease operations at the end of the spring 2020 academic semester, citing mounting financial challenges and a changing educational landscape.

“After much prayer and consideration of all options to continue Concordia University - Portland’s 115-year legacy, the Board of Regents concluded that the university’s current and projected enrollment and finances make it impossible to continue its educational mission,” said Interim President Dr. Thomas Ries in a statement. “We have come to the decision this is in the best interest of our students, faculty, staff and partners.”

Concordia was founded as a private, nonprofit Lutheran university in 1905, and boasts a 24-acre campus in Northeast Portland. According to the statement, the university will return its Northeast property to the Lutheran Church-Missouri Synod and the Lutheran Church Extension Fund. The church is expected to sell it. The university currently serves more than 6,000 students on campuses and online, and employs over 400 faculty and staff.

According to the statement, April 25 will mark the last commencement ceremony at the Portland campus.