NEW YORK (CBSNewYork) — New York City will be losing another one of its premier Catholic high schools.

Nazareth Regional High School in East Flatbush, Brooklyn, home to a nationally-ranked girls basketball team, will close its doors for good in June.

The school, which opened in 1962, is facing declining enrollment and too much debt. Nazareth went from having just over 600 students in 2006 to 311 this year. The school is also in debt to the Brooklyn Diocese for up to $3 million, 1010 WINS’ Al Jones reported.

LISTEN: 1010 WINS’ Al Jones Reports

In a statement on the school’s website, Nazareth said “in spite of exceptional efforts to attract students and efforts by the school to find additional resources, the resultant financial burden is more that the current tuition can support.”

Jones spoke with some dejected students, who called the closing of the school “a horrible situation.”

“I’m leaving, I’m a senior right now — I’m about the graduate. But I wanted to come back and one day meet my friends again and it’s just not going to be possible anymore,” said one student.

“Today’s announcement is a difficult one, but sadly in today’s economy, many Catholic schools have had to close. It is very sad that a great school like Nazareth has to be one of them.” said Alice Hession, Chair of the Board of Trustees.

Some students said that rumors of the school’s closing have been heard for many years, but that it doesn’t make the situation any less painful.

“I’m going to miss the friends I made here and stuff so…it’s horrible,” said another student.

The school’s statement went on to say that is greatest concern was for its current students.

“We are committed to making the transition for them to other schools for the next school year as smooth as possible. To that end, we have asked that other Catholic high schools in the area give special consideration to Nazareth students who may be enrolling next school year,” the statement read.

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