MEMPHIS, Tenn., Sept. 20, 2010 (GLOBE NEWSWIRE) -- Education Realty Trust Inc. (NYSE:EDR), a leader in the ownership, development and management of collegiate student housing, today announced the closing of financing and commencement of construction on the first phase of a multi-phase development project to revitalize student housing at East Stroudsburg University located in East Stroudsburg, Penn.
Scheduled to open in January of 2012, the first phase will consist of two four-story buildings. The planned 438 suites will provide 969 beds within a variety of two-bedroom and four-bedroom floor plans. The property will be owned by University Properties, Inc., a private non-profit organization dedicated to securing collegiate housing to benefit East Stroudsburg University, and managed by the university. The first phase is being financed with approximately $74 million in fixed-rate tax exempt bonds.
"We are especially excited to take the next step in this project with East Stroudsburg University," said Charles Harris, Senior Vice President of Development for Education Realty Trust. "The project will help transform the campus making the university a modern living, learning environment for their students."
"Providing state of the art housing for the nearly 8,000 graduate and undergraduate students is our goal with this revitalization of our campus," said William C. Hibschman, president of University Properties, Inc. "The Education Realty Trust team has presented an attractive, functional design and development plan, and we look forward to the improvement these new buildings will bring to our campus."
Education Realty Trust has selected WTW Architects as the lead firm on the architecture and design of the project, and P. Agnes Construction as the general contractor. Morgan Keegan & Co., Inc. is the bond underwriter.
About Education Realty Trust
Education Realty Trust, Inc. (NYSE:EDR) is one of America's largest owners, developers and managers of collegiate student housing. EDR is a self-administered and self-managed real estate investment trust that owns or manages 62 communities in 22 states with more than 37,000 beds. For more information please visit the Company's Web site at www.educationrealty.com.
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Statements about the Company's business that are not historical facts are "forward-looking statements." Forward-looking statements are based on current expectations. You should not rely on our forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause the Company's future results, performance, or achievements to differ significantly from the results, performance, or achievements expressed or implied by such statements. Such risks are set forth under the captions "Item 1A. Risk Factors" and "Forward-Looking Statements" in our annual report on Form 10-K and under the caption "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" (or similar captions) in our quarterly reports on Form 10-Q, and as described in our other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any guidance or other forward-looking statement, whether as a result of new information, future developments, or otherwise.
CONTACT: Education Realty Trust Inc. Randall H. Brown, Executive Vice President, CFO & Treasurer 901-259-2500 rbrown@edrtrust.com Public Relations Susan Jennings 901-259-2506 sjennings@edrtrust.com