MEMPHIS, Tenn., Oct. 21, 2010 (GLOBE NEWSWIRE) -- Education Realty Trust Inc. (NYSE:EDR), a leader in the ownership, development and management of collegiate housing, today announced the closing of financing and commencement of construction on a $35 million third-party student housing development on the Mansfield University campus in Mansfield, Pennsylvania.
Scheduled to open in January 2012, this four-story building is designed to appeal specifically to freshmen and sophomores. The 312 fully furnished units will provide approximately 634 beds within a variety of two- and four-bedroom floor plans.
Designed to blend seamlessly into the campus' historical architecture, the building will include a number of modern and popular amenities, such as a multi-purpose room and a social /television lounge, to promote a community atmosphere for the underclassmen who will live there. Beautiful study lounges on each floor will have glass walls to present spectacular views of the mountains surrounding the university.
This building will be managed by the university and is the first phase of the university's Housing Master Plan which will eventually lead to more residential buildings.
The Mansfield Auxiliary Corporation, a private non-profit organization comprised of Mansfield area business leaders and ex-officio members of the university's administration, will own the lease-hold improvements through a ground lease with the university.
"We are excited to break ground on phase one of Mansfield University's Housing Master Plan," said Chuck Colby, associate vice president for residence life at Mansfield University. "These two new buildings, built under the leadership of the Mansfield Auxiliary Corporation, will provide state-of-the art collegiate living and much greater privacy in an attractive environment for our nearly 3,300 undergraduate students."
"The Education Realty Trust team is proud to begin our sixteenth project in Pennsylvania," said Randy Churchey, president and chief executive officer for Education Realty Trust. "We value the excellent reputation our company has in Pennsylvania and all across the country for developing unique, quality buildings tailored for universities and their students."
Education Realty Trust has selected WTW Architects as the lead architectural and design firm on the project, and Massaro Corp. as the general contractor. Morgan Keegan & Co., Inc., is the financial advisor. The development is being financed by tax-exempt bonds purchased by Regions Bank of Birmingham, Alabama.
About Education Realty Trust
Education Realty Trust, Inc. (NYSE:EDR) is one of America's largest owners, developers and managers of collegiate 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.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
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.