MEMPHIS, Tenn., April 1, 2008 (PRIME NEWSWIRE) -- Education Realty Trust, Inc. (NYSE:EDR) today announced that its development subsidiary, Allen & O'Hara Development Co., LLC, has completed the closing of a $100.3 million bond issue on behalf of University Student Housing, LLC for new student housing on the campus of West Chester University (WCU), located in the Philadelphia, Pennsylvania area. University Student Housing, LLC is a subsidiary of West Chester University Foundation, whose mission is to advance the educational purpose of West Chester University. Allen & O'Hara is sole project developer responsible for overseeing the entire design, financing and construction process for two new seven story residence halls, totaling 1,197 beds, in the heart of WCU's campus, at a construction cost of roughly $80 million. Construction is underway, and the residence halls are expected to open in August 2009.
The new on-campus student community is engineered to take advantage of the latest in green building technology, including geothermal heating and cooling systems. This is the first of three phases in WCU's Housing Renewal Initiative, which will ultimately replace more than 3,300 beds over multiple phases and years.
"We are pleased to have reached this critical point in the development of new housing for the University and the Foundation. This bond closing represents the largest single project financing for a new development in the Company's history, and we look forward to its completion in Fall 2009. This development will replace obsolete dormitories with a state-of-the-art housing community that provides a cutting edge, integrated living/learning environment for students. Additionally, the project helps Education Realty Trust extend its development activity further into the Mid-Atlantic region and toward the Northeast, areas that are important targets for future growth," said Paul Bower, Education Realty Trust's Executive Chairman, President and Chief Executive Officer.
About West Chester University
Founded in 1871, West Chester University serves a diverse student population, including recent high school graduates from Pennsylvania, other states and foreign countries, as well as older individuals, including veterans and homemakers, who either never had the opportunity for a college education or whose schooling was interrupted. West Chester University is the second largest institution in the State System of Higher Education in Pennsylvania with a total enrollment of 12,882 undergraduate and graduate students including students from 38 different states and 55 different countries.
About Education Realty Trust
Education Realty Trust, Inc. (NYSE:EDR) is a self-administered, self-managed real estate investment trust that owns, develops and manages high-quality student housing communities throughout the U.S. Led by a team with more than 200 years of shared industry experience, EDR is one of America's largest owners and operators of collegiate student housing. Its portfolio includes 41,276 beds at 68 communities in 21 states. For more information please visit the company's Web site at www.educationrealty.com.
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