MEMPHIS, Tenn., Sept. 21, 2010 (GLOBE NEWSWIRE) -- Education Realty Trust Inc. (NYSE:EDR), a leader in the ownership, development and management of collegiate student housing, and East Baltimore Development, Inc., (EBDI) a nonprofit partnership of private and public entities dedicated to Baltimore's urban revitalization, hosted a Groundbreaking Celebration on September 10 to celebrate the commencement of work on the new graduate student housing project in the Science + Technology Park at Johns Hopkins.
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"This project is life!" said Congressman Elijah E. Cummings who represents the Seventh District of the State of Maryland and is very involved in the growth of this neighborhood.
"This new building will house hundreds of students at Johns Hopkins who will make a difference. While they live here, they will buy here, eat here, and help the community grow. But most importantly the young people growing up here will see people who are living their dreams, applying themselves, and doing good things in this world."
To open the celebration, Chris Shea, President and Chief Executive Officer of EBDI, said, "The 929 project is a statement of major confidence in this neighborhood, our city and our state." He also credited the people of the past who believed in this neighborhood along with today's project leaders who are "putting in their time, talents, efforts and money to create this development and ensure its success."
The building, which has been named 929 because of its address on 929 N. Wolfe Street in Baltimore, Maryland, is scheduled to open in the summer of 2012. Education Realty Trust will develop and manage the 572-bed, 20-story building constructed on land owned by Johns Hopkins University and leased to a subsidiary of East Baltimore Development, Inc. It should attract residents from the more than 4,000 students and fellows attending the Johns Hopkins Medical School, the School of Nursing, and the Bloomberg School of Public Health as well as other colleges in the area.
Designed to appeal to graduate students, the majority of the apartments will be studios, one-and two-bedroom units. All will have premium amenities such as wood flooring, stainless steel appliances and granite countertops with access to state of the art technology, exercise facilities, and a garden rooftop terrace.
More than 130 people attended the event including Maryland Lt. Governor Anthony G. Brown and Baltimore Mayor Stephanie Rawlings-Blake who co-hosted and spoke at the event.
"The array of attendees -- from city and state leaders to Johns Hopkins administrators, from participating contractors to students from the neighborhood school -- show the breadth of impact this development is already making," said Tom Trubiana, Executive Vice President and Chief Investment Officer of Education Realty Trust.
The total cost of the complex is $60.7 million. Financing was secured on September 16 through a $42.7 million conventional construction loan agented by PNC Bank, and an $18 million second mortgage loan provided by Education Realty Trust.
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.
The photo is also available via AP PhotoExpress.
