EdR Closes Financing and Begins Construction of On-campus Development at West Chester University
EdR Closes Financing and Begins Construction of On-campus Development at West Chester University
— EdR's 2ndThird-Party Development for WCU and 19thfor a PASSHE University —
MEMPHIS, Tenn.--(BUSINESS WIRE)-- EdR (NYS: EDR) , a leader in the ownership, development and management of collegiate housing, today announced the closing of financing and commencement of construction on a $57.5 million third-party collegiate housing development on the campus of the West Chester University of Pennsylvania (WCU) in West Chester, Pa.
"We are proud to have been selected by West Chester University Foundation to partner with them again as they continue to enhance and grow their student housing," said Randy Churchey, president and chief executive officer of EdR. "This will be our 19th development within the Pennsylvania State System of Higher Education and we are very pleased to continue our successful track record at WCU."
This development continues the university's Housing Renewal Initiative that began in 2001 to renovate student housing on West Chester University's campus.
The new housing — named Commonwealth Hall — will be complete by the summer of 2014. It will provide 653 beds in a variety of floor plans from single-occupancy apartments to shared-living suites for up to six residents. Amenities will include fitness center, study lounges and a full residence life program. The university's Student Health Services, Counseling Center and Emergency Medical Services will be on the lower level of this eight-story building.
"We are excited to continue this initiative to revitalize our campus," said Rich Przywara, executive director of the West Chester University Foundation. Commonwealth Hall will be owned by University Student Housing LLC, a subsidiary of the West Chester University Foundation, which has constructed and currently operates 2,311 beds in five residence halls on campus.
"As high school students visit our university, they will see a welcoming and attractive campus that complements our academic reputation," added Przywara. "This combination is everything young people could want from their college experience."
"Prospective students visiting the University will see a very attractive campus that complements our academic reputation," says West Chester University President Greg Weisenstein. "This new residence hall will help us to continue offering the best possible collegiate experience for our students in and outside the classroom."
West Chester University of Pennsylvania is the second largest of the 14 public institutions in the Pennsylvania State System of Higher Education and the fourth-largest university in the Philadelphia area. Enrollment has grown approximately 3% in each of the past five years.
As third-party developer, EdR worked with Raymond James-Morgan Keegan as the placement agent and underwriter to arrange the tax-exempt financing for the project with the U.S. Department of Agriculture. Other members of the EdR team are P. Agnes Construction of Philadelphia, Voith & Mactavish Architects of Philadelphia (lead architects) and WTW Architects of Pittsburgh.
About EdR
EdR (NYS: 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 67 communities in 24 states with more than 37,000 beds. For more information please visit the company's Web site at www.EdRtrust.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 dates 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.
EdR
Randall H. Brown, 901-259-2500
Executive Vice President, CFO & Treasurer
rbrown@EdRtrust.com
or
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Vice President, Corporate Communications and Marketing
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