EdR (NYSE:EDR), one of the nation’s largest developers, owners and managers of collegiate housing, recently received four INNOVATOR Awards at the 2012 Interface Conference sponsored by Student Housing Business magazine. EdR was recognized for excellence in creative financing, customer satisfaction surveys and action plan results, renovation of an existing community and best technology upgrade for a community.
The specific awards were:
- Most Creative On-Campus Public/Private Financing for the Colorado State University (CSU)-Pueblo housing;
- Best Off-Campus Renovation of an Existing Product for Granville Towers at the University of North Carolina (UNC);
- Best Off-Campus Vendor Solution for the WiFi installation at GrandMarc at The Corner at the University of Virginia; and,
- Best On-Campus Vendor Operator Solution for the University of Louisville’s satisfaction survey, action plan and results.
Again this year, EdR won more awards than any other company and bested our record by one over our total from last year’s inaugural competition.
EdR received the INNOVATOR Award for Most Creative On-Campus Public/Private Financing for the second year in a row. When EdR began Phase I of the CSU-Pueblo project in the spring of 2008, tax-exempt bonds were relevant and feasible. That soon changed. The market downturn worsened in the midst of design, threatening to stall or stop the development. But EdR and the university reacted quickly and smartly to keep the project moving.A long-term construction loan was secured, replaced later by permanent financing following the design completion of Phase 2. University system financing became the least costly and most practical alternative. As a result of EdR and CSU-Pueblo’s nimble response to the economic change, Phase 1 (Crestone Hall) and Phase 2 (Culebra and Greenhorn Halls) were completed early and under budget. The mission was accomplished while maintaining affordable rental rates for the students.