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(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 $53.6 million third-party student housing development on the Mansfield University campus in Mansfield, Pa.
This second phase continues the university’s master plan to replace out-dated residence halls with modern, state-of-the-art living accommodations that will blend with their historical setting within the mountains of north central Pennsylvania.
The two buildings in this phase will be constructed using modular techniques. Scheduled to open in summer 2013, they will provide 684 beds within a variety 322 fully furnished suite-style units and will include a multi-purpose room, a conference room along with other amenities to promote a community atmosphere for the underclassmen who will live there.
“The EdR team appreciates our trusted and on-going relationship with Mansfield University as well as our excellent reputation across Pennsylvania and the rest of the country for developing high-quality student housing tailored for universities and their students,” said Randy Churchey, president and chief executive officer for EdR.
EdR recently completed the 634-bed building in Phase I which is fully leased for fall 2013.
“With a successful Phase I behind us, we are excited to continue the revitalization of our beautiful campus which will provide even more comfortable, attractive state-of-the art collegiate living quarters for our undergraduate students,” said Dr. Allan Golden, interim president of Mansfield University.
The Mansfield Auxiliary Corporation, a private non-profit organization comprised of Mansfield area business leaders and ex-officio members of the university’s administration, is leading the on-campus housing revitalization and will own the lease-hold improvements through a ground lease with the university.
EdR’s team includes WTW Architects as the lead architectural and design firm, along with Wohlsen Construction as the general contractor. Raymond James | Morgan Keegan is the placement agent and underwriter, and arranged the tax-exempt financing with the United States Department of Agriculture and First Commonwealth Financial Corporation.