EdR (NYSE:EDR), one of the nation’s largest developers, owners and managers of collegiate housing, today announced the closing of financing and commencement of construction on a $37.6 million collegiate housing community near the University of Mississippi in Oxford, Miss. with its joint venture partner, Landmark Properties. The joint venture secured a conventional 75% loan-to-cost construction loan from PNC Bank. EdR is the majority owner and will manage the community upon its fall 2013 completion. Construction has begun at 2405 Anderson Road in Oxford, Mississippi on this community of 160 two-, three-, four- and five- bedroom cottages. Landmark Properties is developing and constructing the 668-bed cottage-style housing, which will be the first collegiate housing of this type serving the University of Mississippi. This project gives Landmark Properties 3,500 beds currently under construction, with another 1,200 beds scheduled to break ground later this summer. “We are excited to break ground on the first cottage community at the University of Mississippi,” said Randy Churchey, president and chief executive officer of EdR. “This college community is the ideal location for the cottage concept.” “We are fortunate to have a great partner like EdR as we take the cottage concept to markets across the country,” said Wes Rogers, president and chief executive officer of Landmark. “We think this cottage development will be very well-received by the students at Ole Miss.” The cottage community creates a neighborhood lifestyle unique to traditional student housing apartments. Students are provided with a sense of individuality and privacy and also open spaces like outdoor living areas, green spaces, resort-style pool, sand volleyball court, horseshoe pits and a clubhouse, to help residents make friends and enhance their college experience. The clubhouse will offer a fitness center, tanning beds, internet café, private and group study rooms, computer lounge, game room, golf simulator and a fully equipped community kitchen.
Each cottage will feature a private bathroom for each bedroom, large closets, a full-size washer and dryer, 9-foot ceilings, carpet, ceramic tile and hardwood-style vinyl floors and high-speed internet/cable. All appliances are included in the spacious gourmet kitchen.The University of Mississippi is a four-year, public institution founded in 1844 in Oxford, Miss., which consistently appears in lists of the top college towns in the nation. The fall 2011 enrollment of 16,586 was the largest in the university’s history and represents a 7% increase over the previous year. Since 2000, overall enrollment at the University of Mississippi has increased by 45%, representing an average annual increase of approximately 475 students. The University of Mississippi does not publish enrollment projections; however — based on recent historical performance — EdR expects enrollment growth of approximately 4% for the next few years. This growth rate would increase enrollment by more than 1,560 students when this community is completed in fall 2013. About EdR EdR (NYSE:EDR) is one of America's largest owners, developers and managers of collegiate housing. A self-administered and self-managed real estate investment trust, EdR owns or manages 62 communities in 23 states with more than 34,600 beds within more than 11,200 units. For more information, please visit the company's web site at www.EdRtrust.com. About Landmark Landmark Properties is a fully integrated real estate firm specializing in the development, investment, management and construction of high quality student housing communities. With 3,500 beds currently under construction, Landmark is one of the most active developers of student housing in the country. Please see www.landmark-properties.com for more info about the company. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 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.