Finance REITs
Allen & O’Hara Closes $73M Student Housing Bond Issue
May 14, 2008
By: Michael Fickes, Contributing Correspondent

Allen & O’Hara Development Co., the development subsidiary of Education Realty Trust Inc., has closed on a $73.4 million bond issue for the development of a student housing project at Indiana University of Pennsylvania.

The funds will support the construction of the third phase of a $250 million, four-phase residence hall building program that will replace 3,600 beds with LEED-rated on-campus student housing. In Phase III, Allen & O’Hara will demolish four old dormitories to make way for two new buildings offering 1,084 beds. The new housing will open in August of 2009 in time for the school year.

The first two phases of the project are complete or nearing the completion of facilities with 1,850 beds. All of the beds have leased up, and the residence halls have sprouted waiting lists.

EDR is a real estate investment trust that owns, develops and manages student housing communities across the country. The company owns and manages 68 communities in 21 states with 41,286 beds.

 
Recent REITs Headlines
Economists, Finance Leaders Take Capital Markets’ Pulse at Manhattan Conference
Nov. 18, 2008
How the global financial system got to its current state--and prospects for commercial real estate capital markets--took center stage Monday at a capital markets conference in Manhattan sponsored by the law firms Goodwin Procter L.L.P. and SJ Berwin L.L.P.
$2B Deal for Pair of NYC Offices Reportedly Falls Through
Nov. 18, 2008
Two New York City office properties are back on the market, as a deal under which George Comfort & Sons would have acquired the assets--1540 Broadway and Worldwide Plaza--for some $2 billion has fallen through.
COPT Breaks Ground on Maryland Office Project
Nov. 17, 2008
Corporate Office Properties Trust has broken ground on the first office building at North Gate Business Park located adjacent to the Aberdeen Proving Ground in Harford County, Md. COPT will soon start a second building at the site. The 80,000- to 85,000-square-foot buildings will cost an estimated $16.5 million each, for a total of $33 million.
rakowich New ProLogis CEO Details Plans to Put Company Back on Track
Nov. 14, 2008
In a presentation to investors Thursday, new ProLogis CEO Walter Rakowich, the company’s former president & COO, fleshed out some specifics about how the world’s largest developer/owner of distribution facilities will move forward past its current crisis. In addition, a new report on equity REITs documents just how much those entities have been shaken up lately.
Weingarten, Hines REIT Form $271M Venture
Nov. 14, 2008
Weingarten Realty Investors and Hines Real Estate Investment Trust Inc. have formed a joint venture, in which a subsidiary of Hines REIT will acquire a 70 percent interest in a Weingarten portfolio of 12 supermarket-anchored shopping centers.
 

 

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