Regions Northeast
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 Northeast Headlines
$20M Financing Deal in Place for Atlantic City Retail Property
Oct. 10, 2008
Financing to the tune of $20 million has closed for English Creek Shopping Center, a 200,000-square-foot retail destination just seven miles from of Atlantic City, N.J. Acting on behalf of the borrower, David Cronheim Mortgage Corp. orchestrated the financing, which came in the form of a 10-year interest-only loan.
Madison Capital Takes NYC Retail Condo for $86M
Oct. 09, 2008
O’Conner Capital Partners has announced the closing of the sale of the retail condominium portion of the Manhattan House to Madison Partners for $86 million. Eastdil Secured represented O’Conner in the deal. Manhattan House, at 200 East 66th St., is in New York City’s Upper East Side Manhattan neighborhood. Designed by Skidmore, Owings and Merrill and originally built in 1952, the property is currently undergoing a $1.1 billion condominium conversion.
Macquarie Expands NYC Lease to 260,000 SF
Oct. 08, 2008
Macquarie Group, an international provider of banking, financial, advisory and investment services, has renewed and expanded its leased space at 125 West 55th St. in Manhattan. The firm currently occupies 100,000 square feet, and will expand its occupied space to 260,000 square feet under the expansion.
Novotech Find Way to Make Solar Power from Pavement
Oct. 07, 2008
Blacktop roads can be a source of solar power, according to reports from a team of researchers at Worcester Polytechnic Institute in Worcester, Mass., who have been developing a solar collector to turn patches of asphalt pavement into a new source for harnessing solar energy.
Brown Harris Stevens SELECT First to Use Microsoft’s 3-D Immersion Viewing Tool
Oct. 07, 2008
Brown Harris Stevens SELECT, a new marketing division of Brown Harris Stevens has started immediate implementation of the new free product designed by Microsoft Live Labs. The product, Photosynth can be downloaded virtually by anyone, and appreciated by anyone who has a digital camera.