Attached files
| file | filename |
|---|---|
| 8-K - Education Realty Trust, Inc. | v168119_8k.htm |
| EX-10.1 - Education Realty Trust, Inc. | v168119_ex10-1.htm |
EXHIBIT
99.1
EDUCATION
REALTY TRUST CLOSES $48 MILLION EXPANSION OF FANNIE MAE
CREDIT
FACILITY
MEMPHIS,
TN, December 2, 2009 — Education Realty Trust, Inc., (NYSE:EDR) today announced
the closing of a $48 million expansion of its existing Fannie Mae master credit
facility, provided by Red Mortgage Capital, Inc., a Fannie Mae DUS(R) lender.
The facility expansion consists of fixed rate loans of approximately $8, $17,
and $23 million with maturities of five, seven, and ten-year terms,
respectively. The weighted average annual interest rate is
approximately 5.48%. The Company provided eight student housing communities
(Cape Place, Berkeley Place, River Place, Clemson Place, Troy Place, Western
Place, The Chase at Murray, and Carrollton Place) as collateral to facilitate
the expansion of the facility.
The
proceeds will be used to reduce the Company’s corporate revolving credit
facility and provide for other working capital needs. With this
funding, the Company has drawn approximately $246 million in total loans under
the Fannie Mae facility and has five unencumbered properties remaining in its
portfolio.
About
Education Realty Trust
Education
Realty Trust (NYSE:EDR) is a self-administered, self-managed real estate
investment trust that owns, develops and manages high-quality student housing
communities throughout the United States. Led by a team with over 200 years of
shared industry experience, EDR is one of America's largest owners and operators
of collegiate student housing. Its portfolio includes 64 communities in 22
states with 37,827 owned and managed beds. For more information please visit the
Company's website at www.educationrealty.com.
Contact:
Brad
Cohen
ICR,
LLC
203-682-8211
bcohen@icrinc.com