By Nick Gilbert
EdR, specialising in development and management of collegiate housing has announced that it will construct a $37.6 million collegiate housing community near the campus of the University of Mississippi in partnership with Landmark Properties.
The partnership has acquired a secured a 75% loan-to-cost construction loan from PNC Bank. EdR will have the majority stake in the project which is likely to be completed by fall of 2013.
The project will consist of 160 two, three, four and five bedroom cottages. Landmark Properties will be responsible for the development and construction of the 668-bed-cottage style housing. With this project, Landmark Properties will undertake the construction of 3,600 beds with an additional 1,200 beds scheduled for construction during this summer. General amenities in the housing include a sand volleyball court, resort style pool, green spaces, outdoor living areas and clubhouses. The community centre will also have tanning beds, fitness centre, private and group study rooms, internet café, game room, computer lounge, golf simulator and a fully equipped community kitchen.
Each cottage will contain a private bathroom for each bedroom, a full size washer and dryer, ceramic tiles and hardwood style vinyl floors and carpets and high speed internet cables. EdR manages and owns around 62 communities situated in 23 states.