By Will Soutter
EdR, a pioneer in building, owning and managing collegiate residential buildings, has brought to light the closing of funding and beginning of Phase II construction of a third-party student residential venture, valued at $53.6 million, on the Mansfield University premises in Mansfield, Pennsylvania.
This new construction is a continuation of the university¡¦s endeavour to replace the old residential halls with modern improved living spaces that will go well with the historical grandeur of the university premises surrounded by the mountains of north-central Pennsylvania.
The two structures of Phase II will be built using modular methods and is slated to open in summer 2013. They will have 684 beds in an assortment of 322 suite-style units and will also have a mixed-use common room, a conference room besides other facilities to induce a friendly communal environment to the underclassmen who will occupy the buildings. EdR has just finished construction of the Phase I building that includes 634 beds and it has been completely leased for fall 2013.
The Mansfield Auxiliary, a private non-profit establishment that is made up of top business persons of the area and ex officio members of the university¡¦s administration, is in charge of the residential reconstruction venture and will own the lease-hold developments by a ground lease with the university.
EdR¡¦s group comprises WTW Architects as the main design and architectural team and Wohlsen Constructions as the general contractor. Raymond James ƒì Morgan Keegan is the placement agent and underwriter who also helped to obtain tax-free financing with the United States Department of Agriculture and First Commonwealth Financial Corporation.