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Tuesday, 26 October 2010

Education Realty Trust Repositions Portfolio

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Education Realty Trust has purchased a student-housing property and is selling nine others in a portfolio fine-tuning effort.

The Memphis, Tenn., REIT has bought The Grandmarc, a 641-bed property at the University of Virginia in Charlottesville, Va., for $45.5 million. The company funded the acquisition with existing cash and a draw against its credit facility. The property is about 90.8 percent occupied.

The REIT has also agreed to sell nine properties for $84.8 million to Karep REIT I of Los Angeles.

Four properties are scheduled to settle by the end of the year for a gross sale price of $38.7 million. Net proceeds will be about $20.7 million, after debt repayment of $17.2 million and other closing costs. Those properties are:

- 288-bed Gables at Western Kentucky University in Bowling Green, Ky.;

- 504-bed Western Place at Western Kentucky University in Bowling Green, Ky.;

- 480-bed Berkeley Place at Clemson University in Clemson, S.C., and

- 528-bed The Point at Southern at Georgia Southern University in Statesboro, Ga.

The sale of the remaining five properties, with a price of $46.1 million, will be completed in the first quarter. Net proceeds of about $29.6 million are expected after the repayment of $16.1 million in debt and other closing costs. The properties are:

- 288-bed Clemson Place at Clemson University in Clemson, S.C.;

- 504-bed The Reserve at Jacksonville at Jacksonville State University in Jacksonville, Fla.;

- 408-bed Chase at Murray at Murray State University in Murray, Ky.;

- 408-bed Troy Place at Troy University in Troy, Ala., and

- 384-bed The Reserve at Martin at the University of Tennessee in Martin, Tenn.

Education Realty will use proceeds of the sales to repay debt and to fund development projects.

Comments? E-mail Anita Nolan or call her at (267) 247-0112, Ext. 212.

Copyright © 2010 Commercial Real Estate Direct www.crenews.com


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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

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Additional Info

  • Syndicate to Realpoint: No
  • Sector: Multifamily
  • Subject: Property Acquisitions (ACQ), REITS -general (REITS)
  • Deal Name: Bear Stearns Commercial Mortgage Securities Trust, 2006-PWR12
Read 645 times Last modified on Tuesday, 26 October 2010

Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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