Allen & O’Hara Closes $73M Student Housing Bond Issue

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.