Columbia, S.C. and Auburn, Ala. — EdR will use the combined price of $29.9 million to pay off some mortgage debt and pay down an outstanding balance on the REIT's unsecured revolving credit facility.
Columbia, S.C., and Auburn, Ala. — EdR has completed sales of two properties to two different companies for a combined price of $29.9 million.
The sale of Pointe West — a 480-bed community built in 2003 that is approximately two miles from the University of South Carolina campus in Columbia — closed on July 1, 2014. On July 14, 2014, EdR closed on the sale of The Reserve on South College. Built in 1999, this 576-bed community is about a half mile from Auburn University’s campus in Auburn, Ala.
The net proceeds from these dispositions were used to pay-off approximately $16.7 million of mortgage debt, with an average interest rate of 4.9 percent and to pay down the outstanding balance on EdR’s unsecured revolving credit facility.
“The disposition of these two communities supports the ongoing refinement of our portfolio toward newer, state-of-the-art communities in close proximity to campus,” says Tom Trubiana, EdR’s executive vice president and chief investment officer. “We will continue to enhance our portfolio for long-term shareholder value.”