Education Realty Trust Expands Credit Facility By $48 Million

Memphis, Tenn. — Columbus, Ohio-based Red Mortgage Capital has provided an additional $48 million for Memphis-based Education Realty Trust's existing Fannie Mae credit facility.

Memphis, Tenn. — Columbus, Ohio-based Red Mortgage Capital has provided an additional $48 million for Memphis-based Education Realty Trust's existing Fannie Mae credit facility. The deal includes a 5-year, $8 million loan; a 7-year, $17 million loan; and a 10-year, $23 million loan. Education Realty Trust has put up eight student housing complexes as collateral for the loan. The properties are the 504-bed Western Place in Bowling Green, Ky.; the 504-bed River Place and the 336-bed Carrollton Place in Carrollton, Ga.; the 480-unit Berkeley Place and the 288-bed Clemson Place in Clemson, S.C.; the 408-bed Chase at Murray in Murray, Ky.; the 408-unit Troy Place in Troy, Ala.; and the 360-unit Cape Place in Cape Girardeau, Mo. The eight properties were acquired in 2005 in a sale-leaseback with Atlanta-based Place Properties worth $195 million.

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