Educational Development Company Breaks Ground Today on $16.3 Million 144-Unit Student Housing Complex serving Jackson State University

The Educational Development Company (EDC) broke ground on the 144-unit student-housing complex called Palisades @ E-City in a ceremony today, Wednesday, February 27 at 12:30 p.m. at 1400 Valley Street next to the Jackson State University campus.

Contacts:   
Michelle Metzger
(214) 695-7726 cell
(214) 522-5544 office
michelle@burtonmetzger.com

Oscar Joyner
(972) 789-1058
oscar@blackamericaweb.com

Educational Development Company Breaks Ground Today on $16.3 Million
144-Unit Student Housing Complex serving Jackson State University

(February 27, 2002 -- Jackson, MS) Lack of quality student housing has been a recruitment challenge for Jackson State University and many other Historically Black Colleges and Universities (HBCU). To address this need, the Educational Development Company (EDC) will break ground on the 144-unit student-housing complex called Palisades @ E-City in a ceremony today, Wednesday, February 27 at 12:30 p.m. at 1400 Valley Street next to the Jackson State University campus.

With fully furnished 1-, 2-, 3- and 4-bedroom apartments, Palisades @ E-City will house over 440 graduate students and faculty members. Additional amenities include dishwashers, washer/dryers, microwave ovens, ceiling fans, frost-free refrigerator, swimming pool, computer lab, fitness center and numerous other services geared specifically for the collegiate environment. Construction is underway and occupancy is scheduled for August 2002.

This Project allows us to offer quality housing for our students while obtaining net revenue. Not only are we eradicating a major eye sore in this area, we are also helping to stimulate economic growth at no cost to the University," said JSU President Ronald Mason, Jr. The benefits for Jackson State are tremendous," added Mason.

The Palisades @ E-City was financed through $16.3 million of tax-exempt bonds issued through the Mississippi Business Finance Corporation on behalf of the project owner, the West Jackson Community Development Corporation. The Palisades @ E-City will be managed and operated by University Management Company. First Union National Bank provided credit support for the project, and the Fannie Mae Corporation, whose mission is to improve the housing stock throughout the United States, purchased the bonds.

EDC specializes in the development and management of upscale student housing at colleges and universities across the country. EDC provides a superior product through synergies realized from their innovative financing structures, designs and construction methods used in their developments. For more information, please visit www.hbcuhousing.com.

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