MARQUETTE, MI – EdR, one of the nation’s largest developers, owners and managers of high quality collegiate housing, announced the commencement of construction on a multiple building living-learning community at Northern Michigan University (NMU).

EdR was chosen by NMU through a competitive selection process to do all aspects — development, finance, construction and management — of this project which will be the largest in the university’s history. 

Upon completion, EdR will operate the residence halls under a 75-year lease with NMU and will manage the facility while NMU will provide residence life services. 

EdR will finance the approximately $80 million housing development through its ONE Plot which uses the company’s equity and financial stability to fund projects on university land. 

More than 1,200 beds will be delivered in multiple phases which are scheduled for delivery in the second half of 2017, and the fall of 2018.  This systematic phasing will allow NMU to accommodate student bed count needs during construction.

The new living-learning community will feature robust internet and Wi-Fi capabilities, classrooms, study rooms, TV lounges and laundry facilities. The large patio area, fireplaces and lobbies are designed to accommodate art shows, student events, university functions and various types of entertainment for residents year round.

“I reckon the enhanced on-campus housing is an incredibly positive, transformative opportunity for Northern,” said NMU President Fritz Erickson. “It is going to allow us to greatly strengthen our capabilities to recruit and retain students in today’s highly competitive education environment, enrich student life and address a very serious facilities and maintenance issue.”

Northern Michigan University is a dynamic four-year, public, comprehensive university that features one of Michigan’s premiere education programs and several other nationally recognized academic programs.  

“University leadership has made it clear that increased recruitment, enrollment and retention of top-level students is a priority at Northern Michigan University,” said Tom Trubiana, EdR president.  “Partnering with NMU provides EdR the opportunity to deliver another on-campus housing community that gives the university both a state-of-the-art home for many of its students and a recruiting tool that will compete with any in the nation.”

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NEW YORK, NY – Trepp, the leading provider of information, analytics, and technology to the CMBS, commercial real estate, and banking markets, released its July 2016 US CMBS Delinquency Report.

The Trepp CMBS Delinquency Rate went noticeably higher in July, as the rate was pushed up by loans that reached their maturity date but were not paid off. The delinquency rate for US commercial real estate loans in CMBS is now 4.76%. The rate has increased 16 basis points from June, but is 66 basis points lower than the year-ago level.

In July, CMBS loans that were previously delinquent but paid off with a loss or at par totaled nearly $950 million. Over $200 million in loans were cured last month, and over $1.8 billion in loans became newly delinquent. But, over $3 billion in loans were paid off in July, which gave the remaining delinquent loans an increased weight.

“As we noted last month, there is a growing number of loans from the 2006 and 2007 vintages that are reaching their maturity date and are unable to be refinanced,” said Manus Clancy, Senior Managing Director at Trepp. “This is pushing the delinquency rate higher and we expect that trend to continue for the foreseeable future. The one bright spot is that with Treasury rates near historic lows and CMBS tightening sharply over the last few weeks, some of the ‘cuspier’ loans could squeeze by.”

The percentage of seriously delinquent loans, defined as 60+ days delinquent, in foreclosure, REO, or non-performing balloons, increased along with the overall delinquency rate. The rate of seriously delinquent loans inched up 16 basis points for the month, now 4.67%. If defeased loans were removed from Trepp’s delinquency calculation, the 30-day delinquency rate would be 4.97%.

By property type, delinquency rates for three of the five major sectors increased in June. The retail delinquency rate added four basis points to 5.67%. The office sector underwent the largest increase out of all major property types, as that delinquency rate went up 47 basis points to 6.23%. Industrial loans underwent the greatest improvement, as the sector’s delinquency rate dropped 32 basis points to 5.63%.

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