MARYLAND ECONOMIC DEVELOPMENT CORP. RETAINS SCION TO ADVISE ON FINANCIAL PERFORMANCE OF TWO PROPERTIES

BALTIMORE, MD. The Maryland Economic Development Corporation (MEDCO) has engaged The Scion Group to provide an independent-party analysis of revenues and expenses and to develop recommendations on improving financial performance at housing properties serving two public university campuses. This engagement follows Scion’s successful management consulting services for MEDCO in 2008, which resulted in increased debt-service coverage for MEDCO-owned properties on three Maryland campuses.

Although the subject properties have experienced improved net operating income, MEDCO is concerned about their debt-service coverage performance and engaged Scion to apply lessons learned from operational reviews at dozens of campuses, normative data from the Institute of Real Estate Management and its own experience in operating student housing facilities. Scion’s services will include market analysis to address each property’s competitive position and the evaluation of the projects’ design and delivery of resident services.

MEDCO assists in the expansion, modernization and retention of existing Maryland business and in attracting new business to the state. It is empowered to borrow money and issue revenue bonds on a non-recourse basis, without obligation of the State of Maryland, in pursuit of its mission to increase productive employment in Maryland and expand the state’s economy and tax base.

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