Builder receives funding for military housing

GMH Communities Trust of Newtown Square said today it had obtained funding to begin design and construction of the $700-million Navy Southeast Region project.

GMH over the next six years will build or renovate 5,269 housing units for families at 11 Navy bases in five Southeastern states.

GMH, through its military housing unit, operates 12 military housing privatization projects, including Carlisle Barracks in Carlisle, Pa., and Picatinny Arsenal in Dover, N.J.

The company is a real estate investment trust that also provides housing for college students. Its shares were up 23 cents this morning to $6.08 on the New Yoerk Stock Exchange.