Beverly Hills, CA (October 16, 2018) -- Real estate capital advisory firm Quantum Capital Partners has arranged $64 million in construction financing for “The M,” a luxury 24-story off-campus student housing development near the University of Washington (UW) in Seattle, being developed by Los Angeles based Fields Holdings, LLC.
The development site is located at 4700 Brooklyn Avenue NE, 1.5 blocks northwest of UW’s central campus in Seattle’s University District and across the street from LIV Seattle, a 100% occupied 56-unit/200 bed student housing complex developed by Fields in 2015.
“Due to the prior success of the LIV as well as the best-in-class developer and location, we generated very strong interest from the lending community and were able to deliver terms and conditions superior to a traditional construction loan," said Quantum Managing Director Jonathan Hakakha. “The developer ultimately selected a five year, non-recourse loan provided by CapitalSource.”
The first new high-rise to be developed in the two-square mile University District in more than 30 years, The M is expected to be ready for occupancy to coincide with the beginning of the 2020/2021 school year. The M will feature 230 units ranging from studio to four-bedroom apartment homes above 4,350 square feet of street level retail and one level of subterranean parking. The amenity rich residential tower will include study rooms, recreational lounge, fitness center, theater, indoor basketball court, roof-top deck, bicycle parking and door man.
The property is within walking distance to fraternity and sorority row, and The Avenue, the neighborhood’s primary retail corridor. Located one block south of The M is the future Sound Transit U District Link station which will begin service in 2021. The new light rail station will provide tenants with access to the UW Medical campus, downtown Seattle, CenturyLink Field, Safeco Field, Sea-Tac airport and other metro neighborhoods.
“When completed, The M will offer UW students a product unlike any other in the area,” said Eran Fields principal of Fields Holdings. “We are grateful for the team at Quantum Capital Partners – their capital markets expertise and vast lending network quickly delivered the right lender for this development. We are excited to break ground and start our construction.”