Seattle Student Housing Receives $64M Construction Loan
The 24-story community will serve students attending the University of Washington, situated roughly 2 miles from the project. CapitalSource provided the 5-year term loan.
Quantum Capital Partners has secured a $64 million construction loan for The M, a 230-unit student housing community serving students at the University of Washington in Seattle. Pacific Western Bank’s CapitalSource provided the 5-year term loan.
Fields Holdings LLC develops the property, located at 4700 NE Brooklyn Ave., approximately 2 miles from the university. Additionally, The M will provide convenient access to the future Sound Transit U District, which will give residents access to the UW Medical campus, downtown Seattle, CenturyLink Field, Safeco Fields and Sea-Tac Airport.
The 24-story building will offer a mix of studios, one- to four-bedroom units above 4,350 square feet of retail space. Upon completion in 2021, the community will feature various study rooms, a recreational lounge, fitness center, theater, indoor basketball court, rooftop deck and bike parking.
“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,” Quantum Managing Director Jonathan Hakakha said in a prepared statement.
In another deal closed earlier this year, Quantum arranged a $25 million fixed-rate debt to finance a non-traditional student housing community in downtown Los Angeles.
Image courtesy of Quantum Capital Partners