November 8, 2018
CapitalSource, a division of Pacific Western Bank, provided a $63.85 million construction loan to finance Fields Holdings, LLC’s development of a new student housing property located in Seattle’s University District. The M is planned as a high-rise 24-story student housing property with a total of 230-units and 464 beds.
CapitalSource’s Jason Baker says, “The M will be the first high-rise in Seattle’s University District in over 40 years.”
The unit mix is made up of studios, one, two, three and four-bedrooms apartments. None of the bedrooms will be double occupancy, allowing privacy for each student. Located on a 0.38-acre parcel at 4700 Brooklyn Ave., the property also has roughly 4,350 square feet of ground floor retail space.
In addition to the senior loan provided by CapitalSource, The M will be financed with a $27.5 million EB-5 mezzanine loan provided by CMB Regional Centers.
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