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May 31, 2020
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Fields Holdings Secures $64 Mil Loan for Construction of WA Student Housing Project


Fields Holdings LLC has obtained $64 mil in construction financing for “The M,” a luxury 24-story off-campus student housing development near the University of Washington (UW) in Seattle. The loan was arranged by Quantum Capital Partners.

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.

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 4.4k sf 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.

“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.”

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