SEATTLE, WA - CapitalSource, a division of Pacific Western Bank and a national middle market lender, announced today it provided a construction loan in the amount of $63.85 million to finance the development of a new student housing property located in the University District of Seattle.
Upon completion, The M will be a high rise 24-story student housing property with a total of 230-units and 464 beds. 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 Avenue in Seattle, the property also has approximately 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. CMB Regional Centers has over twenty years of EB-5 investment experience and is one of the oldest active regional centers in the EB-5 industry. The financing was arranged by Beverly Hills-based capital advisory firm Quantum Capital Partners.
“The M will be the first high-rise in Seattle’s University District in over 40 years,” commented Jason Baker, a Managing Director in the Real Estate Group at CapitalSource. “The quality of the Project and the views will be unlike anything else in the immediate area and students will love living here. We were honored to play a part in what will truly be a transformative project for the U District developed by Fields Holdings, LLC, who we consider to be a top flight student housing developer.”
The property will incorporate a simple, contemporary aesthetic, with basic, natural, and durable materials such as metal, concrete and stone that together provide a modern, timeless appearance. The M will have active street level retail, streetscaping, luxurious finishes, doorman, and first class amenities that include an indoor basketball court, theater, rooftop fitness center, study lounge, recreation lounge, fire places and grills.
The Project is designed as a tall elegant tower on top of a 20-foot tall podium. The building’s retail use at the sidewalk will bring life and interest to the pedestrian environment. The top floor of the tower will be designated towards the residential amenities and the roof deck will provide captivating views of downtown Seattle, Mount Rainier, the University of Washington campus and the Puget Sound.
“The M is very well located in an area with a nearly perfect Walk Score of 97,” added Baker. “It is conveniently located near the University of Washington campus, fraternity and sorority row and surrounding neighborhood amenities. In addition, the property is a half block from ‘The Ave’ with its various restaurants and shopping options.”
About CapitalSource: CapitalSource makes commercial loans to small and middle-market businesses nationwide. CapitalSource is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $24 billion in assets and 75 full-service branches. Pacific Western Bank is a wholly-owned subsidiary of PacWest Bancorp (NASDAQ:PACW). For more information, visit www.capitalsource.com