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October 18, 2018
Quantum Capital Partners of Beverly Hills said that it has secured a $64 million construction loan for The M, the 24-story, 230-unit residential tower being planned by Fields Holdings at 4700 Brooklyn Ave. N.E.
The M will be the first high rise developed in the U District in 30 years.
A master use permit was issued in September. Site work and environmental cleanup have begun, and completion is expected by the fall of 2020. A gas station once operated on the corner site.
NBBJ designed the tower, and UEB Builders of Seattle will build it.
(Editor's note: A previous version of this article listed the wrong general contractor.)
Fields calls The M luxury student housing, with amenities that will include a doorman as well as study rooms, a recreational lounge, fitness center, theater, indoor basketball court, roof deck and bicycle parking.
Eran Fields is with the Los Angeles-based firm, and said, “The M will offer UW students a product unlike any other in the area. We are excited to break ground and start our construction.”
Quantum's Jonathan Hakakha cited Fields' recent success with LIV Seattle, the 56-unit, 200-bed student housing complex on the same block. “We generated very strong interest from the lending community, and were able to deliver terms and conditions superior to a traditional construction loan. The developer ultimately selected a five-year, non-recourse loan provided by CapitalSource.”